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Fiscal Responsibility Act, 2007

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FISCAL RESPONSIBILITY ACT

2007

AN ACT TO PROVIDE FOR PRUDENT MANAGEMENT OF THE NATION’S RESOURCES, ENSURE LONG-TERM MACRO-ECONOMIC STABILITY OF THE NATIONAL ECONOMY, SECURE GREATER ACCOUNTABILITY AND TRANSPARENCY IN FISCAL OPERATIONS WITHIN A MEDIUM TERM FISCAL POLICY FRAMEWORK, AND THE ESTABLISHMENT OF THE FISCAL RESPONSIBILITY COMMISSION TO ENSURE THE PROMOTION AND ENFORCEMENT OF THE NATION’S ECONOMIC OBJECTIVES; AND FOR RELATED MATTERS. [30th day of July, 2007] COMMENCEMENT Enacted by the National Assembly of the Federal Republic of Nigeria:

1. (1) There shall be established, a body to be known as the Fiscal Responsibility Commission (in this Act referred to as “the Commission”).

(2) The Commission shall be a body corporate with perpetual succession and a common seal and may sue and be sued in its corporate name.

 Establishment of the fiscal responsibility commission.
2. (1) For the purpose of performing its functions under this Act, the Commission shall have the power to:

(a) compel any person or government institution to disclose information relating to public revenues and expenditure ; and

(b) cause an investigation into whether any person has violated any provisions of this Act.

(2) If the Commission is satisfied that such a person has committed any punishable offence under this Act, violated any provisions of this Act, the Commission shall forward a report of the investigation to the Attorney-General of the Federation for possible prosecution.

 Responsibility, powers and functions of the Commission.
3. (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 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 this Act; and

(e) perform any other function consistent with the promotion of the objectives of this Act.

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