FINANCE (CONTROL AND MANAGEMENT) ACT

An Act provides the framework for controlling and managing public finances of the Federal Government, covering revenue collection and expenditure authorisation. It targets federal agencies and officials responsible for public funds and financial accountability. This ensures sound management and prevents misappropriation of resources.

What Is This Policy?

An Act providing the principal framework for controlling and managing the public finances of the Federal Government, covering revenue collection, expenditure authorisation, and financial accountability.

Who Does It Target?

Federal MDAs managing public funds The Accountant General of the Federation The Auditor General of the Federation National Assembly appropriation committees

What Does It Aim to Achieve?

Ensure sound management of public finances, prevent misappropriation, establish clear accountability for revenue and expenditure, and provide a framework for government financial management.

Key Features

Consolidated Revenue Fund: All government revenues must be paid into the CRF and no withdrawal made without appropriation. Appropriation Requirement: All government expenditure must be authorised by an Appropriation Act. Financial Reporting: MDAs must submit financial statements to the Accountant General within prescribed timelines. Audit: Auditor General conducts independent audit of all government accounts.

Current Status

Rollout Stage: Active Coverage: Federal Government financial management Beneficiaries: Nigerian public through accountable government Funding: Not applicable

How to Access

All government payments must go through the GIFMIS system MDAs must comply with Treasury Circular instructions Annual accounts must be submitted within 6 months of year-end Application method: Not applicable for public; MDAs comply through internal financial controls.

Important Terms

Spending public funds without appropriation is an offence Procurement must comply with both the Finance Act and the Public Procurement Act IPPIS payroll system integration is mandatory for all MDAs

Official Resources

Website: https://www.finance.gov.ng Contact: Federal Ministry of Finance / Office of the Accountant General

Legal Framework

Enacted under the legislative powers of the National Assembly as the Finance (Control and Management) Act (Cap F26 LFN 2004), the principal public finance management statute. Operates alongside the Fiscal Responsibility Act 2007, the annual Appropriation Act, the Audit Act, the CBN Act 2007, and the Debt Management Office Act. Aligns with IMF Public Financial Management standards and the IPSAS (International Public Sector Accounting Standards) framework.