ABSTRACT
The need for fiscal laws and their implementation is glaring in Nigeria considering the fiscal irresponsibilities displayed by many Nigerian institutions and Nigerians in public trust. In addition, the Nigerian fiscal policies had in the past been characterized by poor planning, massive waste and wrong priorities. This created a fiscal atmosphere characterized by poor saving culture, reckless and unsustainable borrowing, lack of access to fiscal information and absence of transparency in the management of public finance. In reaction, previous administrations at the federal level made policies, established agencies/commissions and other bodies charged with the responsibility of setting standards in fiscal matters. Despite these efforts made by past administrations, financial mismanagement in government business remains on the increase. This led to policy reforms which culminated in the enactment of the Fiscal Responsibility Act, 2007. FRA, 2007 is a law enacted to improve inter-governmental fiscal co-ordination in the pursuit of greater macro-economic stability, promote fiscal prudence and sound financial management of public resources. It established the Fiscal Responsibility Commission to enforce the implementation of its provisions. The aim of the study was to examine how the FRC has enforced the implementation of the provisions of FRA, 2007. The specific objectives of the study were to: (i) explore how FRC has enforced the implementation of the provisions of the FRA, 2007, (ii) ascertain the impediments of the FRC in the implementation of the FRA, 2007, (iii) assess the contributions of the FRC in the Nigerian public financial management through the implementation of the FRA, 2007, and (iv) explore measures that could make FRC effective in the implementation of the FRA, 2007. The study adopted documentary design. The population of the study consisted of 130 staff and officials of the Fiscal Responsibility Commission. Primary data were gathered using structured oral interview. Textbooks, journals, government publications, newspapers and magazines, periodicals and workshop papers were the sources of secondary data and it was critically examined alongside the primary data using descriptive analysis. Central among the findings of the study was that the FRC has not significantly implemented the FRA, 2007. The impediments to the implementation of the Act by FRC were among others, structure, funding and corruption in the leadership class. The study also observed that though FRC has not significantly enforced the implementation of the FRA, 2007, its efforts have made the annual budget preparation more transparent among others. The study further noted that the FRC can implement the FRA, 2007 with necessary constitutional backings. The study among others recommended that the Federal Government and the National Assembly should foster the amendments of the FRA, 2007 to remedy some weaknesses discovered in the course of its implementation and ensure that the FRC is funded better.
