FISCAL RESPONSIBILITY ACT 2007: A POSITIVE INSTRUMENT FOR PRUDENT MANAGEMENT OF NATION’S RESOURCES AND ENHANCEMENT OF LEGISLATIVE OVERSIGHT IN NIGERIA

Abstract

Fiscal Responsibility Commission is a body established by the Fiscal Responsibility Act. The Commission shall have power  to  compel  any  person  or  government  institution  to  disclose  information  relating  to  public  revenues  and expenditure;  and  caused  an  investigation  into  whether  any  person  has  violated  any  provisions  of  this  Act.  This means  that  the  Commission  monitors  and  enforces  the  provisions  of  this  Act  and  by  so  doing,  promotes  the economic objectives contained in section 16 of the 1999 Constitution of the Federal Republic of Nigeria. Legislative oversight, on the other hand is the review, monitoring and supervision of government and public agencies, including the implementation of policy and legislation. It involves keeping a check on the activities of governmental agencies especially the executive branch while discharging their responsibilities under the Constitution of Federal Republic of Nigeria for the  people  of Nigeria. This paper recognizes and x-rays the  importance of Fiscal Responsibility  Act forthe legislatures in their oversight function. This study also considers the significance of this Act, justiciability of the  provisions, African Charter on Human and Peoples Right,  and legislative  control limit.  It equally makes some recommendations.