FISCAL RESPONSIBILITY ACT, 2007

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LAWS OF THE FEDERATION OF NIGERIA 

FISCAL RESPONSIBILITY ACT, 2007

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EXPLANATORY MEMORANDUM

This Act was enacted to provide for prudent management of Nigeria’s Resources, ensure long-term macro-economic stability of the National Economy, secure greater accountability and transparency in fiscal operations within the Medium Term Fiscal Policy Framework, and the establishment if the Fiscal Responsibility Commission to ensure the promotion and enforcement of the nation’s economic objectives; and for related matters.

ARRANGEMENT OF SECTIONS

PART 1–     ESTABLISHMENT, FUNCTIONS AND POWERS OF THE FISCAL RESPONSIBILITY COMMISSION

PART II –   THE MEDIUM TERM EXPENDITURE FRAMEWORK

PART III –  THE ANNUAL BUDGET

PART IV –  BUDGETARY PLANNING OF CORPORATIONS AND OTHER RELATED AGENCIES

PART V –    BUDGETARY EXECUTION AND ACHIEVEMENT OF TARGETS

PART VI – PUBLIC REVENUE

PART VII – SAVINGS AND ASSET MANAGEMENT

PART VIII – PUBLIC EXPENDITURES

PART IX –  DEBT AND INDEBTEDNESS

PART X –    BORROWING

PART XI –  TRANSPARENCY AND ACCOUNTABILITY

PART XII – ENFORCEMENT

PART XIII –  MISCELLANEOUS PROVISIONS

PART XIV – INTERPRETATION  AND CITATION

SCHEDULE – LIST OF CORPORATIONS, AGENCIES AND GOVERNMENT-OWNED

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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 the Medium Term Fiscal Policy Framework, and the establishment if the Fiscal Responsibility Commission to ensure the promotion and enforcement of the Nation’s Economic objectives; and for related matters.

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[COMMENCEMENT]                         [30th Day of July 2007]

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ENACTED by the National Assembly of the Federal Republic of Nigeria:

ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED TO 2018)