Muruako Advocates Revenue Reforms, Calls for Fiscal Efficiency at NIPSS Training

By Iyojo Ameh

The Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq., has called for a bold shift in Nigeria’s revenue strategy, warning that fiscal inefficiency and financial leakages pose major threats to national economic stability.

Muruako, represented by his Special Adviser, Dr. Chris Uwadoka, made the remarks at the opening of a high-level training programme jointly organised by the FRC, the National Institute for Policy and Strategic Studies (NIPSS), Kuru, and ThinkBig Consulting Ltd. The event, held at the NIPSS campus in Jos, Plateau State, is themed “Strategies for Increased Fiscal Efficiency, Enhanced Government Revenue, and Plugging Leakages in the Nigerian Financial System.”

This was disclosed in a press release signed by Bede Ogueri Anyanwu, Head/Deputy Director, Strategic Communications Directorate, Fiscal Responsibility Commission, Abuja.

In his address, Muruako lamented persistent inefficiencies in public finance management, citing the FRC’s review of federal budgets from 2011 to 2021. The analysis revealed that the Federal Government consistently fell short of revenue projections, averaging a 43 per cent shortfall over the decade.

He provided striking figures: in 2017, government projected ₦5.084 trillion but realized only ₦2.658 trillion, a 91.3 per cent shortfall. Similarly, in 2018, a projection of ₦7.166 trillion yielded ₦3.866 trillion, reflecting an 85.3 per cent variance. Such repeated discrepancies, he argued, have entrenched a cycle of missed targets, mounting debt, and declining public trust.

“This workshop is not just a gathering but a strategic intervention,” Muruako said. “Our mission is to strengthen fiscal operations, maximize every Naira, and ensure that government-owned enterprises and key agencies contribute effectively to Nigeria’s revenue mobilization efforts.”

Other speakers echoed the call for fiscal prudence and accountability.

Delivering a goodwill message on behalf of the Judiciary, Ifeoma Ezeoke urged transparency in the management of public funds and encouraged participants to apply the lessons learned to strengthen governance.

Dr. Solomon Titus Gushibet, Senior Fellow and Chief Operating Officer at the Centre for Financial Economics, NIPSS Kuru, described the workshop as both academic and strategic. “This gathering brings together some of the brightest minds in government agencies to sharpen the tools of fiscal governance and ensure that every Naira counts,” he said.

Also speaking, Prof. Jane Omotayo Ande — the first female professor of accounting, who represented the Director-General of NIPSS, Professor Ayo Omotayo, commended the FRC for its commitment to fiscal reforms. She tasked participants to generate actionable policy recommendations that will enhance transparency and accountability in Nigeria’s economic management.

The training programme is expected to produce practical strategies for bridging the gap between fiscal projections and actual outcomes, while promoting prudence, efficiency, and integrity in Nigeria’s financial system.