The Fiscal Responsibility Commission (FRC) has raised concerns that only one, out of Nigeria’s 36 states and the Federal Capital Territory (FCT) complies with the Fiscal Responsibility Act’s requirement to conduct a Cost-Benefit Analysis (CBA) before borrowing.The
The disclosure came on Monday as the Commission flagged off a high-level Executive Training Programme on Leveraging Digital Innovation for Enhanced Fiscal Governance and Accountability in Lagos.
The training is being organised in partnership with the Africa Development Studies Centre (ADSC).Speaking on behalf of the Executive Chairman, Victor Muruako, the Commission’s Special Adviser, Dr. Chris Uwadoka, said the situation underscores the urgent need for reform in public financial management.He
He revealed that the FRC is developing a digital CBA toolkit to standardize the process and pledged technical support to states willing to comply. “This programme is not just about theory. It is about deploying data-driven solutions to block leakages, strengthen budget credibility, and ensure every Naira is accounted for,” Uwadoka stated.
He praised the administration of President Bola Tinubu for placing digital innovation at the heart of fiscal reforms, pointing to new tax legislation, real-time monitoring of crude oil exports by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Customs digital reforms as clear evidence of progress.
Charging participants to take the training seriously, Uwadoka stated: “You are the custodians of our fiscal conscience. Leave here not just with certificates but with digital blueprints for your agencies. Let us lock the doors to waste and throw open the windows to transparency.”
The training, which continues until Wednesday, has brought together directors, auditors, accountants, and policymakers from across the country. Its goal, according to the FRC, is to build a community of fiscal innovation champions equipped with practical digital tools for transparency, accountability, and economic sustainability.
The Commission stressed that enhancing compliance with the Fiscal Responsibility Act remains central to its mandate, particularly in debt management where non-adherence has continued to threaten economic stability.
