Overview of the Statutory Guidelines for Public Sector Accounting

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.

Keywords: Financial Regulations, Government, Fiscal Policy, Consolidated Revenue Fund, Public Accounts Committee

JEL Classification: H53, H61, H72, H74, H77