Successes And Failures Of Public Sector Accountability In Nigeria For The Period 1991 – 2002

Successes And Failures Of Public Sector Accountability In Nigeria For The Period 1991 – 2002

Chapiter 1

Introduction

1.1 The Study’s Background

Every society is composed of individuals who consent to form a single body and to be governed as a single entity. For a society to be successful, one or more persons must manage its affairs in a way that benefits the society as a whole, whether that be through the pursuit of political, social, or economic objectives. Funds must be raised and used in order to further some of the society’s objectives against this backdrop of managing its operations. The management of the finances must be in the hands of those who represent the people in order to maximize social benefit.

Services will be provided using funds to the extent that they are donated by individuals and placed in the hands of representatives. When that time comes, these representatives will not only be in charge of the money but also be responsible for giving the contributors of the money an accounting. However, this is predicated on the current, fully democratic system of government.

Since the preceding 1991–2002 era, when public sector accounting in Nigeria did not advance to any appreciable degree prior to the arrival of the British, there have been numerous issues with accounting for public funds. Regrettably, despite all of the government’s efforts, enough information regarding the use of public funds was not made available despite efforts to encourage public sector accounting. The extent of any government’s financial performance for the time it was in power should be demanded by proper accountability.

1.2 Problem Statement

The ineffective accountability and management of the taxpayers’ money placed in the hands of their representatives has been the core issue facing Nigeria’s public sector. When it was obvious that little to no punishment was meted out to them, these representatives have preferred to amass fortune at the expense of the people. To encourage their dishonest behavior, they would prefer to be granted titles.

As a result, the average taxpayer has a very low standard of life and a slow rate of development. The researcher is therefore motivated to spread the word about the need of having trustees act as their representatives and provide accurate financial reports to the public.

1.3 Study’s Objective

The following are the research’s primary goals:

i. To determine the extent to which public money were wisely used to maximize his wellbeing in Nigeria between 1991 and 2002.

ii. To learn how the taxpayers feel about paying their taxes.

iii. To raise awareness among the general people about the need for them to demand an account from their representatives.

1.4 Research Problem

(i) How well-functioning is the Nigerian public sector’s accountability system?

(ii) Does Nigeria have a professional foundation of accountants that supports the administration of public expenditures, both in terms of quantity and quality?

(iii) How much money has the Nigerian government lost as a result of poor accountability?

(iv) Did Nigerian public resource managers provide timely, adequate, and trustworthy stewardships accounting?

(V) In light of the resources already committed to the nation, are the electorate’s public infrastructure and services up to par?

(vi) To what extent does the auditing process have the potential to establish accountability and uncover corruption?

(vii) Does the public sector have competent supervision organizations that are working well?

(viii) Does the accountability system make information regarding past and present administrative acts available to the administrative body in question as well as a larger group of administrative bodies?

1.5 Importance Of The Research

The results of this study will aid in determining the potential causes of incorrect financial management and accountability in the Nigerian public sector. It is also anticipated that the study will offer pertinent advice that will enhance the public sector’s stability, effectiveness, efficiency, and service delivery in Nigeria.

The study would be extremely beneficial to accountants since it will enable them to do their routine work better and handle the finances of their particular parastatals more effectively. This work will be extremely useful to financial analysts since it will give them a foundation for advising their customers on investment choices.

The management of local government councils, state and federal ministries, agencies, and departments will be encouraged by this research effort to develop policies that will strengthen the process of accountability, openness, and probity in their operations. Additionally, it will help a number of government organizations battle corruption within their parastatals. This study will also serve as a guide for students when they conduct additional research on the topic in the future.

1.6 The Study’s Scope And Limitations

This study prioritizes specific government parastatals to explore the fiscal accountability challenge in the Nigerian public sector as a warning model for economic regress in Nigeria. It will cover the National Assembly, Presidency, Ministry of Works, and Ministry of Finance.

The study’s limitations include time and financial constraints as well as respondents’ resistance to submit the required information.

Given the researcher’s other academic commitments, the time given to complete this study was relatively brief. Due to a lack of funding, the study’s scope was restricted to the National Assembly, Presidency, Ministry of Works, and Ministry of Finance. Additionally, the respondents—account officers in the chosen offices—were reluctant to take part in the survey activity. However, a thorough and fact-finding investigation is made.