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ARTICLE · 12 NOVEMBER 2025

The Public Finance Management Act (PMFA), 2024

Niji Oni & Co.
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Nigeria has enacted a new Public Finance Management Act (PFMA) in 2024. This legislation is a comprehensive framework designed to regulate the management of public funds, revenues, expenditures, assets, and liabilities at the federal level.

NigeriaFinance and Banking
Adeniji Oni
Adeniji Oni
Ebunoluwa Adefolase
Ebunoluwa Adefolase
Ezinne Ogbonna
Ezinne Ogbonna

Nigeria has enacted a new Public Finance Management Act (PFMA) in 2024. This legislation is a comprehensive framework designed to regulate the management of public funds, revenues, expenditures, assets, and liabilities at the federal level. It aims to enhance transparency, accountability, and efficiency in public financial management.

Key provisions of the Act likely include:

  • Strengthened oversight and accountability mechanisms
  • Improved financial reporting and disclosure requirements
  • Enhanced internal control systems
  • Clearer guidelines for procurement and asset management
  • Provisions for debt management and fiscal sustainability
  • Increased penalties for financial misconduct

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