ABSTRACT：Nigeria is the financial giant of Africa and today one of the developing countries that in fast gaining recognition and acceptance at the international level. With so many beautiful plans and sound procedures established to achieve some discipline in its financial control and management, the home from is nothing to write home about because of the apparent disregard for rules and regulations by those in authority. The result is that nothing works! No matter how beautifully intended. That is why this paper gives a detailed assessment of the effectiveness on the statutory guidelines for accounting for public funds. It also highlights the problems and offers useful solutions.
INTRODUCTION
In a developing economy, a common feature is the regulation of all facets of economic activities through standardized rules that bring about a presumed uniformity of actions. The management and operation of government financial activities is one facet that needs certain regulations in order to achieve the set financial objectives of the government . These objectives are:
a. The provision of useful information necessary for the efficient, effective and economic management of the financial resources of the government;
b. Provision of information necessary by the executives to report on the discharge of their responsibilities in relation to the collection, custody and disbursement of public funds entrusted into their care;
c. Provision of proofs of reasonableness of the financial transactions; and
d. Ensuring compliance and strict adherence to the laid down rules and regulations. The civil service, through which the government operates, is a large and complex organization that needs predetermined standards (financial and otherwise) foruniformity of action in order to achieve the financial and other objectives of the government. Procedures for revenue collection, security of cash and properties as well as the categories of officers that are supposed to be responsible for each action be set out in the civil service for the desired effectiveness and efficiency in the management of government financial resources. Nigeria, as a Third World country, has had more than a fair share of the desired regulations necessary for achieving the set financial objectives of the government, at least on paper. The country has been having different financial regulations in different forms right from when it was totally dependent on its colonial master and after “flag” independence. These rules and procedures, which regulate the financial activities of the Federal Government, are enshrined in various legal documents of the government, such as the Constitution of the Federal Republic of Nigeria of various dates, Finance Act 1958, Audit 1958 Act or Decree, Appropriation Act or Decree, the annual Budgets etc. This paper attempts to review and critically assess the financial regulations as contained in the various legal documents of the Federal Government and articulates some of the major problems hampering their implementation and challenges for the future.
REVIEW AND ASSESSMENT OF THE FINANCIAL REGULATIONS
The Nigerian financial regulations have undergone substantial changes over the years as a result of the need to adapt to the changing socio-economic, socio-political and socio-cultural environments. Nevertheless, the financial regulations of the Federal Republic of 本文来自辣.文,论~文^网原文请找腾讯324,9114 has been promulgating different laws in the form of Acts, Decrees, Constitutions, etc, for among other things, the standardization of its financial activities. Below is a review and assessment of those laws, or sections thereof that serve to regulate the financial activities of the Federal government of Nigeria of Nigeria.
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