The Fiscal Responsibility Commission has been empowered to carry out the following functions. Monitoring and enforcing the provisions of the FRA, 2007 in the following areas;
(a). Medium Term Expenditure Framework
(b). Budget preparation, implementation and reporting
(c). Savings and Assets managements (Excess Crude Account)
(d). Debt, indebtedness and borrowing
(e). Proceeds from sales of public assets and property
(f). Accountability & Transparency
(g). Capital project and Revenue monitoring
(h). Remittance of Operating surplus of all listed Scheduled Corporations.
- Compel any person or government institutions to disclose information relating to public revenues and expenditures.
- Disseminating good fiscal practice
- Undertaking and publishing fiscal and financial studies.
- Conduct investigation on contravention of the Act, and performing other functions consistent with the promotion of the FRA, 2007 objectives.