The research work examined the usefulness of financial control and accountability in the public sector institutions in Nigeria. The objectives of the study were to investigate if the control of public funds is appropriate and to find out whether necessary accounts are kept and to examine the proper administration of government funds. The research was carried out, using the Federal Medical Centre, Owo, Ondo State as the case study. Primary Data was collected through convenience sampling method and using self-administered questionnaires for 40 respondents. They included Staff in the Audit and Account department. Also, Secondary data was retrieved from the Central Bank of Nigeria Statistical Bulletin on federally generated revenue and expenditure incurred (Capital and Revenue). Chi- Square was used to test the hypotheses. Simple Linear Regression was used to analyze the secondary data to test for the relationship between the revenue generated by federal government and expenditure incurred. From the findings, it was found that financial controls and accountability exist in the public sector. The researcher also found that a positive relationship exist between revenue generated by federal government and expenditures incurred. This study concluded that financial control and accountability is effective and efficient. Therefore, the study recommends that existing financial controls should be strengthened to improve accountability in the public sector in Nigeria.
Analysis of Internally Generated Revenue and Capital Expenditure Utilization in Cross River State, Nigeria (Published)
The study analyzed the relationship between internally generated revenue and capital expenditure utilization in Cross River State, Nigeria from 2007 to 2015. Secondary data sought from Cross River State budget office, internal revenue service and ministry of finance were used for the study. Descriptive statistics were used to analyze the relationship between internally generated revenue and capital expenditure utilization in Cross River State. Findings from the study indicate that increase in government expenditure without corresponding revenue will widen the budget deficit. It is recommended from the findings that; the Cross River State government should increase the size of its internally generated revenue in order to accommodate the capital expenditure of the state. The state government should diversify its economy and explore especially the non oil minerals sector of the state economy so as to correct the disparity between revenue and expenditure and reduce the attendant budget deficit. Expenditure reforms analysis should be considered vis-à-vis taxes and all other revenues sources. This will help set targets for revenue mobilization and utilization as well as expenditure spreading over the entire state economy. The Cross River State government in order to be sustainable in its development strive must develop the internally generated revenue base, promote fiscal prudence in the management of its resources, enhance infrastructures, eschew corruption and unsustainable spending as well as sustain it capital votes. The Cross River State government should continue to increase its aggregate revenue mostly from internally generated revenue base, since only revenue from internal sources can boost the state income given the dwindling allocations from the federation account. The government should go a step further in intensifying efforts at developing other sources of revenue in order to insulate the economy from the volatility associated with the oil revenues
The study empirically examined the impact of fiscal policy on the economy of Nigeria between 1994 and 2014. Secondary method of data collection was used to generate data for this study and the sources of the data included annual reports /accounts and CBN statistical bulletin (2015). Multiple regression of ordinary least square estimation was the tool used to analyse the data in this study. In the model, real GDP (as dependent variable) was regressed on capital expenditure, recurrent expenditure, tax revenue and external debts. The study has revealed, that there exists no significant relationship between capital expenditure, recurrent expenditure, tax revenue and the real GDP representing the economy. However, the study found a significant negative relationship existing between external debts and the real GDP. This supports the Keynesian view of government active intervention in the economy using appropriate various policy instruments. The study therefore recommends that: Government should use fiscal policy to complement the adoption of effective monetary policy and maintain the rule of law to promote stability in the Nigerian economy. Government should ensure that capital expenditure and recurrent expenditure are properly managed in a manner that it will raise the nation’s production capacity and accelerate economic growth even as it reduces external borrowing.
This study investigates the effects of public expenditure in education on economic growth in Nigeria over a period from 1977 to 2012, with particular focus on disaggregated and sectoral expenditures analysis. Government expenditures are very crucial instruments for economic growth at the disposal of policy makers in developing countries like Nigeria. The objective of this study is to determine the effect of public expenditure on economic growth in Nigeria using Error Correction Model (ECM). The study used Ex-post facto research design and applied time series econometrics technique to examine the long and short run effects of public expenditure on economic growth in Nigeria. The results indicate that Total Expenditure Education is highly and statistically significant and have positive relationship on economic growth in Nigeria in the long run. The result has an important implication in terms of policy and budget implementation in Nigerian. We conclude that economic growth is clearly impacted by factors both exogenous and endogenous to the public expenditure in Nigeria. It is therefore recommended that, there is need for government to reduce its budgetary allocation to recurrent expenditure on education and place more emphasis on the capital expenditures so as to accelerate economic growth of Nigeria and that Government should direct its expenditure towards the productive sectors like education as it would reduce the cost of doing business as well as raise the standard living of poor ones in the country