The Role of Public Sector Accounting in Tracking Educational Subsidies in Nigeria: A Study of the Tertiary Education Trust Fund (TETFUND)
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Background of the Study
Educational subsidies play a critical role in promoting access to quality education and enhancing national development. In Nigeria, the Tertiary Education Trust Fund (TETFUND) was established in 1993 to provide financial support for tertiary institutions, focusing on improving infrastructure, research, and academic development. The effective management of these funds requires robust public sector accounting practices to ensure transparency, accountability, and efficiency.
Despite its significant contributions to the education sector, TETFUND has faced challenges such as mismanagement, lack of transparency, and inadequate monitoring of funds. Public sector accounting can address these challenges by providing accurate financial reporting, tracking fund allocation, and ensuring compliance with regulatory requirements (Okoye & Eze, 2023). This study explores the role of public sector accounting in tracking educational subsidies, with a focus on TETFUND.
Statement of the Problem
The mismanagement of educational subsidies in Nigeria has raised concerns about the effectiveness of existing tracking mechanisms. TETFUND, despite its mandate to enhance tertiary education, has been criticized for inefficiencies in fund allocation, inadequate monitoring, and lack of accountability (Abdullahi et al., 2024). These issues hinder the achievement of educational goals and undermine public trust.
The role of public sector accounting in addressing these challenges remains underexplored. This study investigates how public sector accounting can enhance the tracking and management of educational subsidies provided through TETFUND, identifying gaps and proposing solutions.
Objectives of the Study
- To assess the role of public sector accounting in tracking educational subsidies under TETFUND.
- To identify challenges in the accounting practices of TETFUND in managing educational subsidies.
- To propose strategies for improving the tracking and accountability of educational subsidies.
Research Questions
- How does public sector accounting contribute to tracking educational subsidies in TETFUND?
- What challenges affect the accounting practices of TETFUND in managing educational subsidies?
- What strategies can enhance the tracking and accountability of educational subsidies?
Research Hypotheses
- Public sector accounting significantly enhances the tracking of educational subsidies under TETFUND.
- Challenges such as inadequate monitoring and poor financial reporting limit the effectiveness of accounting practices in TETFUND.
- Improved public sector accounting practices will enhance the management of educational subsidies.
Scope and Limitations of the Study
This study focuses on the role of public sector accounting in tracking educational subsidies provided by TETFUND, covering the period from 2010 to 2025. It examines financial reporting, fund allocation, and monitoring practices. Limitations include the availability of detailed financial data and potential reluctance of stakeholders to share sensitive information.
Definitions of Terms
- Public Sector Accounting: The process of recording, analyzing, and reporting financial transactions in the public sector.
- Educational Subsidies: Financial support provided by the government to enhance access to and quality of education.
- Tertiary Education Trust Fund (TETFUND): A government agency responsible for managing funds allocated to tertiary education institutions in Nigeria.
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