Finance (Control and Management) Act

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.

1. Short title

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

2. Interpretation

"Accountant-General" means the Accountant-General of the Federation;

"Appropriation Act" means the Act enacted in each year the principal purpose of which is the appropriation of public moneys for such services as are specified in such Act;

"Consolidated Revenue Fund" means the Consolidated Revenue Fund of the Federation established by section 80 of the Constitution of the Federal Republic of Nigeria 1999 (hereinafter called "the Constitution");