FRC Chairman Calls for Urgent Validation of Fiscal Responsibility Code of Conduct

Maryam Aminu

The Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq., has urged stakeholders to fast-track the validation of the newly developed Fiscal Responsibility Code of Conduct, describing it as a crucial enforcement tool for the Fiscal Responsibility Act (FRA) 2007.

Speaking at a high-level stakeholders’ meeting in Abuja, Muruako welcomed participants from Ministries, Departments, and Agencies (MDAs), development partners, civil society organisations, and virtual attendees. He explained that the Code would help bridge existing enforcement gaps in fiscal governance, particularly in areas where the FRA lacks specific punitive provisions.

“We regard this document as a very vital and indispensable toolkit for the effective enforcement of the spirit and letters of the Fiscal Responsibility Act,” Muruako stated.

He commended the European Union, the Rule of Law and Anti-Corruption (RoLAC) Programme, International IDEA, and the Centre for Social Justice (CSJ) for their contributions, praising CSJ Lead Director, Eze Onyekpere, Esq., for his “zealous commitment” to entrenching fiscal discipline nationwide.

Muruako reiterated the Commission’s four core mandates: prudent resource management, macroeconomic stability, accountability, and transparency.

He noted that the FRC serves as Nigeria’s fiscal council in line with international best practices recognised by the World Bank, OECD, and IMF.

The proposed Fiscal Responsibility Code of Conduct seeks to:

Reduce risks in public financial management, including budget fraud and corruption.

Enhance accountability and transparency in fiscal decision-making.

Provide ethical guidelines that balance efficiency with social responsibility.

Foster fiscal discipline to ensure borrowing is strictly for capital projects and human development.

He lamented the absence of sanctions in certain sections of the FRA, warning that this has prolonged a “regime of impunity,” and pledged the Commission’s readiness to work with partners for effective implementation.

In his presentation, CSJ’s Eze Onyekpere argued that implementing even half of the Code’s provisions could transform Nigeria’s fiscal landscape, while criticising banks and state governments for violating FRA borrowing provisions.

Delivering the keynote address, Director-General of the Bureau for Public Service Reform, Dr. Dasuki Arabi, commended the FRC’s drive to promote transparency and fiscal prudence.

Representatives from the Economic and Financial Crimes Commission (EFCC), the Federal Ministry of Justice, and the Federal Ministry of Finance also pledged their commitment to collaborating with the FRC to enforce fiscal responsibility across all government institutions.