International Journal of Academic Management Science Research (IJAMSR)   Year: 2021 | Volume: 5 | Issue: 6 | Page No.: 62-69 Financial Regulations and the Management of Fund in the Local Government System: A Study of Orumba North Local Government Council Of Anambra State, 2010-2018. onyekwelu, Rose Ugonwa, Ph.D And Achufusi, Emelie Emmanuel, Ph.D Abstract: This study is on financial regulations and the management of funds in the local government system: a study of Orumba North Local Government council of Anambra state. Financial regulations are a body of rules designed to achieve probity and accountability in government spending and use of funds. However, considering the situation within the local government system where administrators are sometimes unable to meet up with their financial obligations in terms of provision of social services and infrastructural development to the citizens, one wonders if these regulations have impacted on fund management in the local government. This is because service delivery at the grassroots continue to dwindle owing to poor fund management. It is on this note that this study seeks to assess the impact of financial regulations on fund management in the local government system. The study adopted a survey research design and data were generated from primary and secondary sources. The population for the study was 481 staff of the Orumba North local government council. The data generated for this study was analyzed using descriptive statistical tools and the hypotheses were tested using the chi-square. Findings indicate that the financial estimate regulations have effect on spending in Orumba North Local Government Council, that the revenue collection procedure has not ensured that all revenue due to the local government are collected promptly and remitted into the local government treasury and that the expenditure procedure has no effect on the diversion of funds in Orumba North Local Government Council. Drawing from the findings, the study recommends that there should be strict adherence to the financial estimate regulation/ procedures to ensure that funds are utilized only for the purpose for which they are allocated in the annual budget, that the local government authority should institute an inbuilt detective system to check fake receipt issued by corrupt revenue collectors and there should be a consistent and strict pre-audit check to eliminate loopholes in the expenditure procedure so as to discourage the diversion of fund voted for local government projects.