Nigerian constitution and the regulation of Public Sector Accounting

The Nigerian constitution has provisions for the regulation of public sector accounting and finance (PSAF). It set out procedures on how transactions must be treated by civil servants and who authorized disbursement of government funds. Although regulations and frameworks are now based on accrual IPSAS, the constitution continues to contain regulations in certain aspects of the ministries, departments, and agencies of the government in respect to PSAF.

Sections of the Nigeria Constitution that regulate PSAF

Below are some sections of the Nigerian constitution that are applied in the public sector. Note that the sections are what start each sentence. Also, they are copied from PSAF study material by the Institution of Chartered Accountants of Nigeria (ICAN).

• 80 and 120: Establishment of the Consolidated Revenue Fund (CRF) 
• 81 and 121: Authorisation of expenditure from the CRF.
• 82 and 122: Authorisation of expenditure in default of appropriations. 
• 83 and 123: Establishment of the Contingencies Fund.
• 84 and 124: Remuneration of statutory officers. 
• 84(4) and 124 (4): Comprehensive list of statutory officers. 
• 85 and 125: Audit of public accounts
• 86 and126: Appointment of the Auditor General 
• 87 and 127: Tenure of office of the Auditor General
• 88 and 128: Power to investigate by the legislatures. 
• 89 and 129: Power as to matters of evidence.
• 149: Declaration of assets and liabilities, and oaths of office.
• 153: List of statutory commissions.
• 162: Establishment of the federation accounts
• 163: Allocation of other revenue.
• 164: Federal grants-in-aid of State revenue.
• 165: Cost of collection of certain duties
• 166: Set-off of loans made by the Federation to the State
• 167: Sums charged on Consolidated Revenue Fund
• 168: Provisions about payments

Explanations

As you may have read above, some sections of the Nigerian constitution regulate how public sector organizations keep their financial information. As well as how funds are disbursed and collected. The constitution also spells out the procedure for funds to be authorized for disbursement. The audit of government ministries, departments, and agencies as well as public sector entities. 

It also explains how the consolidated revenue fund is prepared and presented by the Ministry of Finance with financial information. As well as how funds are disbursed and collected. The constitution also spells out the procedure for funds to be authorized for disbursement. The audit of government ministries, departments, and agencies as well as public sector entities. It also explains how the consolidated revenue funds are prepared and presented by the Ministry of Finance.