The Fiscal Responsibility Commission
The Fiscal Responsibility Commission (FRC) was established by the Fiscal Responsibility Act, 2007, to ensure the implementation of its provisions. It is an agency under the presidency that is charged with a mandate to promote a transparent and accountable government financial management framework for Nigeria. The FRC has a mandate to ensure that revenue-raising policies, resource allocation decisions, and debt management decisions are undertaken in a prudent, transparent and timely fashion as provided for in the law. The FRC performs key oversight responsibilities relating to the macroeconomic environment of the country which helps to aid the work of legislative oversight over the entire public finance architecture of the country and the economy in general.
The Commission shall perform the following functions:
(a) monitor and enforce the provisions of this Act and by so doing, promote the economic objectives contained in Section 16 of the Constitution;
(b) disseminate standard practices including international good practice that will result in greater efficiency in the allocation and management of public expenditure, revenue collection, debt control and transparency in fiscal matters;
(c) undertake fiscal and financial studies, analysis and diagnosis and disseminate the result to the general public;
(d) make rules for carrying out its functions under the Act; and
(e) perform any other function consistent with the promotion of the objectives of this Act.
The Commission shall be independent in the performance of its functions.
According to the breakdown of the economic objectives contained in Section 16 of the Constitution of the Federal Republic of Nigeria which the Commission is expected to promote are as follows:
(i) To harness the resources of the nation and promote national prosperity and an efficient, dynamic and self-reliant economy;
(ii) To control the national economy in such a manner as to secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity;
(iii) To manage or operate the major sectors of the economy as well as protect the right of every citizen to engage in any economic activities outside the major sectors of the economy;
(iv) The promote a planned and balanced economic development; and
(v) To ensure that the material resources of the nation are harnessed and distributed as best as possible to serve the common good.
For the purpose of performing its functions under Section 2(1) of the Act, the Commission shall have powers to:
(a) Compel any person or government institution to disclose information relating to public revenues and expenditures; and
(b) Cause an investigation into whether any person has violated any provision of the Act.
Section 2(2) provides that if the Commission is satisfied that such a person has committed any punishable offence under the Act or violated any provisions of the Act, the Commission shall forward a report of its investigation to the Attorney-General of the Federation for possible prosecution.
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