Tag Archives: financial control

Federal Government Statutory Fund Allocation and Infrastructural Development in Ogun State, Nigeria (Published)

The level of Federal government revenue allocation to state determines sound infrastructural foundation and overall socio-economic development of a state. However, Ogun state still experiencing poor infrastructural development facilities in terms of environmental management, health, educational and agricultural sectors due to inadequate federal statutory revenue allocation.  The main objective of the study is to examine the effect of federal statutory revenue state allocation on infrastructural development in Ogun State, Nigeria. The study employed ex-post facto research design with ARDL method of analysis and data was sourced from National bureau of statistics, Ogun State Inland Revenue Service, Ogun State Ministry of Finance and Ministry of Budget and Planning. Findings revealed that federal statutory revenue state allocation significantly affects environmental management in Ogun State (R2 = 64%, t-stat(1,19)=-6.095293, p<0.05); that federal statutory revenue state allocation  significantly affects educational development in Ogun State (R2 = 73%, t-stat(1,19)==-3.811322, p<0.05); that federal statutory revenue state allocation significantly affects agricultural development in Ogun State (R2 = 34%, t-stat(1,19)=-5.707987, p<0.05); that federal statutory revenue state allocation significantly affects health sector in Ogun State (R2 = 67%, t-stat(1,19)=-9.379976, p<0.05) and that federal statutory revenue state allocation significantly affects infrastructural development in Ogun State (R2 = 77%, F-stat(4,16)=89.68, p<0.05). The study concluded that both in the short and long runs federal statutory revenue state allocation significantly affect infrastructural development in Ogun State. The study recommended that more financial control and value for money audit should be carried out to minimize wastages and corruption in the states of the federation, so as to change the direction of influence of states’ revenue allocation on infrastructural development.

Keywords: financial control, infrastructural development, sector, statutory allocation, value for money audit

Financial Control and Accountability in the Public Sector in Nigeria (Published)

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.

Keywords: Accountability, Capital Expenditure, Public Sector, Recurrent Expenditure, Revenue, financial control