Fiscal Responsibility Commission
The Fiscal Responsibility Commission was established following the enactment of the Ekiti State Fiscal Responsibility law No. 4 2011. The Commission was inaugurated on 1st August 2011.The enabling Law primarily provides for the prudent management of the State resource; ensure long-term macro-economic stability, secure greater accountability and transparency in fiscal operation within a Medium Term Fiscal Policy Framework (MTEF) and the establishment of the Fiscal Responsibility Commission.
A transparent prudent and effective finance management frame Work for Ekiti State for the promotion of long-term macro-Economic stability.
To promote Accountability and Transparency in the management of Ekiti State Public Finances within a Medium-Term Fiscal Policy Frame Work
The basic function of the Commission is to ensure greater efficiency in the allocation and management of Public Expenditure, Revenue Collection, Debt control and transparency in Fiscal matters:
The other major functions performed by Commission are:
- To monitor and enforce the provision of the Fiscal Responsibility Law 2011;
- To 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;
- To undertake Fiscal and Financial studies analyses and diagnose and disseminate the result to the relevant authorities;
- To make rules for carrying out its functions under this Law;
- To perform any other functions consistent with the promotion of the objectives of this Law.
The Commission is made up of 6 departments which are listed below:
- Administration and Supplies.
- Finance and Accounts.
- Policy and Standards.
- Planning, Research and Statistics.
- Monitoring and Evaluation.
- Legal and Strategic Communication.
At inception, the Commission is headed by a Chairman and 4 other Commissioners appointed by the Executive Governor on full time basis plus 2 ex-officio members representing Ministry of Justice and Ministry of Finance. The Board is not in place presently.
The Executive Secretary is the accounting officer, supported by Directors.
Presently, there are 2 directors:-
- Director, Administration and Supplies
- Director, Finance and Accounts.