FINANCIAL MANAGEMENT AND ACCOUNTABILITY IN NIGERIAN LOCAL GOVERNMENTS: A CASE STUDY OF ISIALA-NGWA SOUTH LOCAL GOVERNMENT, ABIA STATE

ABSTRACT Due to the tagged stereotype that what belongs to the government belongs to nobody; there has been the unfortunate general feeling among Nigerians that “it is no crime to misappropriate to personal use, government resources or funds with careless abandon”.  Against this backdrop there is a problem of financial management and accountability in Isiala Ngwa South Local government Council.
Despite all the provisions in the financial memorandum and checks and balances system, there are continuous cases of corruption and embezzlement, which undermines the objectives of the local government.  This phenomenon has been exacerbated in recent times by massive poverty, deprivation and generally a very low standard of living in the general Nigerian society, which has not been helped by long years of military misrule, and massive corruption in the highest lungs of government. The objective of this research work is to examine the various provisions made in local government reform guidelines of 1976, 1988 and other recent reforms.  There is the provision of the financial memorandum and instructions and relevant documents for effective financial management and accountability in local government system. In view of these stated objectives, this research work is intended to critically study the problems associated with financial management and accountability in Nigerian Local Government system.  The services, which the local government is supposed to render were studied hoping that findings and recommendations proffered by the researcher will be of good help to the society at large.   TABLE OF CONTENTS Title pageII Approval pageIII DedicationIV AcknowledgementV AbstractVI Table of ContentsVIII
Chapter One 1.0Introduction1 1.1Background of the study1 1.2Statement of problems4 1.3Objectives of the study5 1.4Significance of the study6 1.5The scope and limitations of the study7 1.6Definition of terms8
Chapter Two 2.0Literature Review10 2.1Concept of Local Government13 2.2Brief Historical Development Accounting14 2.3The meaning of accounting17 2.4Roles of Accounting to the Society19 2.5Roles of Accountant in the society21 2.6Accounting Assumptions and principles22 2.7Importance of Accounting Information25 2.8Principles of Accounting27 2.9Users of Accounting Information29 2.10Qualities of Accounting Information32 2.11The meaning of Accountability37 2.12Accounting Systems42 2.13The meaning of Financial Management46 2.14Functions of Finance46 2.15Generation of Fund or Revenue in  Local Government50 2.16Services rendered by the local government53
Chapter Three 3.0Research Design and Methodology55 3.1Research Methodology56 3.2Research Design56 3.3Instrument for Data Collection57 3.4Determination of sample size58 3.5Method of sampling used in selection59 3.6Method of statistical analysis59
Chapter Four 4.0Data Presentation and Analysis61 4.1Formulation of Hypothesis75 4.2Test of Hypothesis77 4.3Hypothesis I77 4.4Hypothesis II80 4.5Hypothesis III81 4.6Hypothesis IV83
Chapter Five  5.0Findings, summary, conclusion and recommendations 85 5.1Findings85 5.2Implications of the result88 5.3Summary90 5.4Conclusion91 5.5Recommendations92 Bibliography97 Appendices: (i)Covering letter to the questionnaire100 (ii)Questionnaire101