PUBLIC SECTOR ACCOUNTING IN NIGERIA (A CASE STUDY OF FINANCIAL CONTROL SYSTEM IN ENUGU SOUTH LOCAL GOVERNMENT AREA)

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PUBLIC SECTOR ACCOUNTING IN NIGERIA (A CASE STUDY OF FINANCIAL CONTROL SYSTEM IN ENUGU SOUTH LOCAL GOVERNMENT AREA)

ABSTRACT: One of the most researched and least understood variables of public sector accounting is how the accountability and stewardship of financial control is conducted.  People have been speculating on how the funds generated are managed but now researchers have conducted systematic investigation of funds and leakage in local government revenue system. Even with this, there is still an increasing difficulty and doubts in establishing the fact that the revenue generated are put in good use. There is also an evaluation of the source of revenue to the local government, and the impact of financial control system in the local government revenue system particularly the revenue collection points where all derivable revenues are kept for safe custody. Secondly, to find out if really there is grant from the federal and state government to the local government areas and how it’s being spent. Finally to know the reason, the local government cannot employ their resources in funding projects. Findings and recommendations have gone a long way to establish proper financial control system in local government and it’s improvement.

The following findings we made

The findings researcher was able  to find out that there is enough evidence to show that there  is grant  form the federal  and state government  to the local government.

That they are inadequate financial control system in the local government area.

That accountability and stewardship of the generated  revenue is totally inadequate.

The following recommendations were made:

The  grant given to the local  government should be looked into.

The federal and state government should regulated  the actions of the local government

The revenue leakage of the local government should be  checked.

A committee should be set up to control the accounting  system.

The local government should take effective planning cost control measures and product management  of their  resources.

TABLE OF CONTENTS

CHAPTER ONE

Introduction                                                                   1

Purpose of the study                                            9

Significance of the study                                                10

Statement of the problems                                   12

Hypotheses formulation                                                14

Scope and limitation                                            14

Definition of terms                                                         15

Reference                                                                                 17

CHAPTER TWO

2.0  Review Of Related Literature                        18

Definition                                                                       20

Budget                                                                           21

Financial Regulations                                           22

Cash Accounting                                                  23

Local Government Reform                                   23

Local government accounting functions               26

Sources of revenue to the local government    30

Rural development functions                                 32

Reference                                                                          34

CHAPTER THREE

3.0     Research Design & Methodology                         35

Research design                                                    35

Area of study                                                                 36

Population                                                           36

Sample and sampling procedure                          37

Sources of data                                                    39

Interview method                                        40

Questionnaire method                                41

Procedure for data analysis.                                 42

Reference                                                                       43

CHAPTER FOUR

4.0     Presentation and Analysis of Data                       44

Presentation of data                                             44

General data                                                                  44-68

Test of hypothesis                                                         69

Analysis of survey results                                             73

Reference                                                                                 74

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