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AN APPRAISAL OF THE CHALLENGES OF FUND
MANAGEMENT IN THE NIGERIA LOCAL GOVERNMENT SYSTEM
CHAPTER ONE
1.0 INTRODUCTION
The
challenges of funds management in finance function, usually at a managerial
level through which the firms financial resources are harnessed and allocated
in the Nigeria local government system. The subject of financial management is
of immense interest of those in academic and practicing managers because it
provides them understanding with conceptual and analysis insights to make
decision skillfully.
Due to
scarcity to resource financial management is arguable the most, critical and
intractable of the problem which constrained the performance and development of
local government in Nigeria and which Lokoja local government is not an
exception inadequate financial resources has hampered development of Lokoja
local government and this has always remained a log on her wheel of
development. This coupled with other problems have made immense contributions
to the low performance of the local government. Esun (2013).
The aim of
this study is to know and evaluate the challenges of fund management in the
Nigeria local government system most especially Lokoja government council. Also
to minimize the identified problem in order to enhance the standard of living
of the local citizens.
1.1 BACKGROUND OF THE STUDY
Local
government is the third tier and government that are responsible for
administration at the grassroots level. According to Lock (1988), local
government is public organization authorized to dividend and administer a
limited range of policies within a relative and small territory which is a
sub-division of regional or national government.
Therefore,
local government has been considered desirable as essential instrument of
national and state government for the performance of some certain basic
services, like introduction and distribution of goods and services such as
areas of health care, education, agricultural extension, social welfare,
security and market which can best administered healthy or intimate knowledge
of needs condition and peculiarity of the area concerned.
The 1979
constitution guideline formed an important landmark in the evaluation of local
government in Nigeria. The reform therefore saw the emergence of uniform
structure of local government. The committee considered the accounting and
financial management system for the new local government that had emerged. The
accounting system consist of financial memorandum not be adopted on a
nationwide basis by all the local government in the country.
Fund serves
as changes in financial resources, arising from change in working capital items
and form financial investing activities of enterprise. According to Akinsunsmi
(1986). Money receive as payment income especially that of a country from all
sources.
Revenue is
defined as all tools, taxes impress rates, fees duties, penalties, prefecture,
loans rent allocation and all other government receipts form whatever source
over which the legislature has power for appropriation. Okowoli (1988).
Champber
dictionary defined it as additional asset which do not increase any liability
of such additional to asset which should not represent the recovery of an
expenditure or their conciliating of any liability or decrease in assets.
1.2 STATEMENT OF THE PROBLEM
Owing to the
immense responsibility of the government to provide service and infrastructure
for its citizens, financing of these project, poses a great challenge to the
government thus a crucial need to raise fund in order to meet the mandate of
the people.
The
financial problem of the local government, Lokoja in particular falls under
three areas.
How to keep
the money
How to
utilize the money
Finance as
we know too well is heart of activities of government. Government unit at all
level, national state and local level are daily engaged in the provision of
social services in areas of health care, education, agriculture extension,
social services or welfare, security all of which involve money.
Inadequacy
in financial management is arguably the most critical and intractable of the
problem which constrained or limit the performance and development of local
government in Nigeria and which Lokoja local government is not an exception
inadequate financial resources has hampered Lokoja local government and thus
has always remained a log on her wheel of development.
Most of the
militating against rapid development of Lokoja local government totally has
been characterized by poor financial management by revenue officers, revenue
collections and administration tend to contribute to the problem of financial
management, corruption on the part of the revenue officers, inefficiency,
favourtism, lack of qualified personnel, tax evasion sectionalism and
embezzlement.
This coupled
with other problems have made immense contribution to the low performance of
the Lokoja local government. This financial problems needs to be identified,
discussed and improvement should be made upon if the local government is to
serves on effective instrument of government at the grass root level. Adedeji
(2003).
1.3 SIGNIFICANCE OF THE STUDY
The study of
Lokoja local government financial management as survival of local government is
significant in the sense that the research project identifies some untapped
sources of revenue which will in the long run boost the financial base of the
local government and make it less dependent on state and federal government
supports.
The
admonished independence of local government is a reflection and its in turn by
the admonished role of local sources of revenue in the administration of these
revenue as problem area are identified and possible. Suggestions are advanced
minimize if not to eradicate these identified problems.
The study is
equally important financial resources in the local who harness and allocated
financial to resources in the local government in order to enhance the standard
of living of the local citizens.
1.4 PURPOSE OF THE STUDY
The purpose
of the study is to evaluate the financial management (funds) base of local
government most particularly Lokoja local government whether at level of
different ways of managing the much needed funds for development.
However, the
study has the following specific purposes.
To survey
the adequacy of existing sources of revenue available to Lokoja local
government
To identify
internal and external controls made by Lokoja local government in managing it
funds
Examine the
loopholes in the administration of funds management in Lokoja local government
and
Base on
(i-iii) above suggest ways and means of eliminating the problems, where they
exist in the fund management of Lokoja local government.
1.5 RESEARCH QUESTION
Now adequate
are there existing sources of revenue in the local government
What are the
identifiable internal and external control over fund in Lokoja local
government?
iii. What are the loopholes in the administration
of funds in Lokoja local government.
1.5.1
RESEARCH HYPOTHESIS
For the
purpose of this research work, null hypothesis and an alternative hypothesis
will be used i.e. (Ho and Hi) respectively.
Ho1: In
Lokoja local government the existing sources revenue/fund area adequate
Hi2: There are identifiable internal and external
control over revenue in local government
Ho3: There
are loopholes in the administration of fund/resources in Lokoja local
government
Ho4: The
existence of loopholes of fund management is responsible for inadequacy of
fund/revenue being experienced by Lokoja local government.
1.6 SCOPE OF THE STUDY
This project
work is an attempt to critically evaluate the challenges of fund management in
local government (A case study of Lokoja local government area)
1.7 LIMITATIONS OF THE STUDY
In the
course of carrying this research work, the researcher faced a lot of problems
which limited the study. They include the following:
Time frame
Financial
resources
Material
resources
TIME FRAME:
The researcher being a student has a lot of activities in school so the only
function of the time he has apportioned to the research work, so the research
was limited to the extent of the time research was able to devote for it.
FINANCIAL
RESOURCES: Also limiting factor of this research was financial resources of the
residence and the venue of the case study being student (the researcher) was
faced with the problem of transportation fees most time. In addition expenses
also include the purchase of stationeries photocopy and other necessary
expenses related to the research work. Therefore, the research was limited to
the amount of resources within the research reach.
1.8 DEFINITION OF TERMS
In an
academic research of this nature, it usually uses to define some key concepts,
which would be used in the course of the study. This is because it helps to
carry the reader along the following terms are therefore defined as they are
used in the context of this study.
LOCAL
GOVERNMENT: Barber (1970) defined local government as ‘’authority to determine
and execute within a restricted area inside and small that the whole state’’.
In the same vein, the guideline for
local government reform of (1979) defined local government as the ‘’government
establishment by law of the exercise specific power within defined areas’’.
FUND: May be
defined as change in cash and change in working capital
DEVELOPMENT:
Development is defined as the act process result or state of developed which in
turn lead to advance to promote the growth of to further improve or to enhance
something.
SOURCES:
According to Advance Dictionary defined the word ‘’source’’ is the place person
form which something comes or is got from.
GENERATION:
The word generation connotes the contents of producing or derives in form of
collection or accumulation. The particular function of this word is use in the
content of this project to produce, collect, accumulate through possible means.
SUBVENTION:
An amount of money given to support an organization, industry public
corporation and government level.
ADMINISTRATIVE:
The word administration is derived from Latin word ‘’administer’’ which mean to
case for or look after people to manage affairs. Administration is universal
process permeating all collective effort, be it public directed toward the
realization of consciously laid down objectives.
BUDGET: A
budget is defined as a conscious prepared in advance, relating to future period
of a time base on forecast of key variable adopted to achieve wish to contain
policy of an objective.
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