Proper Accounting And Budget Implementation In Nigeria With Particular Reference


Proper Accounting And Budget Implementation In Nigeria With Particular Reference

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Chapter One

1.0 INTRODUCTION Proper accounting: The word proper means strict decorous of decent. It could be actual in conformity to the expected rule. Then accounting entails responsibility, answerable for or held in charge. Therefore merging these two words proper accounting we can coin them to be decorous or decent responsibility. In this case, the question may be is there any proper accountability in our private and public sectors from the very beginning of our independence till this very moment. These few words proper accounting have been very vital in the restructuring of any economic system of any nation. The cause of every coup detats in Nigeria and the world at large is nothing but mainly for the sales of proper accountability. General Buhari and general idiagbon aggressive came into power for the quest of proper accountability. And general Abacha crowned the whole thing up by his wide speed of improper accountability. The doom in our banking sector and other financial institutions are matters of attention. Is it the failed contracts, failed parastatals and even the external and internal crisis in our business sectors? All these and many other embezzlement problems that rake the counting have made the writer to probe into some of the matters and look for possible solutions.

1.1 BACKGROUND OF THE STUDY For the past ages, man as a rational and devine animal, has been struggling with procurement of a reasonable standard of living the ways of managing his perpetual inadequate human and material resources to give him its expected maximum utility. The eventful development of a well organized society gave birth to the institution of government. During the 15th century, when mercantilism was the order of the day, government had the right to interfere with the economic process to protect the interest of the nation as then seen in the view point of international trade mainly. During the 18th century, Adams Smith and other great authors came out with the system of lasses faire”. The system suited its own period but the general depression of the 20th century showed that it was not after all an economic panacea ( i.e. economic universal cure) people have to look for other economic solution. At this point, the economic scientists have to enter into the field and researches. Thus, it was during this time that Keynes out with his own postation. To be precise, during the 1930’s Keynesian economics development and emphased the cyclical movement of economic and the need to tamper such movement by artificially manipulating the through and depressions in the cycle in order to facilitate a better economic order. In fact, it was policy implication of Keynesian economies that have contributed to the trends which led to economic planning and budgeting as a tool in political administration. Presently Nigeria as a nation is moving towards the 50th age of independence. Within the previous 39 years, so many budget have been pronounced and many of them are policies. All these budgets and polices were made to enhance the Nigerian standard of living which is presently nothing to talk about. We had fully experience the poor living standard of the citizens from the date of the nations independence till the present as government promisingly budgets.

1.2 STATEMENT OF PROBLEMS Since independence, so many budgets have been made ranging from the federal done to state and local government areas. These budgets when made follow a technique and formulated method of implementations. Another problem is to know if the implementations are the proper ways to follow. The means by which funds for the realization of this budgets are sourced, the source of this funds and the rendering returns on stewardship rotating to the management of funds or other assets to the units (government) and the use (application) of these funds sourced for into the budgeted expenditures takes us to the topic called “proper accounting and budget implementation in Nigeria with particular reference to Enugu state”. We must take it that the most stressing visible aspect of administrative in capacities in poor (under developed) countries is the difficulty in accountability and implementing budgeting and development plans. Many at times projects are badly conceived, favourably given to wrong hands and completion are under estimated and the result will be a loss. Thus incompletion and abandonment. This will have no doubt created a great waste, loss, compassion and abandonment in the economic sector. Also, the frustration in trying to identify suitable projects and carry them out successfully to a final stage of completion are seen as a major stumbling block to plan implementation and development in Enugu state. Other related problems of the study are these caused by improper execution of budgeting plans and poor account of government funds (both current and reserved revenue). This is based on the fact that all plans are always militated by the problem of implementation. Short instance, the Balloon project designed to give Nigeria a 21st communication links even with rural areas has been agonizing projects. On February 12th 1976, this project was signed at the estimated value of N89, 018. It has stayed up to many years without completion. Thus the improper accountability and inability to implement the budgetary plans has been our great terror in terms of project implementation. The ocean terminal gulped N153million of our budgetary plans and policies has scattered the economy of this nation to the number of projects which are not completed are too numerous. The un implementation of the annual budgetary plans leads to incompletion of many projects. The ending result is that it holds to wheels of our economy in a standstill position. Not only were the projects abandoned directly, the case of “multiplier effect” which is the director of the economy is also annually affected. If projects planned are not implemented then, there could be no money to be generated into the economy. As a result, the whole economy will be static. The multiplier effect which is affected is a system through revenues is generated into the economy through awards of contract and the building of the projects awarded. We should know that this projects if implemented, affected both house hold, firms and public sector. For instance, if a contract of N1,000.000 is awarded, then this amount can generate N5,000.000 into the economy before it got completed. Therefore, all these projects started and abandoned had economically crucified this very country of ours in the area of economy and social. A lost of wealth wasted and abandoned human and material resources were and still being neglected due to improper accounting and low budgeting implementation of the planned budget. Other outstanding problem worthy of probing into is to inconsistencies of good financial management in health sector. The writer gathered that the physical cash budgeted and allowed to the health sector is not judiciously used. It is a heavy disappointment that the money allocated for the purchase of drugs , medical equipments and the payment of workers salaries are many at times swindled into private accounts, by the top management if the hospital units to yield some interests which they could use for their own selfish interests. The same tune of music improper accountability and un-implementation of budget is creating a crisis in he educational system of Nigeria, ranging from the primary education, secondary and up to our tertiary institutions, we have problems of improper accountability. The headmaster and mistresses are no more upholding the trust borrowed on them nor the principals in our secondary schools. In our communication system, Nigeria telecommunication system (NITEL), the issue of advance fee frauds coded 419 in our constitution has created a terror that calls for attention. Another problems that are shaking the economy is the revenue collection problems the revenue collection equally did the nation a great economic harm since not all the money collected were accounted for. Some of these tax-men manipulated assessment to enrich themselves at the expense of government and people. “Most of them acquired building and other property the value of which exceed their normal legitimate salaries. This, as we can see also frictions the economic wheels of our nation. The use of the revenue collected, in the budget implementation also poses an economic problems in our country. When the revenue collected are not use for the people for their expectation, they could evert and avoid the pay of tax. The youths, when neglected feel cheated and report to robbery and vandalization of the government property. The vandalization of electric property in Affa-Udi Local Government Area-Enugu State calls for this attention. Nobody could tell why and who did it. Another problem is the wrong implementation of our budgetary plans. The oil pipe line from Port-Harcourt to worth of the country had taken huge sum of money. The question is “the wasting of our resources in the constitution of oil-pipe lines which could be refined in area of drilling unrational. The Ogoni public disturbance as we know was generated by this very issue of oil problem. What is the cause of the Ogoni Chief disputes and the effective hanging of Chief Keno Sarowiwa has to teach? In summation therefore, the nation has both economic social and political cancer. It cannot heal until the issue of proper accountability and budgetary implementation is well addressed.



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