Call for Enhanced Collaboration in Public Financial Management
Senator George Akume, Secretary to the Government of the Federation, has urged for a more robust collaboration between fiscal and supervisory institutions to promote transparency, accountability, and effective public financial management as part of the “New Hope” agenda.
Strengthening Institutional Synergies
During a meeting in Abuja, under the guidance of the Fiscal Responsibility Committee led by Acting Executive Chairman and CEO Mr. Charles Chukwuemeka Abana, Senator Akume highlighted the importance of enhancing collaboration among key government agencies. This includes partnerships with the Federal Ministry of Finance, the Federal Budget Office, the Office of the Accountant General of the Federation, and the Debt Management Office. His aim is to minimize overlaps in responsibilities and bolster fiscal governance.
Promoting Fiscal Discipline
Senator Akume acknowledged the critical role played by the Fiscal Responsibility Commission in maintaining fiscal discipline and ensuring transparency and accountability within fiscal management. He positioned the Commission as a key pillar of Nigeria’s fiscal governance framework, emphasizing that fiscal responsibility is essential for achieving macroeconomic stability, attracting investment, ensuring debt sustainability, and promoting the efficient use of public resources at all governmental levels.
Alignment with National Priorities
In line with President Bola Ahmed Tinubu’s New Hope Agenda, the Secretariat emphasized the strategic importance of the Fiscal Responsibility Commission in enhancing public financial management. Effective management of government resources with discipline and transparency is seen as a cornerstone of the new administration’s economic policy.
Focus on Revenue Reporting and Automation
Charles Chukwuemeka Abana, the Acting Executive Chairman of the Fiscal Responsibility Committee, previously announced that the committee’s renewed emphasis is on refining transparency in revenue reporting. This includes ensuring the timely transfer of operating surpluses to the Consolidated Revenue Fund while addressing issues related to revenue leakage and inefficiency within public institutions.
Ambitious Revenue Targets
Abana indicated that the Commission has effectively overseen approximately ₦1.84 trillion in independent revenues as of September 2025, with an ambitious target of ₦2.5 trillion set for 2026. By strengthening oversight of operating surpluses from government-owned enterprises and independent revenues generated by various ministries and agencies, the Commission aims to improve fiscal outcomes significantly.
Modernizing Revenue Calculation Processes
To enhance service delivery, the Commission has revised its operating surplus calculation template, originally developed in 2016, to reflect contemporary fiscal realities, including the Finance Act 2020 and subsequent fiscal reforms. These templates have been fully automated to boost efficiency, accuracy, and transparency in revenue calculations and compliance monitoring, aligning with global best practices in public financial management.
