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The Role of Government Accounting in Managing Pension Funds in Nigeria: A Case Study of the National Pension Commission (PENCOM)

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Background of the Study

Pension funds are vital for providing financial security to retired public servants, ensuring they receive adequate support after years of service. In Nigeria, the management of pension funds has been a challenge for several decades due to issues such as mismanagement, fraud, and inadequate accounting systems. However, the establishment of the National Pension Commission (PENCOM) in 2004 marked a significant step towards reforming the Nigerian pension system. PENCOM is responsible for regulating and overseeing the administration of pension funds in Nigeria, ensuring that pension contributions are properly managed, and disbursed in a timely and transparent manner (Olaoye & Durojaiye, 2024).

Government accounting practices are essential for ensuring the effective management of pension funds, enabling transparency, accountability, and proper tracking of contributions and benefits. These practices also ensure that public sector pension schemes comply with relevant regulations and that pension funds are not misused. This study focuses on the role of government accounting in managing pension funds through PENCOM, examining how effective accounting systems contribute to the sustainable management of pension funds in Nigeria.

Statement of the Problem

Despite reforms and the establishment of PENCOM, challenges still exist in the management of pension funds in Nigeria, including fraud, inefficiency, and delays in the disbursement of pension benefits. Ineffective accounting practices and poor monitoring have been identified as factors contributing to these issues (Okorie & Akpan, 2023).

This study seeks to examine the role of government accounting in ensuring that pension funds are properly managed and disbursed, focusing on the contribution of PENCOM to financial accountability and transparency in the management of pension funds.

Objectives of the Study

  1. To assess the role of government accounting in the management of pension funds through PENCOM.
  2. To evaluate how government accounting practices contribute to transparency and financial accountability in the Nigerian pension system.
  3. To identify challenges in the management of pension funds and suggest strategies for improving the accounting practices within PENCOM.

Research Questions

  1. How does government accounting support the effective management of pension funds through PENCOM?
  2. To what extent do government accounting practices enhance financial accountability and transparency in the Nigerian pension system?
  3. What are the key challenges faced by PENCOM in managing pension funds, and how can they be addressed through improved accounting practices?

Research Hypotheses

  1. Government accounting significantly improves the management and transparency of pension funds in Nigeria through PENCOM.
  2. Government accounting practices enhance financial accountability in the management of pension funds in Nigeria.
  3. Challenges such as fraud and inefficiency in pension fund management can be mitigated through better accounting systems and practices.

Scope and Limitations of the Study

This study focuses on the role of government accounting in managing pension funds through the National Pension Commission (PENCOM) from 2004 to 2025. It explores the impact of government accounting on transparency, efficiency, and accountability in pension fund management. Limitations include potential access issues regarding internal financial data and the reluctance of relevant officials to disclose sensitive information.

Definitions of Terms

  • Government Accounting: The process of managing public sector financial transactions, ensuring transparency, accountability, and compliance with regulations.
  • Pension Funds: Financial resources set aside for the payment of pensions to retired employees.

National Pension Commission (PENCOM): A regulatory body responsible for overseeing the pension system in Nigeria, ensuring the proper management of pension funds.





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