Financial Control Practices and Accountability in the Public Sector in Nigeria
Journal Title: Journal of Economics, Finance and Management Studies - Year 2021, Vol 4, Issue 07
Abstract
The Nigerian government has for a long time recognized problems relating to mismanagement of public funds evidenced by lack of transparency, poor accountability, corruption, financial leakages and budgeting processes, financial excesses, poor cash management and resource allocation. This is coupled with the fact that there is a near total absence of the notion and ethics of accountability in the conduct of public activities in the country. This study investigates the effects of financial control practices on accountability in Nigeria public sector. This is due to dearth of literature in this area of study. The cross-sectional survey research design was employed, the data were primarily sourced by means of a questionnaire (research instrument) and empirically analyzed. The target population of this study was the staff (2,125) of public/civil servants working in the Accounts and Finance departments of Lagos and Ogun States government Secretariats, Taro Yaman was adopted to arrive at 337 sample size. Data were analyzed using the SPSS 20.0 version software, inferences were made at 5% significant level. The study showed that financial control has a significant influence on accountability of public sector (Adj. R2= 0.468, F(4, 349) = 77.692, P< 0.05). Based on this finding, the concluded that there is significant effect of financial control practices on accountability in the public sector. The study also established that financial control has a significant influence on responsibility of public sector (Adj. R2= 0.141, F(4, 349) = 15.296, P< 0.05). Therefore the study concluded that there is significant effect of financial control practices on responsibility of public sector accountability. The study therefore, concludes that there is a positive significant effect between financial control practices and accountability in public sector. Based on the findings of this study the study recommends that: The existing physical control assets should be strengthened in order to ensure effective financial control and improve on accountability thereafter due to the insignificant effect of physical control of assets has on accountability in public sector. Effective and efficient application of financial control methods and management strategies to accountability in the public sectors will compel each employee to be more serious, focused and loyal in the discharge of their responsibilities.
Authors and Affiliations
Olaoye, Samuel Adebayo, Ogbebor, Peter Ifeanyi, Elelu, Funmi Silifat
Keywords
Related Articles
- EP ID EP703628
- DOI 10.47191/jefms/v4-i7-08
- Views 146
- Downloads 0
Developing Voluntary Pension Life Insurance, Aiming to Build a Multi-Pillar Pension System in Vietnam
Vietnam currently does not have a social welfare regime for all workers. The current pension system has different pension regimes (monthly social allowance for the elderly in the social protection policy, pension regime...
Foreign Dependency and Economic Growth Nexus in Kenya
Foreign dependency is an economic phenomenon, which is characterized by asymmetrical benefits, favouring specific countries at the expense of others, and impeding the growth potential of dependent economies. The main obj...
Exploring the Application of Entrepreneurial Innovation in Selected Food Processing (Dairy) and Manufacturing Firms in Lusaka
The growing population and urbanization increase food demand, but many local processors struggle with quality, affordability, and safety due to knowledge and investment gaps. The study purposed to investigate the extent...
Social Media Marketing Strategy for a Leisure Hotel Using Digital Customer Experience Journey Approach: A Study on Innside by Melia Yogyakarta
Innside by Melia Yogyakarta is a 4-star business and leisure hotel owned by PT. Saraswanti Indoland Development. In 2018-2019, Innside by Melia Yogyakarta experienced a relatively rapid increase in revenue. However, the...
Changes in Market Orientation of Batik SMES During the Covid-19 Pandemic
Changes in the business environment have been experienced by SMEs during the COVID-19 pandemic, thus placing strong pressure on business sustainability. This case study aims to describe the changes in market orientation...