The Role of Audits in Ensuring Financial Sustainability in Nigerian Universities: A Case Study of UNILAG
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Background of the Study
Financial sustainability in higher education institutions is critical for their ability to provide quality education, research, and community services. Universities, particularly in developing countries like Nigeria, face financial challenges such as inadequate funding, mismanagement, and rising operational costs (Afolayan & Obafemi, 2024). Audits play a vital role in promoting accountability, transparency, and effective financial management within universities.
The University of Lagos (UNILAG), one of Nigeria's premier institutions, has experienced fluctuating financial allocations, which have placed constraints on its capacity to maintain infrastructure, staff welfare, and research output (Ibrahim & Eze, 2025). Conducting regular audits ensures compliance with financial regulations, identifies inefficiencies, and provides actionable insights for long-term financial planning. This study examines how audits contribute to financial sustainability at UNILAG, exploring the relationship between auditing practices and fiscal health in Nigerian universities.
Statement of the Problem
Nigerian universities often face financial crises due to poor management, inadequate oversight, and external economic pressures. UNILAG, despite its reputation, has struggled with challenges such as delayed salaries, insufficient funding for research, and decaying infrastructure. While audits are expected to ensure financial discipline, the extent to which they contribute to financial sustainability in universities remains underexplored (Adebayo & Salisu, 2023).
This study addresses the gap by evaluating the effectiveness of audits in promoting financial sustainability at UNILAG, focusing on their role in enhancing resource allocation, compliance, and financial planning.
Objectives of the Study
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To examine the role of audits in ensuring financial sustainability at UNILAG.
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To identify challenges affecting the implementation of audit recommendations in Nigerian universities.
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To propose strategies for improving audit practices to enhance financial sustainability in universities.
Research Questions
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What role do audits play in ensuring financial sustainability at UNILAG?
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What challenges hinder the implementation of audit recommendations in Nigerian universities?
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What strategies can improve audit practices to ensure financial sustainability in universities?
Research Hypotheses
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Audits significantly enhance financial sustainability at UNILAG.
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Challenges such as inadequate funding and lack of enforcement hinder the implementation of audit recommendations.
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Improved audit practices positively impact financial sustainability in Nigerian universities.
Scope and Limitations of the Study
The study focuses on audit practices at UNILAG, examining their impact on financial sustainability. Limitations include restricted access to confidential audit reports and potential biases in data provided by university officials.
Definitions of Terms
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Audit: An independent examination of financial records and operations to ensure accuracy and compliance.
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Financial Sustainability: The ability of an organization to manage resources effectively to meet current and future financial obligations.
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Higher Education Institution: Universities or colleges providing tertiary education.
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