【正文】 es are: a. The provision of useful information necessary for the efficient, effective and economic management of the financial resources of the government。Overview of the Statutory Guidelines for Public Sector Accounting OLADELE, Olugbenga Kolawole Department of Accounting amp。 Finance College of Administrative amp。 b. Provision of information necessary by the executives to report on the discharge of their responsibilities in relation to the collection, custody and disbursement of public funds entrusted into their care。 and d. Ensuring pliance and strict adherence to the laid down rules and regulations. The civil service, through which the government operates, is a large and plex anization that needs predetermined standards (financial and otherwise) foruniformity of action in order to achieve the financial and other objectives of the government. Procedures for revenue collection, security of cash and properties as well as the categories of officers that are supposed to be responsible for each action be set out in the civil service for the desired effectiveness and efficiency in the management of government financial resources. Nigeria, as a Third World country, has had more than a fair share of the desired regulations necessary for achieving the set financial objectives of the government, at least on paper. The country has been having different financial regulations in different forms right from when it was totally dependent on its colonial master and after “flag” independence. These rules and procedures, which regulate the financial activities of the Federal Government, are enshrined in various legal documents of the government, such as the Constitution of the Federal Republic of Nigeria of various dates, Finance Act 1958, Audit 1958 Act or Decree, Appropriation Act or Decree, the annual Budgets etc. This paper attempts to review and critically assess the financial regulations as contained in the various legal documents of the Federal Government and articulates some of the major problems hampering their implementation and challenges for the future. REVIEW AND ASSESSMENT OF THE FINANCIAL REGULATIONS The Nigerian financial regulations have undergone substantial changes over the years as a result of the need to adapt to the changing socioeconomic, sociopolitical and sociocultural environments. Nevertheless, the financial regulations of the Federal Republic of Nigeria have remained sound on paper but grossly inefficient and ineffective in implementation. The Federal Government of Nigeria has been promulgating different laws in the form of Acts, Decrees, Constitutions, etc, for among other things, the standardization of its financial activities. Below is a review and assessment of those laws, or sections thereof that serve to regulate the financial activities of the Federal government of Nigeria of Nigeria. FINANCE (CONTROL AND MANAGEMENT) ACT 1958 (as amended) The Federal Ministry of Finance issues financial regulations in accordance with and under the authority of this Act. The Act governs the management and operation of government funds. It also regulates the accounting system, the books of accounts to be kept and the procedures to be followed in the preparation of accounts and financial statements. In the Revised Financial Regulations (1976), which were issued under the authority of this Act, regulatory arrangements were forwarded in respect of: 1. Government finance and Accounts 2. Government Stores Under finance and accounts, issues regulated include: a. Financial responsibilities of government officers b. Procedures for revenue collection c. Classification and control of expenditure d. Consideration in award of government contracts e. Establishment and duties of internal audit units f. Uses of and proper control of government vehicles etc. Under stores, issues regulated include: a. Classification of stores (allocated and unallocated), b. Responsibility for supervision and custody of government stores c. Procedure for handing over of stores d. Treatment of loss on stores and unserviceable stores. Regular stores inspection procedure, etc. Store was defined as any material, moveable or unmovable, belonging to the careful study one can understand and agree that these regulatory provisions are capable of bringing about financial discipline in the operations of government if well applied. But