THE CONTROL AND ACCOUNTABILITY IN THE MANAGEMENT OF PUBLIC FUND A TOOL FOPR BUSINESS TRANSPARENCY AND HONESTY

(Accounting)

THE CONTROL AND ACCOUNTABILITY IN THE MANAGEMENT OF PUBLIC FUND A TOOL FOPR BUSINESS TRANSPARENCY AND HONESTY

(A CASE STUDY OF UDI LOCAL GOVERNMENT AREA)

ABSTRACT

This study focused on control and accountability in the management of public fund: a tool for business transparency and honesty. Practically, almost all the local government in Nigeria is characterized by inefficient and ineffective management of public resource. The activities of government at all levels are threatening to undermine the essence of the country at various local governments have turned into place of embezzlement of public fund, corruption and mindful of contracts. In chapter one of this study, the statement of problems in this study is that the countries assumed strength by the volume of resource they harness developed iver time and much more by the efficient allocation and management of these resources. For the purpose of clarity and appraisal, the source of data used in this work is primary and secondary data, the primary data comprised of the responses gathered from the workers of the local government while the secondary source of data involved textbooks, magazines, newspapers and articles. The summary of this work is after analyzing the data collected for the study, the result shown that all the services provided by government general administration is the most prominent service it provides. The study reveals that the major characteristics of public fund is that it is centered on public interest. In conclusion, it is hoped that if the recommendation of this study is religiously applied, the financial problem of Udi Local government will become a thing of the past and management of public fund will achieve greater success.

 

TABLE OF CONTENTS

CHAPTER ONE: INTRODUCTION

  1.       Background of the Study             
  2.       Statement of the Problem    
  3.       Objective of the Study         
  4.       Research Questions             
  5.       Significant of the Study        
  6.       Scope of study                          
  7.       Limitation of the Study        

Reference

CHAPTER TWO: REVIEW OF RELATED LITERATURE

2.1  Feature of Public Financial Management       

2.2  Control, Accountability and Transparency    

2.3  Weakness on the Management of Public Fund     

2.4  Way of Improving Financial Control and Accountability in Government

Reference

CHAPTER THREE: DATA RESEARCH DESIGN AND METHODOLOGY

3.1  Source of Data             

3.2  Population of the Study

3.3  Determination of Sample Size             

3.4  Sample Technique 

3.5  Selection and Construction of Research Instrument

3.6  Instrument Return Rate 

References

CHAPTER FOUR:DATA PRESENTATION AND ANALYSIS

4.1  Data Presentation and Analysis     

CHAPTER FIVE: SUMMARY OF FINDINGS, RECOMMENDATION

5.1  Summary of Findings                  

5.2  Recommendation                       

5.3  Conclusion                                

Bibliography

Appendix

CHAPTER ONE

1.1  BACKGROUND OF THE STUDY

       Management of the public fund requires that resources entrusted to the case of government by her citizens be prudent managed and duly accounted for public funds are collectively owner be members of a defined society or policy. These funds are collectively managed either directly or indirectly, that is through their representative.

       According to Chikeleze (2004) “public financial management, financial management takes critical consideration of groups that inter play in the policy, their various roles and the implication of intervening variables for resources distribution among contending group”. Government supposes to build on some form of accountability to the public that instituted it. It requires that surrender of certain parts of the rights of members of a society and their common resources to the government, which acts as common agent in order to provide services that are considered most appropriate to be provided by a common agent.

       Accountability has different dimensions as can be viewed in political administration and financial perspective, which ever angle on considers it, the main rational for accountability is to ensure effectiveness and real value for money spent by government. In other words, the government is expected to be accountable to the public in the management and utilization of public funds, entrusted to their care for the purpose of presuming their common good.

       Public financial management therefore deals essential with and utilizes it in the process of providing the society with some of these desirable goods and services.

       The responsibility of government at national, state and local levels often have multi-dimensional implication, touching on the social, economic and political lives of the society. The discharge of these responsibility often involves financial activities in raising and spending public funds.

       The activities of government in managing her resources are neither exclusively in nature not exclusively political. Rather it rates some where in between and balances the pure economic principles of free economic and the welfare responsibility of government to ensure equity and fairness in the distribution of the communally owned public funds.

       Ozo (2002), said “public financial management therefore deals

with government’s economic behavior covering its techniques, guiding principles, rules and policies which influence government mobilization and deployment of public resources”. This is because individual in the society have certain needs which needs to be meet in the process of their meaningful existence, but which if pursued as individual members of the society may counter productive to the overall interest of the society.   

       The generation and expenditure of public resources occur at all the tiers of government and the numerous government agencies scattered all over. These include the federal, state and local government and all the agencies operating both within and outside their government boundaries.

       In the words of Chikeleze (2004), the functions of these government and their agencies in public resources management involves a wide spectrum of activities that have implications for the local economy and the international community economically socially and politically. In carrying out these functions, government remains conscious of public interest, since it is both responsible and accountable to them. The public on the other hand keeps watch over the activates of government to ensure that they act in perceived of public interest.

       Obviously, involvement of government and their agencies in the management of public funds will without doubts depends on the basis that they are going to ensure that there is prudent and efficient in the management of these resources through taxes which they pay or expects that utilization of their funds well, without any conscious guide meet up with their wishes and aspirations and will ensure fair play and equity for all.

1.2  STATEMENT OF THE PROBLEM

       Countries assume strength by the volume of resources they harness, develop overtime and much more by the efficient allocation and management of these resources. The government in many resources has assumed the function of entrepreneurs and taken over the managerial functions. Instances abound to convince everyone that the government has not faired as good manager of the public funds and has been performing worse than private entrepreneurs.

       Public ownership of funds connotes a rightful claim by members of that society to them either directly or indirectly. In other words, individuals and groups within the society posses some right to the use of such funds either directly or indirectly.

       However, the government has failed the public hence the management of these public finance does not bring on public interest. This is as result of the following. The nature of how the government came to power sometimes, it assumes power through selection and consequently gives obligations to body responsible for that selection while the public takes second place. At other time politicians enter government positions through fraud and corrupt practices of financed by personal interest and that of their political sponsors.

       Also, pervasive and institutionalized corruption has promoted personal interest and gains over public interest. The long standing ethnicity in Nigeria in particular has influenced public expenditure management.

       In addition, the overriding of the contributions of the legislature by the executive arm of the government portends neglect of the view of the public as well as taking a narrow and unexamined view on important national matter. This trend has taken over public expenditure in favour of a select few to the detriment of the larger public.

       Against this backdrop, the question therefore is how can the government enhance the prudent and efficient utilization of public funds.

 

 

1.3  OBJECTIVE OF THE STUDY

       This study if targeted at revealing the role of the public financial managers. To discover the ways by which the public can claim ownership of their funds as well as participants directly or indirectly in their management.

       To ascertain the main features of the public management that makes it wholly public interest oriented.

       To determined responsibility and accountability in the management of the public funds by the government.

       To discover the factors that are militating against accountability in the management of public funds. At the end to device ways of ensuring prudent and efficient generation and utilization of the public funds.

1.4  RESEARCH QUESTION

       This study is going to provide answers to the following question:

  1.   What are services provide by government in the management of the public funds?
  2.   What impact do accountability and transparency have on the socio-economic development of Nigeria?
  3.   What are the main characteristics of public finance and
  4.   What will be done to prudence and efficiency in the management of the public funds.        

 1.5 SIGNIFICANCE OF THE STUDY

       The study will in the following ways help to reveal the role of the government and her agencies as the public financial managers.

       The study will enlighten the public on the need to choose the right representatives to management of their funds. The study is aimed at aiding the government to understand how to source revenue for socio-economic development of the nation.

       The study will enable the public to participate fully and effectively in generation of the public funds and in their management to ensure that it is centered on public interest.

       This study is going to contribute immensely to the award of Higher National Diploma (HND) certificate to the researchers as well as serve as reference materials to further research in the department of public administration.

1.6  SCOPE OF THE STUDY

       This deals with the role of accountability in the management of the public funds with particular reference to Udi Local Government area in Enugu state. Though the focus in on Udi local government area the result of the study may be applicable to other local government councils in the state.

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