The Nigeria Public Sector: Matters Arising on Financial Management and Auditing Procedure
Author(s)
MAMIDU, Ishola Aruna , AKINOLA, Akinwumi Olusegun ,
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Abstract
the study was about the matters arising on financial management and auditing procedure in the public sector in Nigeria. The paper set out to examine; the public financial management reforms and pronouncements introduced in the public sector; how effective these reforms and pronouncements have been; the determinants of efficient public financial management system; and the ways out of the current economic crises in the Nigerian public sector. The paper is established on agency theory and also employed the desk/analytical review research design which relied wholly on reservoir and pool of knowledge, extant literature and research findings from previous scholars. From the findings made, the study concluded that there had been various efforts in areas of public sector financial management reforms put in place by the Nigeria government in her bid to introduce accountability, good service delivery; efficient public service output, corrupt free society and effective financial reporting in order improve the life of Nigeria citizens. The PFM reforms have also met stiff resistance in some areas. If given enough time to improve and properly correct her PFM, the Nigeria public sector would be an example for other country. Therefore, it was recommended that, there is the need for the public institutions that are saddled with the responsibility of motoring and enforcing PFM reforms to work as a system. System has subsystems; they should complement each other.
Keywords
Accountability, Auditing, Agency Theory, Public Financial Management, Public Sector.
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