Menu

After 12 years at the helm, the Chairman and Chief Executive Officer of the Fiscal Responsibility Commission (FRC), Barr Victor Muruako, reflects on sustaining Nigeria’s fiscal discipline. Jide Akintunde, Managing Editor, Financial Nigeria magazine, interviewed him.

Jide Akintunde (JA): To quickly establish important facts, you have meritoriously led the Fiscal Responsibility Commission for over a decade and have served it even longer, given your initial role as the Commission Secretary, just a few years after the FRC was established. What were stakeholders' and the public's expectations of the Commission at its founding and in those early years when you were appointed to the FRC?

Victor Muruako (VM): At the founding of the Fiscal Responsibility Commission, stakeholder expectations were very high. The Commission was created pursuant to the Fiscal Responsibility Act to institutionalise discipline, transparency, and accountability in Nigeria’s public finance management. At that time, there was widespread concern about weak budget implementation, rising public debt, poor remittance practices by government-owned enterprises, and limited transparency in fiscal reporting.

The expectation from policymakers, development partners, civil society, and the broader public was that the Commission would serve as an independent watchdog – ensuring compliance with fiscal rules, promoting prudent borrowing, and enforcing the remittance of operating surpluses into the Consolidated Revenue Fund.

There was also hope that the FRC would strengthen medium-term planning through the Medium-Term Expenditure Framework and help entrench a culture of sustainability in government spending.

When I was appointed as Commission Secretary, just a few years after the Commission's establishment, the task before us was largely foundational; we were expected to operationalise the Act, build institutional systems, engage ministries, departments, and agencies, and demonstrate that fiscal responsibility would no longer be optional but mandatory. In essence, stakeholders wanted the FRC to move Nigeria from a culture of discretionary fiscal management to one anchored in rules, transparency, and long-term economic stability.

JA: Nearly two decades after the Fiscal Responsibility Act 2007 became law, how relevant do you consider it today?

VM: Nearly two decades after the enactment of the Fiscal Responsibility Act, it remains highly relevant and indispensable to Nigeria’s fiscal stability.

As Chairman of the Commission, I affirm that the Act continues to provide the legal framework for fiscal discipline, transparency, and prudent public debt management. In today’s challenging economic environment, marked by revenue pressures and rising expenditure demands, the principles of responsible borrowing, budgetary compliance, and accountability are more critical than ever.
The Act is not outdated; rather, its importance has grown. It remains a cornerstone for sustainable national development and intergenerational equity, ensuring that public resources are managed responsibly for both present and future Nigerians.

JA: What are the major successes the Commission has achieved under your leadership?

VM: Under my leadership, the Fiscal Responsibility Commission has recorded significant progress in strengthening fiscal discipline and institutional compliance with the Fiscal Responsibility Act.

We have enhanced monitoring of government-owned enterprises, improved remittance of operating surpluses into the Consolidated Revenue Fund, deepened collaboration with key stakeholders, and strengthened enforcement mechanisms to ensure greater transparency and accountability in public finance management.

Importantly, we have also intensified advocacy and capacity-building initiatives to promote a culture of fiscal responsibility across Ministries, Departments, and Agencies. These efforts have reinforced the Commission’s role as a critical guardian of sustainable public finance in Nigeria.

JA: Institutional performance experiences ebb and flow. How true is this in relation to the FRC's functioning since its founding and since your leadership of the Commission?

VM: Institutional performance naturally experiences cycles of growth and challenge, and the Fiscal Responsibility Commission is no exception. Since its establishment under the Fiscal Responsibility Act, the Commission has navigated periods of institutional strengthening and operational constraints. 

However, under my leadership, we have focused on consolidating reforms, strengthening enforcement, improving compliance monitoring, and repositioning the Commission as a firm and proactive fiscal oversight body.

While institutions may experience ebb and flow, our commitment to fiscal discipline, transparency, and accountability has remained steady and progressively stronger.

JA: In your view, what are the key factors for achieving the FRC's objectives?

VM: Achieving the objectives of the Fiscal Responsibility Act depends on several key factors. First is strong political will. Fiscal responsibility must be embraced at the highest levels of government.

The second point is strict enforcement and compliance monitoring. The Act must be applied consistently, not selectively.

Third, institutional capacity matters. MDAs and government-owned enterprises must have the technical competence to implement sound financial practices.

Fourth is transparency and timely disclosure of fiscal information. This promotes public trust and accountability.

Finally, collaboration with stakeholders, including the National Assembly, civil society, and the media, to sustain a culture of fiscal discipline, is a critical success factor for the Commission.

When these elements work together, the Commission’s mandate of promoting prudent public finance and sustainable national development can be fully realised.

JA: Regarding compliance and institutional collaboration with the Commission, which institutions would you like to acknowledge?

VM:  Here, I would like to acknowledge the strong collaboration and growing compliance demonstrated by key institutions, particularly the National Assembly of Nigeria, the Federal Ministry of Finance, the Budget Office of the Federation, the Debt Management Office, and several government-owned enterprises that have improved their remittance and reporting standards.

Their cooperation has significantly strengthened fiscal transparency, accountability, and adherence to the provisions of the Fiscal Responsibility Act.

JA: You are a pre-eminent custodian of the FRC's institutional history. How can the Commission be revitalised to improve its performance over the next decade significantly?

VM: From my experience as Chairman of the Commission, revitalising the FRC over the next decade requires a strategic focus on three core areas. The first is strengthening enforcement powers and legal backing under the Fiscal Responsibility Act to ensure full compliance without exception.

Second, deepening institutional capacity and digital monitoring systems to enable real-time fiscal oversight and data-driven decision-making is vitally important for improving the Commission’s performance.

And third, sustained stakeholder engagement and public awareness are key to revitalising the Commission’s performance. This is to ensure fiscal responsibility becomes a national culture rather than merely a regulatory requirement.

With stronger enforcement, enhanced capacity, and broader collaboration, the Commission can significantly elevate its impact in promoting sustainable public finance in Nigeria.

JA: As you retire from the FRC, what do you think will be your enduring memory of the institution and the work you did there?

VM: As I retire from the FRC, my enduring memory will be the sense of purpose that guided our work – strengthening accountability, upholding high standards, and serving the public interest. I’ll especially value the dedication and integrity of the people I worked alongside, whose commitment made even the most complex challenges meaningful and rewarding.

I wish to most profoundly acknowledge His Excellency, Bola Ahmed Tinubu, GCFR, Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, whose visionary leadership and unwavering commitment to the Renewed Hope Agenda have made it possible for me to serve our great nation as Executive Chairman of the Fiscal Responsibility Commission. Mr President’s steadfast dedication to accountability, fiscal discipline, and sustainable development continues to inspire confidence in Nigeria’s economic governance architecture.

My heartfelt appreciation also goes to the Secretary to the Government of the Federation, His Excellency, George Akume, KSJI, whose remarkable support, wise counsel, and statesman-like guidance have greatly strengthened the Commission’s resolve and capacity to deliver on its statutory mandate.

I equally salute the steadfast partnership and institutional support of the Office of the Honourable Minister of Finance, the Office of the Honourable Minister for Budget and National Planning, the Office of the Accountant-General of the Federation, the Senate Committee on Finance, and the House of Representatives Committee on Finance. Their collective dedication to sound fiscal governance has provided the enabling environment necessary for the faithful implementation of the Fiscal Responsibility Act.

Furthermore, I extend sincere commendation to our valued development partners and stakeholders – including RoLAC, CISLAC, CSJ, OrderpaperNg, PLSI, OXFAM Nigeria,  Department for International Development (DFID), International Monetary Fund, and the broader community of Civil Society Organisations –  whose collaboration, advocacy, and technical support have continued to enrich the Commission’s work and deepen transparency, accountability, and fiscal sustainability in Nigeria.

Together, our collective efforts stand as a testament to what can be achieved when leadership, integrity, and patriotic commitment converge in service of national development.