By Bavoriat Clara
In a bid to deepen the implementation of the Fiscal Responsibility Act (FRA) 2007, the Chairman of the Fiscal Responsibility Commission (FRC), Chief Barrister Victor Chinemere Muruako, has paid a working visit to the House of Representatives Committee on Petroleum Resources (Upstream) at the National Assembly, Abuja.
The visit, according to Bede Ogueri Anyanwu, Deputy Director and Head of the Strategic Communications Directorate at the Commission, was initially aimed at strengthening inter-agency collaboration but evolved into a comprehensive strategic session focused on an upcoming legislative-stakeholder engagement. Discussions were centered on enhancing fiscal governance in Nigeria’s upstream petroleum sector, a key component of the national economy.
Speaking during the meeting, the FRC Chairman highlighted the importance of transparency, accountability, and fiscal discipline in managing the sector. He emphasized that the Commission, under the mandate of the FRA 2007, is strategically positioned to support robust and responsive public financial systems aligned with national development goals.
“The upstream petroleum sector represents one of the most significant revenue sources for the country. Its strategic importance demands that we hold it to the highest standards of fiscal responsibility. Our visit today is not just ceremonial—it’s a reaffirmation of our commitment to ensuring that the Fiscal Responsibility Act is not just a policy on paper but a working tool for economic transformation,” he said.
The strategic engagement also provided a platform to review the structure and objectives of the forthcoming legislative-stakeholder forum, with a strong emphasis on improving revenue generation and monitoring, ensuring efficient allocation of public resources, minimizing fiscal leakages, and strengthening compliance and reporting mechanisms.
The Chairman reiterated the Commission’s readiness to provide technical support to the Committee in its oversight functions to promote sound fiscal practices across all levels of government and economic sectors.
Receiving the FRC delegation, Deputy Chairman of the House Committee on Petroleum Resources (Upstream), Hon. Sesi Oluwaseun Whingan, commended the initiative and expressed the Committee’s willingness to collaborate closely with the Commission in driving fiscal reforms. He was joined by the Committee Clerk, Mrs. Caroline N. Asan, who described the visit as timely and well-aligned with the Committee’s oversight objectives.
Both sides agreed on the need for sustained collaboration to ensure stronger fiscal governance in the upstream sector, which they noted is critical to achieving broader economic stability and national fiscal sustainability.
The visit marks another significant step in the Commission’s drive to build strategic partnerships with legislative bodies, in line with its core mandate of promoting accountability, transparency, and prudent public financial management under the Fiscal Responsibility Act, 2007.
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