Fiscal Accountability Regime In Nigeria: Analysing The Implications Of The Fiscal Responsibility Act 2007

Abstract

Fiscal responsibility entails an obligation for accountability and prudence in the control and disbursement of public funds at every stage in the conduct of governance. Government accountability means that public officials-elected and non-elected have an obligation to explain their decisions and actions to the citizens and therefore must be seen to be taking the right decisions in the management and control of such resources.Budgeting and budgetary control are important tools of accountability in the sense that they serve as a control mechanism over revenue and expenditure as well as the use of public funds. Control of the use of financial resources in any polity is the essence of political power. And a polity, whether democratic or not, thrives well when the financial resources that are set aside for its governance are used in a responsible and purposeful manner by those who wield political power within it. This in essence, is what is known as Fiscal Transparency and accountability. Thus in a democratic society like ours, every member of the society is supposed to have a say on how the financial resources of the polity are used in the public interest. The Nigerian constitution284 has provided for measures to prevent public office holders from misusing public funds285. One of these constitutional measures in public finance management is known as budgeting and appropriation process. What then is budgeting?