financial regulations and the purposes they were set to serve. The government should embark on a public enlightenment programmes that would help educate the citizenry about the financial responsibilities of the government and what they, too, are expected to do so as to ensure proper accountability and control over the financial resources of the government. No reasonable progress, growth or development can be made without public awareness of the financial regulations that are designed to guard against abuses, inefficiencies and mismanagement. The irony is just that governments in Nigeria have been very reluctant about public enlightenment unless if it will bring about abiding by the dictates of some new “Kangaroo” Programmes.
CONCLUSION
The paper has reviewed, in broad outline, the evolution of Financial Regulations at Federal Government Level, given a fair assessment to the regulations, at the same time. It has also articulated some specific problems hampering the financial regulations in Nigeria and the challenges posed by the need to have a sound application of financial control as the country prepares for the third year of the millennium.
According to the paper, all the legal documents regulating financial activities at the Federal Government level need to be overhauled and made workable under the current and future dispensations, if the country is to move forward. The paper is of the view that the legal documents as they now exist, do not bring about good accountability, control and decision making at the Federal Government level, and by extension, at the other levels of government namely state and Local Governments.
The specific problems facing financial regulations at the Federal Government level include inadequate and unqualified personnel for the interpretation and application of the regulations; unpatriotic tendency on the part of the leaders, as regards the implantation of the regulations; and the general lack of public awareness of their right to know how the government is spending the public funds. Therefore, to solve these
problems and have a true sense of financial control at the Federal Government level, all the challenges posed by the paper are to be faced squarely and addressed accordingly with no further delay.
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