【正文】 May 1999 In Lagos. The Constitution is supposed to be a legal document that regulates not only government accounting but the whole aspects of financial management in government. In Chapter V, part 1 (E) of the Constitution, the National Assembly was given certain powers and control over public funds as a way of regulating and controlling the operation of the different types of government funds. Section 120(1), which is on the Establishment of Consolidated Revenue Fund (CRF), says “All Revenues or other moneys raised or received by the Federation (not being revenue or other moneys payable under this constitution or any Act of the National Assembly into any other public fund of the Federation established for a specific purpose) shall be paid into and form one Consolidated Revenue Fund of the Federation”. On the withdrawal of money by the government for public services, section 120(2) says “No moneys shall be withdrawn from the Consolidated Revenue Fund of the Federal except to meet expenditure that is charged upon the fund by this Constitution or where the issue of those moneys has been authorized by an appropriation Act. Supplementary Appropriation Act or an Act passed in Pursuance of Section 121 of this constitution” These two subsections formed the basis for the idea of Fund Accounting which was defined as the method of accounting which reports in terms of funds rather than in terms of anizations. Other sections with the objectives of financial regulations at Federal government level are on withdrawal of money from other Public fund Section 120 (3), Authorization of expenditure in default of Appropriation Section (127), Contingencies Fund Section (123), Remuneration of the President and certain other officers Section (127) and Audit of Public accounts Section (125), All the sections of the constitution mentioned above are meant to give a perfect guidance as to the financial planning and control of the federal government. The constitutional emphasis on the concept of check and balance between the legislature and the executive arms of government is enough concern for a need to instill proper accountability and sound control over the Public Funds. But unfortunately, the constitution is almost always under suspension by the Military. Decrees, which would be skewed towards the interest of the military junta, are, in the greater part of Nigeria39。 3. To serve as a vital link between the AuditorGeneral and the National Assembly. There is a lot of criticisms about the implementation of the provision of the Act. In the first place, Nigeria has not experienced much of civilian rule, which allows the formation of PAC out of the members of the National Assembly. The Military which has been ruling the country since 1967 save for the short break of Shagari39。 reports on the accounts prepared are submitted to the legislators for review and consideration within 60 days and any adverse report is sent to the Public Accounts Committee (PAC) for thorough investigation. The PAC is expected to represent the interest of the general public since it is to be made up of the representatives of diverse groups of people. It is entrusted with necessary powers to adequately carry out its functions: 1. To provide a forum in which the accounting officers are called upon to explain, in public, matters on which their departments had been queried by the Auditor General。 c. Provision of proofs of reasonableness of the financial transactions。 Business Studies (CABS), Kaduna Polytechnic, P. M. B. 2113, Kaduna. 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 mon 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 objectiv