THE IMPACT OF PUBLIC SECTOR ACCOUNTING ON ACCOUNTABILITY IN THE PUBLIC SECTOR OF NIGERIA

The article on this topic (impact of public sector accounting on accountability in the public service of Nigeria) is an extract from literature review of the project material. The complete project work would be made available when you subscribe for the full material.

CHAPTER TWO

LITERATURE REVIEW

2.1. CONCEPTUAL REVIEW

ACCOUNTABILITY AS A TOOL FOR PROGRESS

 Accountability has today become a very popular concept in our political and administrative vocabulary. Accountability has been defined according to Woods, and Alan (1996) as the rendering of returns on stewardship relating to the management of funds and other assets of which individuals or institution have been custodian. 

In the public sector, accountability entails among other things the making of returns of revenue accruing to it. When there is proper accountability of these resources, the government will be in a position to provide its citizens with basic wants for example, hospital, education, waster, electricity and so on for the general progress of the society.

At the 18th Annual Accountant’s Conference in September, 1998 which took place at NICON Hotel, Abuja on public sector accounting organized by the institute of Chartered Accountants of Nigeria, Chief J. K. Prajitle representing Peat Marwick and Ogunde company chartered accountant) presented a paper titled “Account ability in the new civil service structure” he quoted the president of Nigeria General Ibrahim B. Babangida as saying that “Every Nigeria parents wants a better Nigeria for his children, that the succeeding generation should reap the reward of the sacrifice of its predecessor, and that our sons and daughters cannot and should not be concerned to the compulsory inheritance of perennial pair and degradation. It is therefore from this grand vision that the civil service must take its due if the new reforms are to be of lasting importance as regards to progress.   

National interest should be of importance and non-negotiable. From the above quotation, this desired objectives can only be achieved when the operation of the reforms are dedicated and patriotic.

It is the lack of effective and efficiency techniques and tools for accountability in Nigeria, that lead to large chunk of government money pumped for the creation of mass transit program, water project and so on which cannot be accounted for, investigations and newspapers reports show that the projects executed by these agencies and the billions option on them. This is a serious situation when politician takes over them, as they might use them to siphon funds for the demands and satisfaction of parts stewards.

Clearly, those schemes are good ideas but unless it is properly managed, it will just be a drain pipe on our resources. With brain drain is also a problem that we have to tackle due to lack of proper management of resources, this had led to talent and some experienced civil servant “checking out” to seek fortunes in foreign trade