The mandate of the Fiscal Responsibility Commission is encapsulated in Section 3 of the FRA, 2007, which specifies the functions of the Commission thus:
(1) The Commission shall:
(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.
(2) 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.
For the purpose of exercising its investigative powers under FRA, 2007, the Commission is collaborating with other law enforcement agencies in the Federation to enforce the provisions of FRA 2007.