Fiscal Responsibility Commission

The Fiscal Responsibility Commission (FRC) is a Nigerian government agency established under the Fiscal Responsibility Act of 2007. The commission is tasked with promoting prudent fiscal management practices, transparency, and accountability in the management of public finances at all levels of government in Nigeria.

Here’s an overview of the functions and responsibilities of the Fiscal Responsibility Commission:

  1. Monitoring Compliance: The FRC monitors compliance with the provisions of the Fiscal Responsibility Act by all tiers of government, including federal, state, and local governments, as well as government-owned corporations and agencies.
  2. Budget Monitoring: It evaluates budget implementation processes to ensure adherence to fiscal responsibility principles, such as transparency, efficiency, and accountability.
  3. Debt Management: The commission assesses the borrowing activities of government entities to ensure that debt levels are sustainable and do not jeopardize fiscal stability.
  4. Revenue Generation: It promotes strategies for increasing government revenue and diversifying revenue sources to reduce dependence on oil revenue and enhance fiscal sustainability.
  5. Public Financial Management: The FRC provides guidance and recommendations on improving public financial management practices, including budgeting, accounting, and reporting standards.
  6. Capacity Building: It conducts capacity-building programs and workshops for government officials, legislators, and other stakeholders to enhance their understanding of fiscal responsibility principles and practices.
  7. Public Awareness: The commission educates the public about the importance of fiscal responsibility and the role of citizens in holding government accountable for the management of public finances.
  8. Reporting: It prepares and submits periodic reports to the National Assembly and the President on the state of fiscal responsibility compliance across various levels of government.

CONTACTS

  • Address: 93 Yakubu Gowon Crescent, Asokoro District, Abuja
  • Phone No: +234 8149095640
  • Email: info@frc.gov.ng

Content Brought to you by: Profiles.org.ng

Scroll to Top