Overview

The Public Finance Management Act, 2024 is a Nigerian federal legislation aimed at repealing the existing Finance (Control and Management) Act and establishing a comprehensive framework for public financial management. The Act sets out objectives to ensure accountability, transparency, elimination of waste and corruption, adoption of international standards, and clear designation of responsibilities. It establishes key institutions including the Office of the Accountant-General of the Federation, the Budget Office of the Federation, and multiple committees such as the Revenue Assurance, Reconciliation, and Assessment Committee, the Cash Management Committee, and the Losses Committee. The Act covers supervision and control of public finance, management of public funds including the Federation Account, Consolidated Revenue Fund, Development Fund, and Contingency Fund, as well as revenue collection, public expenditures, reports and accounts, roles of accounting officers, safeguarding of funds, internal auditing, offences and penalties, and miscellaneous provisions. It emphasizes financial discipline, proper accounting, and consequences for financial misconduct. The Act also provides for financial regulations, treasury circulars, and transitional provisions.

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