FINANCE (CONTROL AND MANAGEMENT) ACT

DOWNLOAD OF A COPY OF THIS LAW IS AVAILABLE [N2,000 (PDF)] CLICK HERE FOR ONLINE PAYMENT AND DOWNLOAD. PDF COMPENDIUMS OF ALL THE LAWS OF NIGERIA, LAGOS AND OTHER STATES ARE ALSO AVAILABLE. EMAIL: lawnigeria@gmail.com or info@lawnigeria or Text/WhatsApp +23407067102097

LAWS OF THE FEDERATION OF NIGERIA 

FINANCE (CONTROL AND MANAGEMENT) ACT

–

EXPLANATORY MEMORANDUM

An Act to provide for the control and management of the public finances of the Federation and for matters connected therewith.

–

ARRANGEMENT OF SECTIONS

1. Short title.
2. Interpretation.

PART I – General supervision and control

3. Legislative control and management of the public finances.
4. Minister’s instructions to be complied with, and powers to inspect, etc.

PART II – The Consolidated Revenue Fund

5. Management of Consolidated Fund.
6. Authorised issues from the Fund.
7. Erroneous receipts.
8. Losses.

PART III – Investments

9. Authorisation of investments.
10. Investments General Procedure concerning these.
11. Income of Investments General.
12. Fluctuation in value of Investments General.

PART IV – Legislative authorisation of expenditure

13. Annual estimates in Appropriation Bill.
14. Supplementary provision.
15. Contingencies Fund.
16. Unexpended votes to lapse.
17. Provision if Appropriation Act not in force.

PART V – Other public funds of the Federation

18. Specification of certain public funds allocated by law.
19. Carrying forward of annual balance.
20. Interest and investment fluctuation to accrue to certain funds.
21. Interest and investment fluctuation to accrue to Consolidated Revenue Fund in certain cases.
22. Fluctuation in value of investments.
23. Rules for management of funds.

PART VI – Miscellaneous

24.   Annual accounts of all funds.

SCHEDULES

FIRST SCHEDULE – Public Funds of the Federation

SECOND SCHEDULE – Development Fund Rules

THIRD SCHEDULE – Contingencies Fund Rules

–

FINANCE (CONTROL AND MANAGEMENT) ACT

An Act to provide for the control and management of the public finances of the Federation and for matters connected therewith.

–

[Commencement.] [31st July, 1958]

–                                                      

1. Short title

This Act may be cited as the Finance (Control and Management) Act.

ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED TO 2018)