In a concerted effort to strengthen the implementation of the Fiscal Responsibility Act (FRA) 2007, the Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako Esq, paid a working visit to the House of Representatives Committee on Petroleum Resources (Upstream) at the National Assembly, Abuja.
The visit, which was originally intended to deepen inter-agency collaboration, evolved into a robust strategic planning session focused on a forthcoming legislative and stakeholder engagement. Discussions centered on enhancing fiscal governance within Nigeria’s upstream petroleum sector—an industry widely recognized as a key driver of the national economy.
Speaking during the engagement, the FRC Chairman emphasized the critical role of transparency, accountability, and fiscal discipline in the effective management of the upstream petroleum sector. He noted that the Fiscal Responsibility Commission, as mandated by the FRA 2007, is strategically positioned to ensure that public financial management systems in the sector are both robust and responsive to national development goals. “The upstream petroleum sector represents one of the most significant revenue sources for the country. Its strategic importance demands that we hold it to the highest standards of fiscal responsibility. Our visit today is not just ceremonial—it’s a reaffirmation of our commitment to ensuring that the Fiscal Responsibility Act is not just a policy on paper but a working tool for economic transformation,” the Chairman stated.
The strategic session provided a platform to deliberate on the structure and objectives of the upcoming legislative-stakeholder engagement. Emphasis was placed on aligning petroleum sector operations with the provisions of the FRA 2007, especially in the areas of:
Revenue generation and monitoring
Efficient public resource allocation
Minimization of fiscal leakages
Improved reporting and compliance mechanisms
The FRC Chairman further reiterated the Commission’s readiness to provide technical support to the Committee in its oversight functions, with the goal of institutionalizing sound fiscal practices across all tiers of government and sectors of the economy.
Receiving the FRC delegation on behalf of the Committee, the Deputy Chairman of the House Committee on Petroleum Resources (Upstream), Hon. Sesi Oluwaseun Whingan, expressed appreciation for the visit and pledged the Committee’s full cooperation in advancing fiscal reforms. He was joined by the Committee Clerk, Mrs. Caroline N. Asan, who also commended the initiative, describing it as timely and aligned with the Committee’s oversight priorities.
Both parties agreed on the need for sustained collaboration, noting that effective fiscal governance in the upstream sector is essential to achieving broader macroeconomic stability and national fiscal sustainability.
The visit marks a significant milestone in the FRC’s ongoing efforts to foster strategic partnerships with legislative bodies, in line with its core mandate of promoting accountability, transparency, and the prudent management of public finances under the Fiscal Responsibility Act, 2007.
Leave a Reply