By Fatima Saka
The Fiscal Responsibility Commission (FRC) has expressed its full support for the Tax Reform Bill, assuring that it does not conflict with existing laws or create redundancy in Nigeria’s fiscal framework.
Victor Muruako, Esq., Executive Chairman of the FRC, made this assertion on Monday in Abuja while speaking at a public hearing on the Tax Reform Bill, organized by the Senate Committee on Finance.
According to Muruako, the Commission has carefully reviewed the Bill alongside the Fiscal Responsibility Act, 2007, and other relevant legislation. The analysis found no conflict, duplication, contradiction, usurpation, or overlap that could hinder the Bill’s passage into law.
“The Commission greatly appreciates this Hallowed Committee for its patriotic work in strengthening Nigeria’s public finance management system. We urge that these Bills be passed while considering our observations,” he said.
Muruako emphasized that the objectives of the Tax Reform Bill align with the Fiscal Responsibility Act, 2007, which was enacted to ensure prudent management of national resources, promote macroeconomic stability, and enhance accountability and transparency in fiscal operations.
“If passed, the Bills will significantly strengthen fiscal sustainability by diversifying revenue sources, reducing reliance on volatile oil markets, and promoting fiscal discipline through clearer tax laws and increased transparency,” he added.
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He further added by expressing gratitude to the Senate Committee on Finance for the opportunity to contribute to the legislative process.
“We sincerely thank the Distinguished Chairman and members of this noble Committee for allowing us to participate in this critical effort. Please accept the assurances of our continued support,” he said.
