FRC Chairman: Independent Revenue Exceeds N1 Trillion Annually for Federal Government

The Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, has said that independent revenue has consistently contributed an excess of N1 trillion to the Federal Government’s annual revenue in recent years.

The Independent revenue encompasses income received without directly exchanging labour-power for it, including interest on money capital, dividends earned by share ownership, rental income, among others.

Muruako made this statement at a Service Wide Strategic Training on Enhancing Public Revenue and Expenditure Management organized by the Commission and the Africa Development Study Centre (ADSC).

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He noted that the Commission has made significant strides in enhancing the independent revenue of the Federal Government.

He said, “Notably, the Commission has made significant strides in enhancing the Independent Revenue of the Federal Government in recent years. Through collaborative efforts with the Finance Committees in the two Houses of the National Assembly, we have seen remarkable growth.

“In fact, Independent Revenue, which was previously not considered a significant revenue source, has consistently contributed an excess of N1 trillion to the Federal Government’s annual revenue in recent years.”