- 20 Marks
PSAF – May 2023 – L1 – SA – Q4 – Regulatory and Institutional Framework
Discusses the requirements for MTEF preparation and submission and identifies documents accompanying the Nigerian budget.
Question
a. In the course of writing Medium-Term Expenditure Framework (MTEF) report, several issues relating to states in the Federation were integrated into the report in line with the Fiscal Responsibility Act (2010).
Required:
i. Explain the TWO requirements of the Fiscal Responsibility Act as it affects time lag for the preparation of MTEF and submission to the National Assembly. (3 Marks)
ii. Identify FIVE documents that should accompany the estimates of revenue and expenditure of Nigeria’s annual budget to the National Assembly (NASS). (5 Marks)
b. Upon assuming office, the head of Bureau of Establishments and Training of Takuro State organized a training workshop for government officials across all Ministries, Departments, and Agencies (MDAs) in the state to emphasize the importance of public sector accounting for efficient job performance.
Required:
i. Identify and explain FOUR objectives of public sector accounting that you will discuss at the workshop. (6 Marks)
ii. Identify SIX external users of public sector accounting reports, highlighting their information needs. (6 Marks)
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