FRC CHARGES FRSC TO STRENGHTEN REVENUE GENERATION AND REMITTANCES INTO THE CRF THROUGH COMPLIANCE WITH FISCAL RESPONSIBILITY ACT, 2007.
By Helen Udoh-Abuja
Fiscal Responsibility Commission has charged Federal Road Safety Corps to strengthen revenue performance and remittances through improved understanding of the Fiscal Responsibility Act, 2007”
The Director, Administration and Human Resource of Fiscal Responsibility Commission, Alhaji Muhammed Zailani stated this while declaring open a two-day capacity building on Fiscal Responsibility Act, 2007.
Alhaji Zailani, who represented the Executive Chairman, Victor Muruako,Esq appreciated the dynamic Management of the Federal Road Safety Corps for organizing the training against all odds, and for seeking a better understanding of the Fiscal Responsibility Act, 2007 in the quest to ensure full compliance on remittances of revenue to the Federal Government particularly at a time like this when all hands must be on deck to improve the Government capacity to provide solutions to all economic and infrastructural questions. This was contained in a statement signed by Bede Ogueri Anyanwu, Head, Strategic Communications Directorate, Fiscal Responsibility Commission in Abuja.
According to him, the fiscal responsibility initiative which was fully adopted by the Federal Government of Nigeria was an internationally accepted solution to the plethora of challenges of many governments of the world against profligate and careless abuse of office by public office holders around the world including Nigeria.
The initiative introduced rules and regulations for government fiscal operations by all government officials, the adherence of which is expected to introduce discipline, prudence, accountability and transparency and to ensure that all public funds are accounted for.
He went further to say that the Fiscal Responsibility law made provisions for clear governance of our national fiscal ecosystem including Establishment, Functions and Powers of the Fiscal Responsibility Commission, The Medium Term Expenditure Framework (MTEF); The Annual Budget; Budget Planning of Corporations; Budgetary Execution and Achievement of Targets; Public Revenues; Savings and Asset Management; Public Expenditure; Debt and Indebtedness; Borrowing; Transparency and Accountability; Enforcement; Miscellaneous Provisions; Interpretations as well as a Schedule, which captured the list of Government Owned Enterprises (GOEs).
The Ten Parts of the Act as specified above has the mandate in its long title to “provide for prudent management of the nation’s resources, ensure long-term macro-economic stability of the national economy, secure greater accountability and transparency in fiscal operations within a medium-term fiscal policy framework, and the establishment of the Fiscal Responsibility Commission to ensure the promotion and enforcement of the nation’s economic objectives; and for related matters”
The Director, Administration and Human Resources, FRC said that the commitment of the Commission in the programme is to promote and enforce the nation’s economic objectives in terms of revenue generation, which has become very important for the government to implement its numerous programmes outlined in the national budget which need funding.
Funding of projects can only be possible when there are resources to do so.
He described the Federal Road Safety Commission as part of the Government agencies that earn revenue in several ways. This programme is meant to strengthen the performance of the Federal Road Safety Corps on remittances through indebt knowledge of the Fiscal Responsibility Act, 2007.
He emphasized that it was the initiative of the FRSC to seek ways of making this possible. For the Fiscal Responsibility Commission, it is a commitment to doing the right thing. It also reminds the Commission of some agencies who term revenue they generate as their money.
As laughable as those ideas could appear, he warned by reminding them that time has come when no agency can play with remittances into the Consolidated Revenue Fund of the Federal Government.
In line with the mandate of the Commission, the template for the calculation of Operating surplus was introduced with contributions from such stakeholders as the Office of the Accountant General of the Federation, Office of the Auditor General of the Federation, ICAN, ANAN, Civil Society Organizations and many others to alter the gap of the actual definition of Operating Surplus as stated in Section 22 of the FRA, 2007.
The Operating Surplus is the difference between the Corporation’s Income and Expenditure calculated based on acceptable accounting practices.
The template also explained allowable expenditures and those that are not, Depreciation or Amortization, issues about donations by Government Corporations, Benefits outside employment contract, political expenses, subscriptions, unbudgeted expenditures, undisclosed income etc.
The essence is to ensure that agencies spend wisely within the allowed financial provisions of the Government.
The Commission assembled core professionals for the Capacity Development training to take FRSC staff through an overview of the Fiscal Responsibility Act, 2007, Remittance of Operating Surplus, Government Revenue and Fiscal governance.
He, therefore, implores the FRSC staff to make good use of the opportunity and seek knowledge of aspects where they have doubt or confusion and ask relevant questions as the forum is provided for such answers. Knowledge building is a continuous thing in all facets of human endeavor.
On behalf of the Chairman, Fiscal Responsibility Commission Barrister Victor Muruako who was away on other National assignment, Zailani appreciated the Corp Marshal, Dr. Boboye Olayemi Oyeyemi MFR, and members of his management for making the training possible despite time constraints. He expressed the hope that the training will bring about a better relationship and also provide a better understanding of the FRA, 2007.
In his response, the representative of the Corp Marshal, Deputy Corp Marshal Finance and Account, FRSC, Dauda Biu calls for continuous training of this nature for improved understanding of the FRA, 2007.