Saidu Aims to Enhance FRC Oversight During Senate Screening

Abdullahi Saidu, nominated by President Bola Tinubu as chairman of the Fiscal Responsibility Commission (FRC), appeared before the Senate Committee on Finance for screening alongside six other nominees. Saidu pledged to strengthen the monitoring of government-owned organizations' operating surpluses to improve revenue remittances to the Federal Government.

He noted that some revenue-generating organizations allegedly failed to remit the appropriate portions of their operating surpluses, which raised concerns about the commission's monitoring capabilities. Currently, organizations are required to remit 80 percent of their operating surpluses to the Consolidated Revenue Fund while retaining 20 percent for operations.

Saidu attributed monitoring challenges to inadequate information and emphasized that stronger oversight would ensure accurate declarations of operating surpluses. He committed to intensifying monitoring efforts and collaborating with the National Assembly to review the commission's establishment law, focusing on its independence and enforcement capacity.

The screening concluded with a motion allowing the nominees to take a bow and leave as the committee prepares its report.