NASS promises adequate funding of critical watchdog agencies
…as Finance C’mttee wants extra finding of Fiscal Responsibility Commission’s budget
By Haruna Salami, Tom Okpe
The National Assembly is set to allocate adequate funds to agencies of government that play watchdog roles in the nation’s financial sector.
Senate Committee on Finance raised concern that inadequate funding will continue to weaken those critical agencies, given their strategic and critical roles in compelling revenue generating agencies to comply with financial regulations.
Committee Chairman, Senator Sani Musa raised the hope during the 2025 budget defence of the Fiscal Responsibility Commission in Abuja, when the Chairman of the Commission, Victor Muruako appeared before him.
Sani lamented the underfunding of the Fiscal Responsibility Commission, noting that the principle of budget envelope which makes its mandatory for the Budget Office to make proposals for them was hampering their activities as adequate funds have never been allocated since its establishment in 2007.
The Fiscal Responsibility Commission was established in 2007 under the presidency by the Act of Parliament to “promote a transparent and accountable government financial management framework for Nigeria.”
The lawmaker explained that the parliament will look into FRC’s 2025 budget with a view to reconsider it.
He said: “One major area that we looked at is funding. You are not funded very well. And you are just like the watchdog of all those agencies that generate revenue. You are more like the office of the Auditor General. But yours is different because you mainly look at revenue and remittances. What they’ve done has outweighed you. And honestly, Mr. Chairman, I will commend you because you’ve been up and doing all this.”
“And we will do our best to see how the authorities can reconsider your budget starting from 2025. Thank you, the commissioners, and this is the first time I’m having a full picture of your agency.
“Just as I said, the Committee honestly will not go into looking at what is here, but more is to concentrate on how we can get that request approved. Because that will be the basis of which you will be comfortable that you have your working budget. And then secondly, about the issue of the amendment to the act.
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“That was that one. And I recall vividly, this is a kind of disability act that was passed in front of the first piece of legislation, just at the beginning of this year. And we did it then with a view in bringing transparency and accountability. And when I look at the budget, it’s just the story of this great country, a very sad story.
“I have written a letter to the Senate President which is still with me and I like to discuss with him personally concerning the abysmal funding of the Commission before I submit it to him which I know will be passed to the Appropriation Committee.
Earlier in his budget performance report, the Chairman of the Commission, Victor Muruako said, they were doing their best, but inadequate funding has posed a major challenge to enforcing remittances in the Consolidated Revenue Fund, CRF.
According to him, the 2025 budget of N1.6 billion for the Commission was grossly inadequate for the extensive work the agency was into, while he expressed the hope that lawmakers will reconsider funding of the agency.
A member of the Committee, Senator Abdul Ningi representing Bauchi Central Senatorial District and other members supported the reconsideration of the FRC budget.
They also aligned with the Commission Chairman’s request for amendment of the Act to strengthen compliance by Government Owned Enterprises and improve transparency and accountability in public finance management.
