Topic: FISCAL ACCOUNTABILITY DILEMMA IN NIGERIA PUBLIC SECTOR: A WARNING MODEL FOR ECONOMIC RETROGRESSION

Chapter One

INTRODUCTION

1.1 Background of the Study

1.2 Statement of Problem

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 and accountability quandary (Uremadu, 2004). The problem of this research paper is based on the perceived weak accountability of government fund by public servants in Nigeria which has not only increased the height of corruption but also resulted in enormous waste of national resources and decay of economic infrastructure within the economy. Other problems include poor planning and implementation of national budget experienced in all facets of Nigeria public sector, lack of transparency leading to mistrust and other negative consequences, weak accounting infrastructure which may not support accountability of government funds and finally, all the above problems has created room for diverse economic disorder and resulted in under backwardness.

1.3 Aim and Objectives of the Study

The main objective of this paper is to investigate the extent of accountability in the public sector of Nigeria economy within 2006 and 2010 and to achieve this; the following will also be investigated: The relationship between existing accounting infrastructure and accountability in Nigeria The control parameters and oversight bodies established by the government and it is effectiveness The accountability regulatory framework within Nigeria public sector.

Get Full Access Now!