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PUBLIC FINANCES (CONTROL AND MANAGEMENT) LAW, 2016
LAWS OF KADUNA STATE, NIGERIA
ARRANGEMENT OF SECTION
PUBLIC FINANCES (CONTROL AND MANAGEMENT) LAW, 2016
KADUNA STATE OF NIGERIA
Law No. 6, 2016
A LAW TO PROVIDE FOR THE CONTROL AND MANAGEMENT OF THE PUBLIC FINANCES OF KADUNA STATE 2016
Date of Commencement (29th March, 2016)
BE IT ENACTED by the House of Assembly of Kaduna State as follows:
“Consolidated Revenue Fund” means the revenue fund established for the State under Section 120 (1) of the Constitution into which all revenues and other monies raised or received by the State not being revenues or other monies under the Constitution or any Law of the State into any other Fund of the State established for a specific purposed shall be paid;
“Commissioner” means the Commissioner of Finance of the State;
“Governor” means the Governor of the State;
“Legislature” means the House of Assembly of the State;
“Public Monies” include:
(a) the public revenues of the State; and
(b) any trust or other monies held in his official capacity, including monies held in banks and other financial institutions, whether temporarily or otherwise, by any officer of the public service of the State as the agent of the Government of the State either alone or jointly with any other person;
“State” means Kaduna State of Nigeria.
“Statutory Expenditure” means:
(a) the expenditure charged on the Consolidated Revenue Fund by any provision of the Constitution; and
(b) such other expenditure as may be authorized by an Appropriation or Supplementary Law.
Establishment of the treasury Single Account
Supervision of Expenditure and Accounts by Commissioner
(2) All persons handling public monies, stamps, securities, stores or other property of the Government of the State shall comply with all Financial Regulations operating in the State regarding handling and accounting procedure.
Authorized Expenditure from Consolidated Revenue Fund
PROVIDED that, the aggregate of such sums in respect of expenditure other than statutory expenditure shall not exceed the total amount appropriated.
Investment of Money Forming part of Public Fund
(2) The Treasury Single Account, and any other public fund of the State (subject to any express provisions of Law regulating any such public fund), may in part consist of deposits with a bank, or with the Joint Consolidated Fund, either at call or subject to notice not exceeding twelve months or Treasury Bills issued by the Central Bank of Nigeria or of any investments in which a trustee in Nigeria may lawfully invest trust funds and the disposition of monies of the Consolidated Revenue Fund or of such other public fund (subject as aforesaid) for any such purpose shall need no legislative authority other than that contained in this Section
(3) No public monies shall be deposited or invested otherwise than in accordance with subsection (2) or of any other public fund of the State or except as may be specified in any written law or in any approved estimates of expenditure.
Appropriation Lapses at the end of Financial Year
Specification of Public Funds
Carrying forward of Balance
The Operation of Funds
PROVIDED that, if such a provision is made, the Law shall provide that:
(a) depreciation in the value of the investments of the fund and any losses on the sales of any such investments shall be borne by the Consolidated Revenue Fund;
(b) any depreciation in the value of the investments and any profits on the sale or redemption of any such investments shall accrue to the Consolidated Revenue Fund;
(c) the application of the provisions of this section shall be without prejudice to the terms of any bequest providing monies contained in that fund and any Law establishing or regulating that fund.
Bad Debt Management
Annual Accounts of all Funds
(2) All Public Expenditure as certified by the Auditor-General shall be published in the State Gazette.
Power to make Regulations
Repeal of Cap. 124 Laws of Kaduna State, 1991
PUBLIC FUNDS OF KADUNA STATE
The Capital Development Fund
The Personal Advances Fund
The Treasury Clearance Fund
Other Governments Clearance Fund
The Staff Housing Loans Scheme Fund
The Local Governments Deposits and Short-term Loans Fund
The Voluntary Agencies Education Building Loans Fund
The Local Governments Motor Vehicles Insurance Fund
The Small Industries Credit Scheme Fund
RULES FOR THE OPERATION OF THE CAPITAL DEVELOPMENT FUND
“Development Plan” means a development plan approved in accordance with rule 2;
“Fund” means Capital Development Fund.
(a) the product of loans raised by the Government of Kaduna State unless allocated by or under this or some other Law to some other purpose;
(b) grants made to the Government of Kaduna State for development purposes by another Government or body;
(c) sums from time to time authorized by any Law or Resolution of the Legislature;
(d) non-recurrent revenue received from any Government or body that the Governor directs shall be devoted to development purposes.
DATED AT KADUNA this 29th day of March, 2016.
Malam Nasir Ahmad el-Rufa
(This note does not form part of this Law and has no legal effect).
The purpose of this Law is to specify the various funds to be operated by the State and how they are to be managed and controlled.
This printed impression has been carefully compared with the Bill which has passed the Kaduna State House of Assembly and found to be true and correctly printed copy of the said Bill.
HON. AMINU ABDU HI SHAGALI UMMA ALIYU HIKIMA Esq.
(Speaker) (Clerk to the Legislature)