Financial Management and Accountability in Nigeria Local Government A Case Study of Oguta Local Government Area of Imo State

Financial Management and Accountability in Nigeria Local Government

Project / Seminar Material
Reference ID: PS-1849-TM

DEDICATION

This research material titled “Financial Management and Accountability in Nigeria Local Government” is dedicated to God for his enabling grace, and to all computer enthusiasts who contributed to make life a pleasant experience during my research documentation.

ACKNOWLEDGEMENT

I extend my sincere gratitude to all those who contributed to the completion of this project. Special thanks to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Accounting and Finance, Book Authors and Profound Scholars of existing or related project material on “Financial Management and Accountability in Nigeria Local Government” for their invaluable guidance, support, and expertise throughout the journey.

I am also grateful to your study area (mention any funding organizations, if applicable) for their financial assistance. This research would not have been possible without the encouragement and assistance of some stakeholders (mention any mentors, teachers, or colleagues). Additionally, I would like to acknowledge the understanding and patience of my family and friends during this endeavor. Your unwavering support has been a constant source of motivation. Thank you all for being part of this meaningful endeavor.

Financial Management and Accountability in Nigeria Local Government (A Case Study of Oguta Local Government Area of Imo State)

TABLE OF CONTENTS

PRELIMINARY PAGES

CHAPTER ONE

  • 1.0 Introduction
  • 1.1 Background of the study
  • 1.2 Statement of the problem
  • 1.3 Objectives of the study
  • 1.4 Research questions
  • 1.5 Significance of study
  • 1.6 Scope of the study
  • 1.7 Limitation of study
  • 1.8 Definition of terms

CHAPTER TWO

  • 2.0 Literature review
  • 2.1 Introduction
  • 2.2 Concept of local government
  • 2.3 Brief historical development of accounting
  • 2.4 Importance of accounting information
  • 2.5 Users of accounting information
  • 2.6 The finance functions
  • 2.7 Meaning of accountability
  • 2.8 Effective and problems of financial management and accountability

CHAPTER THREE

  • 3.0 Research design and methodology
  • 3.1 Introduction
  • 3.2 Research design
  • 3.3 Sources/method of data collection
  • 3.4 Population and sample size
  • 3.5 Sample technique
  • 3.6 Validity and reliability of measure instrument
  • 3.7 Method of data analysis

CHAPTER FOUR

  • 4.0 Presentation and analysis of data
  • 4.1 Introduction
  • 4.2 Presentation of data
  • 4.3 Analysis of data
  • 4.4 Interpretation of result

CHAPTER FIVE

  • 5.0 Summary, conclusion and recommendation
  • 5.1 Introduction
  • 5.2 Summary of findings
  • 5.3 Conclusion
  • 5.4 Recommendations

REFERENCES

APPENDIX

ABSTRACT

Due to the tagged stereotype that what belongs to the government belong to nobody, there has been the unfortunate general feelings among Nigeria that it is no crime to misappropriate to personal use, government resources or funds with careless abandon, against this back drop, there is a problem of financial management and accountability in Oguta Local Government Council.

The object of this research work is to make some incursions into the operational procedures of local government with emphasis on finance and to ascertain the extent to which financial management and accountability could grandly bring about the transformation of rural and marginal communities as message in the 1976, 1988 and other resent reforms guidelines for local government, financial regulations, memoranda and instruction, and to suggest ways and means for improvement.

The method of data collection adopted for this research work is primary data and primary data were used as interviews, observation. During the investigation of this research work, the researcher noted some findings and they include. The poor finding of local government which is revealed in the disparity the estimated revenue and the actual revenue and the actual realized during the period investigated.

The internal generating revenue is very poor and this explains inability of the revenue collectors to explore all avenues of revenues of the local government. And conclusion, in spite of all the provision of financial regulation and instructions and checks and balances instituted into the local government system which is enshrined in the financial memorandum and hand book on local government administration, there are cases of abuse of office, fraud and fraudulent behaviours by the local government operators.

To make development get to all nooks and cranny of Oguta local government council, 1, therefore recommend that the federal and state government should pay attention to the Oguta local government system on how to safeguard and utilize their financial, human and material resources so as to ensure effective and efficient financial management and accountability.

Financial Management and Accountability in Nigeria Local Government (A Case Study of Oguta Local Government Area of Imo State)

CHAPTER ONE

1.0. Introduction

1.1. Background of the Study

This research work, the financial management and accountability in Nigeria local government is an attempt to discover whether Nigeria local government make judicious use of the revenue or finance viable to them in facilitating social and economic development at the grass root level, using Oguta Local Government Area of Imo State as a case study. The local government council is the third tier of government in the hierarchy of administrative ladder of the country. It is thus the government of the grass root as it touches the hearth of the rural populace.

The acceptability of any government depended largely on the quality of leadership offered at the grassroots since 889 of the country's population are still living in the areas.

The local government system in Nigeria embraces accountability, in that, it brings those responsible for decision close to their electors.

This work shows the uniformity of local government and how it came to existence tracing it from 1976 local government reform policy promulgated by the late General Murtala Mohamed/General Olusegun Obasanjo's military regime.

It therefore, the aim of this study to make local government with emphasis on finance and to ascertain the extent to which management and accountability could greatly bring about the transformation of rural and marginal communities as envisaged in the 1976 guidelines for local government reforms and to suggest ways and means for improvements.

1.2 Statement of the Problem

It is an indisputable fact that local government in Nigeria was established for political administrative and service provision purpose.

The rate of involvement of officers dealing with public funds in acts ranging from misappropriation to fraud and embezzlement of public funds has put to question this integrity and reliability of those entrusted with the management of public fund. The problems can be summed up as follows:

  1. Ineffective financial control and management of resources available to them.
  2. The inability to proceed with essential capital development project become of limited revenue resources and availability of internal and external loans grants

1.3 Objectives of Study

The objective of the study is to examine the various made in local government reforms guidelines in 1976, 1988 and other recent reforms, local government edict of 1976 to 1992 of Imo State, financial regulation, memoranda and instruction. In addition, the study intends to investigate the various resources available to the local government and to explore ways of effective generation and improvement of revenue collection channels both internal and external in other to make fund available to finance capital development with a view of creating wealther and better life for our rural dwellers.

The study also aims at appraising the facilities available to ensure the local government rules and regulation. It is therefore, the aim of this study to make some incursion s into the operational procedures of local government with emphasis on finance and ascertain the extent which management and accountability could greatly bring about the transformation of rural and marginal communities as envisaged in the 1976 guidelines for local government reforms and to suggest ways and means for improvements.

1.4 Research Questions

The researcher, in a bid to analyze his finding made use of oral interviews and distributed questionnaires.

Below are the research questions that are being used for this project work:

  • What are educational qualification member of staff?
  • What is your position in the service?
  • For how long hare you been in the services of Oguta local government?
  • When Oguta local government came into existence, how many constituencies was it made of its population and the kilometer it covers?
  • Does the level of skill and expertise of an officer accounts for the level of his/her proficiency in the discharge of his/her duties?
  • Where does Oguta local government get their allocation from?
  • Is it the level of human and material resources available to Oguta local government area that affects the management of finance and accountability?

1.5 Significance of the Study

The significance of the study is to stress the need for adequate financial management and accountability of Nigerian local government for improved performance and maximum efficiency of the head of affairs. The study would lead to a better understanding of the origin, causes and problems in the local government. The understanding of all these would enable the people in the local government to make objective judgment with regards to the activities of the heading the seats in the local government.

1.6 Scope of the Study

As the topic suggests, this is the study of what are obtainable in Oguta local government of Imo state. However, does not mean that there cannot be similarities between what are obtainable in other local government of the federation.

1.7 Limitation of the Study

The topic of this researcher work “the financial management and accountability in Nigerian local government” is limited to just local government are of Imo state, which is the case study of the said topic.

During the research process, the researcher had some constraints, some of these constraints are:

Time:

The researcher had limited time to gather the information needed for the project even from other local governments.

Financial Constraint:

The researcher has little constraints in finance, example of which is transport money to and for to getting information from different people and from different places.

Refusal To Give Information:

The researcher manage to convince some persons to getting information's from them. Most of them refuse giving the information needed for of losing their jobs. They give excuses that the information are official.

1.8 Definition of Terms

Financial Management:

This is the management activity that is concerned with the planning and the controlling of the firms financial resource. Ojiuko, A.A.

Accountability:

According to Akpan Asuquo this can be defined as a art of process of presenting financial information or records (revenue and expenditure of an organization either by oral means or by written) to the users of information.

According To B.N Okezie (2002) Accounting:

This may de defined as an art of recording, classifying and summarizing in systematic manner and in terms of money, transaction and events which are in part at least, of financial character and interpreting the results there bull (1984) defines accounting as being concerned with the qualification of economic events in moneys terms, in order to collect, record evaluate and communicate the result of past events and to aid in decision.

Finance:

This is the process where by funds are raised to meet the firms investment needs, government system. It is thus the government of the grassroots as it touches the heart of the rural populace its obligation is to render certain services to the communities, example, collection of taxes, maintenance of markets etc. source: Amayach, A.f. (1998).

…

CHAPTER TWO

2.0 Literature Review

2.1 Introduction

This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the …

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