1Olaoye, Samuel Adebayo, 2Ogbebor, Peter Ifeanyi,3Elelu, Funmi Silifat
1Lecturer, Department of Accounting, Babcock University, Ilishan-Remo, Ogun State
2Lecturer, Department of Finance, Babcock University, Ilishan-Remo, Ogun State
3Masters Students, Department of Finance, Babcock University, Ilishan-Remo, Ogun Statehttps://doi.org/10.47191/jefms/v4-i7-08
The Nigerian government has for a long time recognized problems relating to mismanagement of public funds evidenced by lack of transparency, poor accountability, corruption, financial leakages and budgeting processes, financial excesses, poor cash management and resource allocation. This is coupled with the fact that there is a near total absence of the notion and ethics of accountability in the conduct of public activities in the country. This study investigates the effects of financial control practices on accountability in Nigeria public sector. This is due to dearth of literature in this area of study. The cross-sectional survey research design was employed, the data were primarily sourced by means of a questionnaire (research instrument) and empirically analyzed. The target population of this study was the staff (2,125) of public/civil servants working in the Accounts and Finance departments of Lagos and Ogun States government Secretariats, Taro Yaman was adopted to arrive at 337 sample size. Data were analyzed using the SPSS 20.0 version software, inferences were made at 5% significant level. The study showed that financial control has a significant influence on accountability of public sector (Adj. R2= 0.468, F(4, 349) = 77.692, P< 0.05). Based on this finding, the concluded that there is significant effect of financial control practices on accountability in the public sector. The study also established that financial control has a significant influence on responsibility of public sector (Adj. R2= 0.141, F(4, 349) = 15.296, P< 0.05). Therefore the study concluded that there is significant effect of financial control practices on responsibility of public sector accountability.
The study therefore, concludes that there is a positive significant effect between financial control practices and accountability in public sector. Based on the findings of this study the study recommends that: The existing physical control assets should be strengthened in order to ensure effective financial control and improve on accountability thereafter due to the insignificant effect of physical control of assets has on accountability in public sector. Effective and efficient application of financial control methods and management strategies to accountability in the public sectors will compel each employee to be more serious, focused and loyal in the discharge of their responsibilities.
Accountability, Financial control practices, Practices on openness and transparency, Physical control of assets, Responsibility
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