FINANCIAL REGULATIONS

Regulations govern the financial management practices of Federal Government ministries, departments, and agencies, covering expenditure, accounting, and revenue collection. They target accounting officers, finance staff, and auditors in these entities. This aims to prevent fraud and ensure accountability in all financial transactions.

What Is This Policy?

The administrative regulations governing the financial management practices of all Federal Government ministries, departments, and agencies, covering expenditure authorisation, accounting, revenue collection, and financial reporting.

Who Does It Target?

Accounting officers (Ministers, Heads of Departments) in federal MDAs Finance officers, accountants, and internal auditors in federal MDAs The Office of the Accountant General of the Federation The Office of the Auditor General for auditing compliance

What Does It Aim to Achieve?

Provide detailed operational rules for government financial management to prevent fraud, waste, and mismanagement of public funds, and ensure accountability in all financial transactions.

Key Features

Expenditure Controls: Prescribes the authorisation levels and documentation required for all categories of government expenditure. Revenue Management: Sets procedures for collection, recording, and remittance of all government revenues. Accounting Records: Mandates standard accounting records and reporting formats for all MDAs. Internal Controls: Requires internal audit units in all MDAs and prescribes audit procedures.

Current Status

Rollout Stage: Active — continuously updated by Treasury Circulars Coverage: All Federal Government MDAs Beneficiaries: Nigerian taxpayers; public accountability Funding: Not applicable — regulatory framework

How to Access

All finance officers in MDAs must comply with the Financial Regulations Accounting officers are personally responsible for financial regulation compliance Financial Regulations are available from the Accountant General's office Application method: Obtain Financial Regulations from the Office of the Accountant General of the Federation.

Important Terms

Breach of Financial Regulations is a disciplinary and potentially criminal offence Accounting officers may be surcharged for financial losses caused by their negligence Annual updates through Treasury Circulars take effect from the date of issuance

Official Resources

Website: https://www.oagf.gov.ng Contact: Office of the Accountant General of the Federation

Legal Framework

Issued under the authority of the Accountant-General of the Federation pursuant to the Finance (Control and Management) Act (Cap F26 LFN 2004). Operates alongside the Fiscal Responsibility Act 2007, the annual Appropriation Act, the Public Procurement Act 2007, and the Audit Act. Aligns with International Public Sector Accounting Standards (IPSAS) and the INTOSAI Guidelines on Financial Regulations.