Value for Money Audit and Good Public Governance: Stakeholders’ Perception in Nigeria (Published)
Over the past decades, public sector performance has been at the forefront of the public management debate. Along with the advent of economic and budgetary crises, and new performance management reforms, the public sector has been under constant pressure around the world to deliver good governance and restore voters’ faith in government institutions through the lenses of the value for money audit 6Es (Economy, Efficiency, Effectiveness, Environment, Equity and Ethics). It is against this backdrop, this study primarily assessed stakeholders’ perceptions of the impact of value for money audits on good public governance in Nigeria. Different stakeholders who benefit from government actions in Nigeria make up the study’s population while purposive sampling was used to choose 150 respondents and for analysis, the study employed ordinal logistic regression. The findings demonstrated a positive association between good governance and independent variables (economy, efficiency, effectiveness, equity and ethics audit), with marginal impact coefficients of .606, .059, 1.048, 0.30 and .053, and p-values of .000, .045, 0.21, .001 and 0.033 respectively. It is concluded that routine value for money audit is found to strengthen good governance in the Nigeria public sector. The study recommended that the government should continue to reduce costs through periodic economic audits and efficient audit, as this will improve the quality of governance in the public sector. More so environment, equity and ethics should be giving emphases.
Keywords: and good governance, economy audit, effective audit, efficiency audit, value for money audit
Federal Government Statutory Fund Allocation and Infrastructural Development in Ogun State, Nigeria (Published)
The level of Federal government revenue allocation to state determines sound infrastructural foundation and overall socio-economic development of a state. However, Ogun state still experiencing poor infrastructural development facilities in terms of environmental management, health, educational and agricultural sectors due to inadequate federal statutory revenue allocation. The main objective of the study is to examine the effect of federal statutory revenue state allocation on infrastructural development in Ogun State, Nigeria. The study employed ex-post facto research design with ARDL method of analysis and data was sourced from National bureau of statistics, Ogun State Inland Revenue Service, Ogun State Ministry of Finance and Ministry of Budget and Planning. Findings revealed that federal statutory revenue state allocation significantly affects environmental management in Ogun State (R2 = 64%, t-stat(1,19)=-6.095293, p<0.05); that federal statutory revenue state allocation significantly affects educational development in Ogun State (R2 = 73%, t-stat(1,19)==-3.811322, p<0.05); that federal statutory revenue state allocation significantly affects agricultural development in Ogun State (R2 = 34%, t-stat(1,19)=-5.707987, p<0.05); that federal statutory revenue state allocation significantly affects health sector in Ogun State (R2 = 67%, t-stat(1,19)=-9.379976, p<0.05) and that federal statutory revenue state allocation significantly affects infrastructural development in Ogun State (R2 = 77%, F-stat(4,16)=89.68, p<0.05). The study concluded that both in the short and long runs federal statutory revenue state allocation significantly affect infrastructural development in Ogun State. The study recommended that more financial control and value for money audit should be carried out to minimize wastages and corruption in the states of the federation, so as to change the direction of influence of states’ revenue allocation on infrastructural development.
Keywords: financial control, infrastructural development, sector, statutory allocation, value for money audit