ABSTRACT
The problem under investigation is “problems and prospects of financial management in local government system”. The researcher is well aware that accounting and financial reporting in the public sector particularly at the local government level was not given adequate attention. The purpose of this study is to identify and examine the problems of the local government finances and account; and ascertain the prospects of improving sources of local government finances. The study posed the following question: what are the sources of local government finances? What are the causes of underutilization or revenue generated from local sources in the council? What factors bring about improper accounting records in the public sector? Is the accounting system of the local government effective? Empirical analysis was carried on the data collected based on the questionnaire and statement of income and expenditure of the local government. The researcher also made detailed library study, simple percentages, chi-square tests and correlation coefficient were used respectively in analysis and testing the hypotheses. Based on the analysis of the data using the appropriate tools as mentioned above some findings were made as follows: there is no significant relationship between sources of funds and execution of development projects at the local government level. Poor quality of treasury staff cause under-utilization of revenue generated from the local government council. The accounting system of the local government is not effective in operation. Poor financial planning and control has resulted in the failure of the local government to curb excess expenditure. Lack of financial data and qualified personnel in management decision have been identified as factors militating against sound financial and aof sound internal control makes auditing of the local government financial statements difficult. In conclusion, the study disclosed that Owerri Municipal Council should not rely only on the statutory allocation from the federation account but should avail itself into other avenues of generating revenues in order to finance its expenditure programmes. The researcher recommended among other things the installation of proper internal control in the local government council to check the excess on the local government expenditure.
TABLE OF CONTENTS
Title page i
Certification iii
Dedication iv
Acknowledgement v
Table of content vi
Abstract xi
CHAPTER ONE
INTRODUCTION
1.0 Introduction
11. Background of the study
1.2 Statement of problem
1.3 OBJECTIVE CF STUDY
1.4 Research Questions
1.5 Statement of the Hypothesis
1.6 Significance Of The Study
1.7 Scope Of The Study
1.8 Definition Of Terms
CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 THE CONCEPT AND DEVELOPMENT OF LOCAL GOVERNMENT
2.2 THE ROLE OF LOCAL GOVERNMENT
2.3 THE 1976 LOCAL GOVERNMENT REFORM
2.4 THE NIGERIAN 1999 CONSTITUTION REFORM
2.5 AMENDMENT OF 1999 CONSTITUTION ON LOCAL GOVERNMENT ADMINISTRATION
2.6 FINANCIAL MANAGEMENT
2.7 STRUCTURE AND FUNCTIONS OF THE LOCAL GOVERNMENT DEPARTMENT
2.8 SOURCES OF REVENUE TO THE LOCAL GOVERNMENT COUNCIL
2.9 PROBLEMS OF REVENUE GENERATION IN THE LOCAL GOVERNMENT SYSTEM
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Research design
3.2 SCOPE OF THE STUDY
3.3. POPULATION OF THE STUDY
3.4 SAMPLING TECHNIQUE
3.5 DATA COLLECTION PROCEDURE
3.6 DATA ANALYSIS PROCEDURE
CHAPTER FOUR
4.0 DATA PRESENTATION, ANALYSIS AND FINDINGS
4.1 QUESTIONNAIRE DISTRIBUTION AND RESPONSE
4.2 HYPOTHESIS TESTING
CHAPTER FIVE
5.0 SUMMARY OF FINDING, CONCLUSION AND RECOMMENDATION,
5.1 Summary of findings
5.2 Conclusion
5.3 Recommendation
REFERENCES
