By Abbanobi-Eku Onyeka
Abdullahi Saidu, President Bola Tinubu’s nominee for chairman of the Fiscal Responsibility Commission (FRC), has pledged to strengthen the monitoring of government-owned organisations’ operating surpluses to improve revenue remittances to the Federal Government.
Saidu gave the assurance on Thursday when he appeared before the Senate Committee on Finance for screening alongside six other nominees for positions on the commission’s board.
He explained that some revenue-generating organisations allegedly failed to remit the appropriate portions of their operating surpluses to the government, raising concerns about the commission’s ability to monitor compliance effectively.
According to the nominee, the existing arrangement requires the affected organisations to remit 80 per cent of their operating surpluses to the Consolidated Revenue Fund while retaining 20 per cent for their operations.
Saidu attributed the monitoring challenges partly to inadequate information available to the commission, arguing that stronger oversight would help ensure that organisations accurately declare their operating surpluses and meet their remittance obligations.
He pledged that, if confirmed, the board would intensify monitoring efforts and work with the National Assembly to review the law establishing the commission, particularly provisions affecting its independence, enforcement capacity and operational effectiveness.
During the screening, committee vice-chairman Senator Lere Oyewumi urged the nominees to prepare adequately for their responsibilities, stressing the need for specialised knowledge. He advised them to participate in expert-led retreats and undertake extensive reading to deepen their understanding of the commission’s mandate.
The other nominees screened alongside Saidu were Muhammad Asma’u, Muhammad Makama, Suleiman Gidado, Louis Ndukwe, Amechi Ugwele and Olaniyi Onikola. Following a motion moved by Senator Osita Ngwu and seconded by Senator Sadiq Suleiman Umar, the nominees were allowed to take a bow and leave, while the committee prepares its report for submission to the Senate.
