The Fiscal Responsibility Commission (FRC) was established by the Fiscal Responsibility Act, 2007, to ensure the implementation of its provisions.
To monitor and enforce the provisions of the Act, which provides for the prudent management of the nation’s resources,
The mandate of the Fiscal Responsibility Commission is encapsulated in Section 3 of the FRA, 2007, which specifies the functions of the Commission thus:
To ensure that revenue – raising policies, resource allocation decisions and debt management decisions are undertaken
An Act to provide for prudent management of the Nation’s Resources, ensure LongTerm Macro-Economic stability of the National Economy, secure greater accountability
and transparency in Fiscal operations within the Medium Term Fiscal Policy Framework,
and the establishment if the Fiscal Responsibility Commission to ensure the promotion
and enforcement of the Nation’s Economic objectives; and for related matters.
In 2012 and 2016 respectively, six (6) and ninety-two (92) Scheduled Corporations were added, bringing the number of Scheduled Corporations to One hundred and twenty-two (122