Finance control and management act and the regulation of PSAF

Public sector accounting and finance (PSAF) must be regulated to ensure that practitioners comply with laid down policies. Aside from the Nigerian constitution that regulates some aspects of government accounting, the Finance Control and Management Act of 2004 also provides some regulations in this regard. The Finance Control Act 2004 regulates the accounting system, books of accounts, and the preparation and presentation of financial statements in the public sector.

List of sections on the Finance Control and Management Act 2024 applicable to PSAF

Below is a list of sections relating to public sector accounting and finance. The sections were copied from ICAN study pack 2021.

1. Legislative control and management of the public finances
2. Minister’s/Commissioner’s instructions to be complied with and powers to inspect, etc.
3. Management of Consolidated Revenue Fund
4. Authorized issues from the Consolidated Revenue Fund
5. Erroneous receipts
6. Losses
7. Authorization of investments
8. Investments- General procedure
9. Income of investments –general
10. Fluctuation in value of investments-general
11. Annual estimates in the appropriation bill
12. Supplementary provisions
13. Contingencies Fund
14. Unexpended votes to lapse
15. Provision of Appropriation Act not in force
16. Specification of certain public funds allocated by law
17. Carrying forward of annual balance
18. Interest and investment fluctuation accrue to certain funds
19. Interest and investment fluctuation accrue to CRF in certain cases
20. Fluctuation in value of investments
21. Rules for management of funds
22. Annual accounts of all funds

The act gives directives to certain individuals and their role in PSAF. This includes the minister, accountant general, and auditor general. Also, it specifies those who have the right to authorize the receipt and disbursement of public funds. In addition, the Finance Control and Management Act 2004 stipulates the use of consolidated revenue funds (CRF) and how the fund is managed. It provides regulations on contingency funds, supplementary budgets, and so on. Other regulations include losses, investment, appropriation bills, and annual accounts of all funds accounting.