The Fiscal Responsibility Commission (FRC) facilitated remittances of about N1.84 trillion from operating surplus and internally generated revenue into the Consolidated Revenue Fund (CRF) as of September 2025. Operating surplus refers to the excess of income over expenditure for Government-Owned Enterprises (GOEs) and parastatals over a fiscal year.
CRF is the primary central account of the Federal Government of Nigeria, established under Section 80 of the 1999 Constitution, and serves as the main repository for government revenues, excluding funds designated for specific public purposes, and is used to finance statutory transfers, debt servicing, and government operations.
Acting FRC Chairman, Charles Abana, who made the disclosure when he led top officials of the commission on a courtesy visit to Secretary to the Government of the Federation (SGF), Senator George Akume, in Abuja, on Tuesday revealed that despite lower revenue performance between January and May 2026, the commission had already recorded over N760 billion in remittances from operating surplus and other independent revenues.
“The commission is targeting ₦2.5 trillion in independent revenue for 2026,” Abana said.
In a statement issued by FRC’s Head of Strategic Communication, Bede Anyanwu, Abana disclosed that the commission had completed a revised Operating Surplus Computation Template, incorporating provisions of the Finance Act 2020 and subsequent financial regulations.
He stated that the template was being automated to strengthen evidence-based fiscal oversight and improve public financial management.
Abana said the official presentation of the revised template had been scheduled for July 28 in Abuja.
While requesting the SGF to deliver the keynote address at the event, Abana also highlighted the unveiling of the commission’s 2026–2028 Strategic Plan, which he said aligned with the federal government’s development priorities under the Renewed Hope Agenda.
He explained that the strategic plan focused on institutional reforms, stakeholder engagement, capacity building, international collaboration, and the adoption of global best practices in fiscal governance.
Abana also cited the successful management retreat held in 2026, describing it as an important platform for reviewing existing programmes, identifying emerging fiscal governance challenges, and developing strategies to improve service delivery.
He said the retreat reinforced the commission’s commitment to innovation, accountability, and excellence, while aligning departmental activities with the objectives of the new strategic plan.
Abana disclosed that FRC was developing the second edition of the Fiscal Responsibility Measurement Index (FRMI), a performance assessment tool designed to measure compliance with fiscal responsibility principles, particularly through budget implementation.
He said the index would support the oversight responsibilities of the National Assembly by providing objective data on the fiscal performance of MDAs.
The acting chairman said the commission was expanding collaboration with key anti-corruption and accountability institutions, including Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Code of Conduct Bureau (CCB), Bureau of Public Procurement (BPP), and Office of the Auditor-General for the Federation.
He explained that the partnerships were intended to improve information sharing, strengthen coordinated oversight, and enhance enforcement of fiscal responsibility laws.
Abana said the commission had also agreed with EFCC and ICPC to refer cases involving clear financial breaches for investigation and prosecution under the relevant provisions of their enabling laws.
He underscored the commission’s commitment to amending the Fiscal Responsibility Act, 2007, stating that nearly two decades after its enactment, changing fiscal realities require a review of the legislation.
The proposed amendments, he said, would strengthen compliance mechanisms, improve enforcement powers, enhance transparency obligations, and align the law with contemporary international standards in public financial management.
He disclosed that FRC was working closely with Office of the Attorney-General of the Federation on a draft amendment bill, and appealed to the SGF to support the legislative process.
Abana reaffirmed the commission’s commitment to supporting the Renewed Hope Agenda through fiscal sustainability, revenue optimisation, accountability, and efficient public service delivery.
He requested the SGF’s continued support in strengthening the commission’s operations, including assistance in securing a permanent office accommodation.
According to him, the commission currently operates from a rented facility in Asokoro, Abuja, which has become inadequate for its expanding responsibilities.
He also requested approval for the replacement of staff lost through retirement, resignation, and death to restore the commission’s technical capacity.
Abana sought support for the acquisition of operational vehicles and digital forensic investigation tools, stating that most of the commission’s existing vehicles have become unserviceable due to age.
In his remarks, Akume expressed the federal government’s commitment to strengthen support for FRC in order to deepen fiscal governance, transparency, and accountability across public institutions.
He commended the commission’s contributions to the advancement of the Renewed Hope Agenda of President Bola Tinubu, particularly through its advisory role on fiscal governance and efforts to promote prudent management of public resources.
He also praised FRC’s collaboration with anti-corruption and oversight institutions in strengthening government accountability, transparency, and institutional integrity.
Akume stated that there was light at the end of the tunnel, assuring the commission of his support in addressing its institutional needs.
Ndubuisi Francis
Follow us on:
