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PROJECT TOPIC: THE IMPACT OF EFFECTIVE PUBLIC SECTOR ACCOUNTING ON PUBLIC FUNDS MANAGEMENT IN NIGERIA

 IMPACT OF EFFECTIVE PUBLIC SECTOR ACCOUNTING ON PUBLIC FUNDS MANAGEMENT IN NIGERIA

 

 

Abstract

This study has been carried out critically analysis and the impact of effective public sector accounting on public fund management in Nigeria. This project work was necessitated by the way government play in the development of the grassroots socially, economically and politically. In so doing, the researcher used both primary and secondary method in collecting government council. Both questionnaire and interview method were used while other data were collected from textbooks, journals and magazines of related literatures to government accounting in Nigeria government. However, from the result of the finding and conclusion, it was observed by the research that the accounting system of government fell short of being effective. As a result of this government has been caught in the cobweb of inadequate function and powers, inadequate finance, low administration, inefficiency and poor budgetary control. In spite of that the researcher did make some reaching and clear recommendation, which if adopted will greatly solves some of these problems in the government council.

 

CHAPTER ONE

INTRODUCTION

1.1   Background to the Study

Nigeria as a nation consist of three level of government that have interest in the public sector accounting, therefore, the status and power of these government are dearly defined by the constitution of the federal republic of Nigeria. Included in the government is federal, state and local government. The local government is regarded as the thired tier of the aforementioned level of government and it is essential in the development process of any country like Nigeria. This entail such as provision of social welfare services, provision of community mobilization, maintenance of local markets and roads etc.

Okhaide (2001) opined that the united nation office for public administration (UNOPA) defined local government as a political subdivision of a nation or (in a federal system) state  which is constituted by law and its substantial control of local affairs including the power to oppose, take and to employ labour for prescribed purpose.

The state government has a considerable power over their local government council. The financial regulation in which the local government applies in the preparation and presentation of their account are formulated by the relevant statues.

Financial regulation provides a basis for internal control and external accountability nevertheless, the question which has frequently arisen in the issues of local government in not really living up to expectation in the eye of the common man and government. One move aspect that has drawn the attention of the researchers has been the allege lack of financial.

IMPACT OF EFFECTIVE PUBLIC SECTOR ACCOUNTING ON PUBLIC FUNDS MANAGEMENT IN NIGERIA

Johnson (1995) attributed these as inadequate funds embezzlement, shortage of trained personal, poor infrastructure, illiteracy among councilors bribery, and corruption, favoritism, and nepotism, poor collection method of taxes and poor communication system.

In addition the system of accounting, auditing and control in Nigeria local government dearly leaves much to desire. These local government hardly know of any form of audit other than those performed periodically by officials of state government. This audit exercise came up infrequently and when conducted are done unprofessionally. In view of these clear deficiencies in local government councils, this research will provide a deliberate attempt to approach this question with a view to take a stand on some critical issues and making recommendation on how to improve on the system of accounting used by the local government.

 

1.2   Statement of the Problem

Accounting in the public sector was necessitated by the need to collected and disburse funds for the government.

  1. Is there any system of accounting in the third tier of government?
  2. Is there any need for effective and sound system of accounting in the local government councils?
  3. Is local government accounting and financial data useful?
  4. Do public officers at the grassroot level of local government councils given evidence of accounting of their stewardship?
  5. Is there adequate information useful for the good control and efficient management of government operation?

THE IMPACT OF EFFECTIVE PUBLIC SECTOR ACCOUNTING ON PUBLIC FUNDS MANAGEMENT IN NIGERIA

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