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THE ROLE OF
FINANCIAL CONTROL IN THE PUBLIC SECTOR
ABSTRACT
The research
topic on “The Role Of Financial Control In The Public Sector, a case study of
ministry of finance, Alausa Lagos State” The chapters reveal the creation of
Public sectoring Nigeria, source of income and revenue in Public sector and the
topic also reveal the financial management operation system in Nigerian. Many
problems are ascribed to the cause of managing a public sector which included
corruption, misappropriation of funds, proper accessing control and
mismanagement of funds. The research work also reveal the basic problems
affecting ministry of finance in Lagos state which include source of revenue,
financial motivation and ways by which revenue allocated are been utilized.
However, the research basically state that the problems of financing a public
sector lies in the hands of the government, the society and individual
contribution to their community. It should be noted that for .any society to
achieved success, most especially in the area of financial there is need for
individual, nongovernmental and governmental support is needed.
CHAPTER ONE
INTRODUCTION
1.2 BACKGROUND TO THE STUDY
Finance is
the sinews of wars for all functional organizations in any economic. It is a
critical prerequisite which enables an enterprise, public or private to
maintain itself and effectively meet its commitment to individuals and groups
who consume its output of goods and services.
Lagos state
ministry of finance is a public sector organization with assigned functions and
responsibilities-administrative structure and financial arrangement for
maintaining both itself and rendering its statutorily assigned functions to us
citizens. In view of this, the genetic centrality of finance to organizational
performances also applies to public sector.
In Nigeria,
the operating 1999 constitution of the Federal Republic accepted local
government as a third tier of government. Like in most countries of the world,
the Nigeria public sectors have five easily discernible sources of revenue open
to them. Those are grants, local tax, rates or property tax, user fees and
charges and loans. The prevailing federal government revenue allocation formula
stipulates that public sector is entitled to twenty percent of the revenue
accruable to the federal and ten percent of the internally generated revenue of
the state government and of course these are in addition to finance from traditional
internal sources of local revenue. However, the amount internally generated by
each of the public sectors is very small.
The ministry
of finance is therefore in a situation where they depend almost entirely on the
Federal and State Government for funds for the performance of their statutory
functions. Consequently, the federal and state government have often remained
paternal in the financing of this level of government. A function of this
paternalism is the financial uncertainly in the country. Therefore one is not
surprised that the little wonder Nigerian public sector have seasonally
suffered pecuniary distress which taxes their operations. The peculiar
circumstance of the creation and existence of public sector coupled with the
unpredictability of its political and administrative environment in Nigeria
largely account for the appeal of the topic: the role of financial control in
the public sector.
The result
of this appeal has been the sustained effort in seeking strategies for evolving
stable financial arrangement for the success of public sector in meeting its
dual commitment of maintaining itself and rendering services of the people.
This part
also informs the present study. However, it is clear from the prevailing
literature that most of the findings are not up-to-date hence some of the
beliefs and attitudes of scholars to the identified problems of public sector
finance are not supported by both adequate and current data.
In view of
the laps that has been identified, another enquiry into ministry finance in
Nigeria as become most imperative. It is hoped that such inquiry will be more
intellectually simulative in the area of public sector finance especially as it
highlights the financial policy for public sector in the country in particular and
the world at large.
1.2 STATEMENT OF THE PROBLEM
Despite the
various efforts and initiatives taken by past governments in ensuring financial
emancipation of ministry of finance and to ensure its smooth functioning, this
third tier government is still faced with mirage problems. Some of them are as
follows:
Lack of
financial autonomy for the public sectors, which hampers the effectiveness of
the ministry of finance.
Unstable
financial arrangement for the success of public sector.
The menace
of corruption and mismanagement is still a major concern.
The
inability of most ministry of finance to improve on their internally generated
revenue to complement the statutory allocation.
The gap
between income and expenditure vis-Ã -vis the expenditure pattern of most
ministry of finance.
1.3 OBJECTIVES OF THE STUDY
The
objectives of the study include the followings:
(i) To examine the existing financial
control arrangement relevant to the Nigerian public sectors with special
reference to sources of income.
(ii) To examine the inter–governmental
relationship existing between Nigeria’s three levels of government and by
extension ascertain the constraints on the financial autonomy of public
sectors.
(iii) To attempt to appraise the existing and
potential source of income for public sector.
(iv) To explore citizens for residents
attitudes to public sector finances with a view to explaining whether or not
they are ready to pay rates, users fees charges and taxes and possibly find out
their perception of local services in general.
(v) To examine prospects for Nigeria
public sector in the light of the finding and logically recommend ways for
effective financial management for public sector throughout the country
1.4 RESEARCH QUESTIONS
Towards
attaining the given objectives of this study, a number of pertinent and
specific questions were asked. Some of the questions are:
(i) What are the existing source of
revenue of public sector and to what external is their statutory functions
commensurate with the financial implications of their statutory functions.
(ii) What implication has the
inter-governmental constitutional relationship between Nigeria’s three levels
of government for public sector.
(iii) What are the factors hindering the
improvement of the financial base of public sector.
(iv) Are the people unwilling to pay their
taxes while they expect and demand good services.
(v) What other potential revenue sources
abound which public sector could tap to improve their efficiency and
effectiveness.
1.5 STATEMENT OF HYPOTHESIS
In order to
achieve the objectives of this study, the following hypothesis will be tested.
(1)Ho: Inadequate financial control will not
affect the performance of public sector.
HA:
Inadequate financial control will affect the performance of public
sector
(2)Ho: Financial autonomy will not improve the
administration of public sector.
HA:
Financial autonomy will not improve the administration of public sector.
(3)Ho: Increasing the internal generated
revenue base on public sectors will not stimulate growth.
HA:
Increasing the internal generated revenue base on public sectors will
stimulate growth.
1.6 SIGNIFICANCE OF THE STUDY
This study
is very essential to various classes of people in the area of business. the
study will go a long way in helping both the existing and potential
entrepreneurs and management of business organization and public sector
organization towards the undertaking and the knowledge of the uses of the
financial control for the expansion of their businesses and opportunity to the
creditors financials and suppliers, to study the usage of the financial
statements in estimating the risk of entering into bad debts in their
transactions.
1.7 SCOPE AND LIMITATION OF THE STUDY
This study
will focus on the activities of Lagos State ministry of finance (Alausa).
It will
examine the financial capacity and capability of the public sector to finance
its expenses vis-Ã -vis its revenue and various problems.
Difficulties
in getting relevant information and materials are the major factors that tend
to limit the success of this research. However, lack of time and financial
resources are also major bones of contentions.
1.8 METHOD OF DATA COLLECTION
This
research work will make use of PRIMARY DATA that will be the source from the
staff of Lagos State Ministry of Finance, Alausa, through the use of
questionnaire and personal interview, (when necessary) for case of work, the
RANDOM PROBABILITY SAMPLING method was adopted, this is to ensure information
is gathered from all the level of workers. Also, varieties of scholarly
investigations of subject matter will be exploited.
1.9 METHOD
OF DATA ANALYSIS
The method
of data analysis and interpretation would be based on analysis of variance and
tabulation will be used, this is to ensure that proper analysis at various
variables are examined as exemplified in the hypothesis. It also ensure that
every problem units of analysis of the research work has equal chance of being
dually represented by the analysis. Pilot study will be conducted to pre —test
the study schedule.
The
Chi-square test is given by the formular.
X2 = ∑(O-E)2
E
Definition
of variables
X2 = Chi -
square sign
∑ =
Summation sign
E = Expected
frequency
0 =
Observation frequency
1.10
DEFINITION OF TERMS
Financial
Control: It refers to facts that show
whether or not the business has the right to control the economic aspects of the
worker’s job.
Public
Sector: Is the state sector, is a part of the state that deals with either the
production, delivery and allocation of goods and services by and for the
government or its citizens, whether national, regional or local/municipal
Finance: Is
often defined simply as the management of money or “funds” management.
1.11
HISTORICAL BACKGROUND OF THE CASE STUDY
The Ministry
of Finance is a unique agency that provides the financial backbone that helps
government translate its vision of providing the dividends of democracy to the
teeming population of Lagos State.
Designated
the ministry of Finance and Economic Development at inception in April 1968,
the Ministry had Aihaji Chief I. A. S. Adewale as its pioneer Commissioner.
Late in
1995, the Economic Development was separated from Ministry of Finance and
merged with Budget to become the Ministry of Economic Planning and Budget while
Ministry of Finance stands on its own.
The Finance
Ministry then was structured into six Directorates consisting of the three
common services personnel Management, Planning, Research and Statistics as well
as Finance and Supplies and three other professional Directorates Public
Finance, Computer Services and Central Internal Audit.
At
inception, the Ministry operated through three (3) Agencies: Finance
Headquarters, the State Treasury Office, and the Board of Internal Revenue.
However, the Board of Internal Revenue, which is saddled with the
responsibility of collecting tax-related Internally Generated Revenue (IGR) for
the State Government, was upgraded and became semi autonomous in Year 2006 to
enhance revenue generation, transparency and accountability.
Also, the
PF/DMO, hitherto a Department in the Ministry was equally elevated to an Agency
status in 2005 with a Permanent Secretary as head. This autonomy has however
not diminished the performance of the responsibilities of the Ministry of
Finance.
The Finance
Headquarters is one of the arms of the Ministry of Finance and is headed by a
Permanent Secretary. The Headquarters serves as the coordinating arm of the
Ministry. It currently has staff strength of 112 Officers. The Office is also
the pool house of all Internal Auditors; who are deployed to other Government
Ministries, Departments and Offices in the State. There are 154 Internal
Auditors working in different Government Agencies in the State who ensure
compliance with laid down financial guidelines and early detection of financial
malpractices
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