A law enacted by the Federal Parliament shall provide the framework for financial management with the following characteristics among others: (a) The preparation, timetable and procedure for presenting the budgets of Federal Member States and districts in a transparent, accountable and efficient manner;; (b) Guarantees by the Federal Government for loans raised by Federal Member States;; (c) Procedures that the Government will follow for public procurements;; (d) Auditing of accounts of non-governmental bodies that receive government funding;; and (e) General measures necessary for the implementation of this Chapter.
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Article 124