Overview

The document is the Draft Federal Government Financial Regulations 2023, prepared by the Inter-Ministerial Committee on Review of Financial Regulations 2009 in collaboration with the Consortium on Review of Financial Regulations 2009, issued in July 2023. It serves as a comprehensive framework governing financial management within the Federal Government of Nigeria. The regulations cover 32 chapters, addressing key areas such as financial authorities and responsibilities of public officers, revenue collection and accounting, expenditure authorities (recurrent and capital), expenditure classification and control, standardization and accounting rules, payment rules, bank accounts and modes of payment, cash book and financial returns, adjustments of misclassification and errors, imprest system, custody of public funds and security documents, receipts and license books, deposits, advances and allowances, salary administration (including payroll preparation and control), self-accounting status, internal audit, board of survey procedures, pension schemes in the federal public service, accounting and custody of government property (land, buildings, plant, equipment, vehicles), stores/inventories accounting and custody (classification, books, supervision), allocated and unallocated stores, acquisition of minor stores through local purchase, handling of stores (receipts, issues, returns), loss or shortage of government funds (including accounting entries and board of enquiry), loss of stores and unserviceable assets, store inspection by boards of survey and stock verifiers, stock/inventory verification unit, public procurement of works, goods, and services (including open competitive bidding, restricted methods, consultancy services, and contract management), miscellaneous matters, financial guidelines for parastatals, and codification of offences and sanctions for irregularities. The regulations aim to ensure transparency, accountability, and efficiency in federal financial operations.

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