Fiscal Responsibility Commission Urges Nigeria to Prioritize Prudent Spending

Oru Leonard 

Abuja, Nigeria – January 16, 2025 – The Fiscal Responsibility Commission (FRC) has emphasized the importance of fiscal responsibility in achieving the objectives of the 2025 budget. Victor Muruako Esq., Executive Chairman of the FRC, commended Professor Adeola Adenikinji’s presentation on the 2025 Appropriation Bill, highlighting the budget’s critical role of the 2025 budget in restoring macroeconomic stability, fostering inclusive growth, creating employment, reducing poverty, and driving infrastructural development.

While affirming support for these objectives, Mr. Muruako stressed that sound fiscal responsibility principles are essential for realizing the budget’s objectives. “Fiscal responsibility practices are the software that makes the hardware of budget figures and percentages work,” he stated.

The FRC Chairman urged Ministries, Departments, and Agencies (MDAs) to prioritize the following fiscal responsibility principles:

– Citizen-Involvement: Transparent budget consultations and access to budget information
– Transparency and Accountability: Open budget execution, clear reporting mechanisms, and robust sanctions for deviations
– Intentional Plan Implementation: Well-defined implementation plans, effective monitoring, and evaluation
– Debt Sustainability: Responsible government borrowing to prevent jeopardizing future economic growth
– *Prioritization and Efficiency*: Strategic prioritization of expenditures and efficient resource allocation

Muruako concluded by reiterating the 2025 budget’s potential to steer Nigeria towards sustainable economic growth and development, emphasizing the need for unwavering commitment to fiscal responsibility.

(FRC Media)