Established the Fiscal Responsibility Commission — sets borrowing limits, requires MTEF, mandates revenue remittance from public agencies.
The Fiscal Responsibility Act created the legal scaffolding for prudent federal finance: the Medium-Term Expenditure Framework (MTEF), borrowing limits for the federal and sub-national governments, and the requirement that profit-making federal agencies remit 80% of operating surplus to the Consolidated Revenue Fund. It also created the Fiscal Responsibility Commission as the watchdog.