Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698845506606.pdf (Sierra Leone)
4 No.

Fiscal Management and Control Act 2017 BILL Supplement to the Sierra Leone Extra ordinary Gazette Vol.

CXLVIII, No.

2 8 dated 26th May, 2017 MEMORANDUM OF OBJECTS AND REASONS The object of this Bill is to enhance the effective management of Government funds by the Ministry of Finance and Economic Development.

It seeks to provide the Ministry better oversight of government cash flows in and out of the Consolidated Fund.
The Bill will grant the Minister of Finance and Economic Development power to determine the proportion of monies to be allocated to revenue collecting agencies of Government.

MADE this 24th day of May, 2017.

MOMODU L. KARGBO, Minister of Finance and Economic Development.

FREETOWN, SIERRA LEONE.

No.

2017 Sierra Leone A BILL ENTITLED The Fiscal Management and Control Act, 2017.

Short title.
Short title.

Being an Act to provide for direction to agencies of Government to transfer revenues or other monies received by the agencies into the Consolidated Fund and for other related matters.

PRINTED AND PUBLISHED BY THE GOVERNMENT PRINTING DEPARTMENT, SIERRA LEONE.

GAZETTE NO.

28 OF 26TH MAY, 2017.

ENACTED by the President and Members of Parliament in this present Parliament assembled.

[ ] Date of commence- ment.

2 No.

Fiscal Management and Control Act 2017 No.


Fiscal Management and Control Act 2017 3 Commence- ment.

1.

This Act shall be deemed to have come into operation on the 1st Day of July 2017.

Interpretation.

2.

In this Act, unless the context otherwise requires– 5.

(1).

The Minister may by statutory instrument make Regulations for the purpose of giving effect to the provisions of this Act.

Regulations.
Regulations.

“agency of Government” means an institution which receives revenues or other monies on behalf of the Government; “Government” means the Government of Sierra Leone; “Minister” means the minister responsible for finance.

Transfer of revenues.

3.

(1) All monies held in the accounts of agencies of Government shall, on the coming into operation of this Act, be transferred into the Consolidated Fund.
(2) Where in any enactment it is provided that revenues or other monies received by an agency of Government are to be retained by that agency for any purpose including defraying the expenses of that agency, such revenues or other monies shall be paid into the Consolidated Fund notwithstanding any provision to the contrary contained in the enactment.
(3) Notwithstanding the generality of subsection (2), an agency of Government, specified in the Schedule, shall, on the coming into operation of this Act, pay into the Consolidated Fund, revenues or other monies received by that agency for and on behalf of the Government.

Amendment of Schedule.

4.

The Minister may by statutory instrument amend the Schedule to this Act.
(2) Notwithstanding the generality of subsection (1), Regulations made under this Act may provide that a proportion or ratio of the monies paid into the Consolidated Fund by an agency of Government be allocated to that agency by the Minister for the purpose of defraying the expenses of that agency.

SCHEDULE No.

AGENCY 1.

2.

3.

4.

5.

6.


The Petroleum Regulatory Agency The Petroleum Directorate The Road Maintenance Fund Administration The Environment Protection Agency The National Telecommunications Commission The Sierra Leone Maritime Administration