An Examination of Debt Servicing Practices and Their Alignment with Government Accounting Principles in Nigeria: A Study of Ogun State
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Background of the Study
Debt servicing, which involves the repayment of principal and interest on borrowed funds, is a critical aspect of public financial management. In Nigeria, rising debt levels have led to increased debt servicing obligations, which now consume a significant portion of government revenues. Aligning debt servicing practices with government accounting principles is essential to ensure transparency, accountability, and fiscal sustainability.
Ogun State, like other Nigerian states, faces challenges in managing its debt servicing obligations due to limited revenues and weak financial management practices. Adherence to government accounting principles, such as accurate debt reporting and timely financial disclosures, is critical for addressing these challenges. However, gaps in these practices often result in inefficiencies and a lack of public trust (Adesanya & Ojo, 2023).
This study examines debt servicing practices in Ogun State, evaluating their alignment with government accounting principles and proposing strategies for improvement.
Statement of the Problem
Inefficient debt servicing practices and weak adherence to government accounting principles pose significant challenges to fiscal management in Ogun State. Issues such as delayed payments, incomplete debt records, and lack of transparency undermine the state’s ability to meet its debt obligations effectively. These challenges not only increase fiscal pressures but also erode public trust in government financial management (Bamidele et al., 2024).
The limited integration between debt servicing processes and government accounting systems further exacerbates these issues, highlighting the need for reforms. This study evaluates the alignment of debt servicing practices with government accounting principles, identifying gaps and proposing actionable solutions.
Objectives of the Study
- To examine debt servicing practices in Ogun State and their alignment with government accounting principles.
- To identify challenges affecting the integration of debt servicing practices and accounting principles.
- To recommend strategies for improving debt servicing practices through adherence to accounting principles.
Research Questions
- How do debt servicing practices in Ogun State align with government accounting principles?
- What challenges hinder the integration of debt servicing practices and accounting principles?
- What strategies can improve debt servicing practices in Ogun State?
Research Hypotheses
- Debt servicing practices in Ogun State significantly align with government accounting principles.
- Challenges such as inadequate records and delayed payments limit the alignment of debt servicing practices with accounting principles.
- Improved adherence to government accounting principles will enhance debt servicing practices in Ogun State.
Scope and Limitations of the Study
This study focuses on debt servicing practices in Ogun State, examining their alignment with government accounting principles from 2010 to 2025. The study is limited by the availability of financial data and potential reluctance of government officials to provide detailed information.
Definitions of Terms
- Debt Servicing: The repayment of principal and interest on borrowed funds.
- Government Accounting Principles: Standards and guidelines for recording, reporting, and managing financial transactions in the public sector.
- Fiscal Sustainability: The ability of a government to meet its financial obligations without compromising future fiscal stability.
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