FISCAL ACCOUNTABILITY DILEMMA IN NIGERIA PUBLIC SECTOR: A WARNING MODEL FOR ECONOMIC RETROGRESSION
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- NGN 5000
ABSTRACT
The diagnostic survey conducted in 2001 into the Federal Government public procurement revealed that Nigeria lost several hundred billions of Naira over the last few decades due of flagrant abuse of procedures, lack of transparency and merit in the award of contracts in the public sector. Measures like legislative committees, financial audit, ministerial control, judicial reviews, anticorruption agencies, advisory committees, parliamentary questions and public hearing to ensure accountability in the public sector as in developed countries were adopted yet no tangible result has been achieved. This study investigated accountability in the Nigerian Public Sector. The population of the study is Nigeria public sector and the sample frames was drawn from Ministry of Finance, Presidency, Ministry of Works, and National Assembly. Source of data was primary and were collected through structured questionnaire which was distributed to 100 management staff of the above organizations at random. Data were with the aid of SPSS. The result showed that there is weak accountability in Nigeria due to weak accounting infrastructure, poor regulatory framework and attitude of government officials. It was recommended that the government, professional accounting bodies and citizens should work together to have a meaningful resolution on this issue as a matter of urgency.
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