It was created to oversee the country's financial matters, such as national revenue generation, fiscal policies, budget planning, and monitoring government expenditures.

[7] Throughout its history, the committee has been crucial in evaluating and approving the national budget, scrutinizing the management of loans and financial resources, and advising on fiscal policies that impact the country's economic health.

In recent years, it has expanded its functions to include oversight of Nigeria's external borrowings and foreign aid management, ensuring that such financial engagements do not harm the nation's fiscal stability.

[11] In recent years, the committee has been heavily involved in discussions on Nigeria's external borrowing plans, focusing on ensuring that loans are taken sustainably and responsibly.

This aspect of its work has grown crucial as Nigeria continues to face pressure from international lenders and domestic needs for infrastructural development and fiscal reforms.