The Fiscal Responsibility Commission (FRC) reported on Wednesday that Government-Owned Enterprises’ (GOEs’) independent revenue remittance to the Federal Government surged from about N200 billion in 2013 to over N2 trillion in 2024.
The Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, who gave these figures at the 2025 National Conference on Public Accounts and Fiscal Governance organized by House of Representatives Public Accounts Committee (PAC) in Abuja, partly attributed the remarkable increase in the GOEs’ revenue collection and remittance to collaboration between it and House of Representatives Public Accounts Committee (PAC).
Despite the improved revenue of the enterprises, the FRC chief still expressed some concerns about some challenges facing the entities, including weak enforcement mechanisms, limited public awareness, and the slow domestication of the FRA at the subnational level.
According to him, only 26 out of 36 states have adopted similar laws hence the need for the state governments to establish National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
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In addition, the Executive Chairman of the FRC underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remained under the exclusive legislative list, and also urged federal and sub-national GOEs to align their fiscal policies with the present administration’s renewed hope agenda.
Maduako, who lauded the President Bola Tinubu-led administration’s commitment to enhancing the nation’s financial policies charged the state and local governments to key into the Fiscal Responsibility Act (FRA) to ensure fiscal discipline and alignment with federal financial standards.
Speaking on some of the legislative gap in the financial system, he pointed out that the FRA 2007 currently provided for 54 offences but did not prescribe punishments for offenders, and urged the National Assembly to urgently amend the Act to include stronger penalties, thereby enhancing compliance and service delivery.
He maintained: “The Act must be amended speedily for efficiency and to deliver real value to Nigerians.”
The FRC boss commended the PAC, led by Hon. Bamidele Salam, for hosting the forum, which he described as a pivotal step toward strengthening accountability in the public sector and also canvassed the need for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
He also lauded the committee for securing Nigeria’s hosting rights for the 2025 West African Association of Public Accounts Committees (WAPAC) Annual Conference, describing it as a testament to Nigeria’s leadership in regional fiscal governance.
Muruako further harped on the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remained under the Exclusive Legislative List, and pledged the FRC continued support to the PAC in institutionalizing sound public financial management practices.
