Business
Commission Tasks States Fiscal Responsibility Agencies
The Fiscal Responsibility
Commission (FRC) has urged state governments to set up fiscal responsibility agencies in their respective states.
The Acting Chairman of the commission, Mr Victor Muruako, made call in an interview with newsmen in Abuja recently.
It would be recalled that the Federal Government had in July, 2007 enacted the Fiscal Responsibility Act (FRA), to ensure prudent management of funds in the public sector.
Muruako said that the commission, since its inception, had been promoting the tenets of the Act, especially at the national level.
“But at the state level, out of the 36 states you will observe that we only have 17 that have already adopted the law and have set up their fiscal responsibilities agencies.
“There is obvious need for other states to buy into it and to set up their commissions, because if you check, you will find out over 50 per cent of the nation’s resources are spent at the sub-regional levels, states and local governments.
“So, there is that urgent need, because it is a micro economy, we have to ensure the stability at that macro level, because we are not just talking about the national economy alone, in fact, it is very urgent for the states to buy in.’’
According to him, the establishment of similar bodies in the states will deepen transparency and accountability in the management of public funds.
He said that the initiative would also ensure total compliance with the Fiscal Responsibility Act and other existing laws on the use of government funds.
Muruako wondered why some state governments were unwilling to set up similar agencies in their states.
“They are not very interested in buying into it, because they know what it means that a lot of things will now be checked.
“Before you go and borrow money, you have to explain why you have to get the necessary authorisations.’’
“Presently, as it is, you just find out that most state governments just go out of their way to raise bounds out from the market.
“And then pick loans that they don’t really need and they give sufficient reasons and most of the approvals are gotten just within hours from most Houses of Assembly.’’
He said that the commission would encourage and support states that were interested in setting up such agencies.
According to him, the commission has been involved in organising seminars for the states on the need to key into the fiscal responsibility act.
He, however, expressed optimism that more states would show commitment in the promotion of accountability and transparency in the conduct of their financial activities by respecting the fiscal responsibility law.
“I think most states, they will definitely see the need to get in, because you cannot fight corruption without preventing it, because that should be the first step, you try to prevent it.
“Fighting it might be a bit difficult, if you don’t work out to prevent it.’’
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
