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 such 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