The Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq., has underscored the urgent need for a paradigm shift in Nigeria’s revenue strategy, stressing that fiscal efficiency and plugging financial leakages are critical to national economic stability.
Muruako, represented by his Special Adviser, Dr. Chris Uwadoka made the call during the opening ceremony of a high-level training programme jointly organized by the FRC, the National Institute for Policy and Strategic Studies (NIPSS), Kuru, and ThinkBig Consulting Ltd, a statement by the FRC Spokesperson, Bede Ogueri Anyanwu noted.
The programme, hosted at the NIPSS campus in Jos, Plateau State, focuses on “Strategies for Increased Fiscal Efficiency, Enhanced Government Revenue, and Plugging Leakages in the Nigerian Financial System.”
In his welcome address, Muruako lamented persistent inefficiencies in Nigeria’s public finance management, citing FRC’s analysis of federal budgets from 2011 to 2021. According to the findings, the Federal Government consistently realized far less revenue than projected, with an average shortfall of 43% over the decade.
He highlighted striking examples: in 2017, the government projected ₦5.084 trillion but realized only ₦2.658 trillion, representing a 91.3% shortfall; in 2018, a projected ₦7.166 trillion yielded ₦3.866 trillion, an 85.3% variance. Such wide discrepancies, he noted, have entrenched a cycle of missed targets, rising debt, and diminished public trust.
“This workshop is not just a gathering but a strategic intervention,” Muruako stated. “Our mission is to strengthen fiscal operations, maximize every Naira, and ensure that government-owned enterprises and key agencies contribute effectively to Nigeria’s revenue mobilization efforts.”
Other speakers reinforced the need for accountability and fiscal discipline. Ifeoma Ezeoke from the Judiciary delivered a goodwill message urging transparency in the management of public funds and encouraging participants to apply lessons learned to strengthen governance.
Dr. Solomon Titus Gushibet, Senior Fellow and Chief Operating Officer at the Centre for Financial Economics of the National Institute of Policy and Strategic studies Kuru described the workshop as both academic and strategic. “This gathering brings together some of the brightest minds in government agencies to sharpen the tools of fiscal governance and ensure that every Naira counts,” he remarked.
Prof. Jane Omotayo Ande, the first female professor of accounting who represented the Director General National Institute of Policy and Strategic studies, Kuru, Professor Ayo Omotayo commended the FRC for its commitment to fiscal reforms. She urged participants to formulate actionable policy recommendations that would enhance transparency and accountability in Nigeria’s economic management.
The training programme is expected to generate practical strategies for closing the gap between fiscal projections and actual outcomes, while fostering a culture of prudence, efficiency, and integrity in Nigeria’s financial system.
