FRC Boosts FG’s Revenue With N1.7trn Since 2007
Since 2007 to date, the Fiscal Responsibility Commission (FRC) caused over N1.7 trillion to be remitted to the Consolidated Revenue Fund (CRF) of the Federal Government
To harvest more revenue into the CFR, the FRC is proposing amendments to the Act establishing it.
In a press statement, the FRC said it has become imperative that the Responsibilities, Powers and Functions of the Commission as contained in the Act be strengthened.
In addition, the amendment is expected to properly streamline the Commission “to achieve the intention of the legislature of an effective and robust Commission able to execute the enormous mandate of monitoring and enforcing the provisions of the Act as well as ensuring the increased generation and prudent management of Federal Government revenue”.
Other changes proposed in the new law include providing for the appointment of a Secretary to the Commission subject to Senate confirmation.
It will also allow only the Chairman and the Secretary to be full-time members of the Commission for a single term of five years while others will be part-time members. This is intended to reduce the size and guarantee easier decision-making.
The proposed Act has made provisions for offences and penalties for the infringement of the provisions of the Act. “With the criminalization of certain acts and omissions with attendant penal and financial sanctions, we believe that the provisions of the Act would be respected and concerned officials would take their duties under this Act more seriously”.