FRC raises N1.7 trillion from operating surplus recovery, IGR

The Fiscal Responsibility Commission (FRC) generated N1.7 trillion in revenue for the government in 2023 as against N1.4 trillion raised in 2022.

The commission said it was able to achieve the feat through strict enforcement and payment of operating surplus and internally generated revenue (IGR) by federal government-owned enterprises (GOEs)

The commission also said it achieved reasonable success in the monitoring of the Medium-Term Expenditure Framework (MTEF).

Recall that the FRC was established in 2008 out of the desire to ensure prudent management of scarce resources and accountable expenditure.

FRC Executive Chairman, Victor Muruako made the disclosures, yesterday, when he paid a courtesy visit to the Federal Capital Territory (FCT) Police Commissioner, Benneth Igweh, in Abuja

Muruako explained that the adoption of the REMITA payment system, Government Integrated Financial Management System Information (GIFMIS), Integrated Payroll and Personal Information System (IPPIS), Bank Verification Number (BVN) and Treasury Single Account (TSA) are derived from the reform of the financial management system and that they have made tracking of transactions easier.

He regretted that the commission would have done far better but for the challenges of inadequacy enabling law, which limits its ability to sanction and fund.

He expressed optimism that following the commitment of President Bola Ahmed Tinubu’s administration to effective reforms, the setbacks would receive attention.