THE CONCEPT OF COST CONSCIOUSNESS IN THE MANAGEMENT OF PUBLIC FUNDS. (A CASE STUDY OF THE ACTIVITIES OF ENUGU STATE MINISTRY OF FINANCE AND ECONOMIC PLANNING).

ABSTRACT

Cost consciousness in the management of public funds is aimed at x-raying the degree to which cost consciousness contributes to the judicious handling of the public fund. This is a job, which is left in the hands of administrators, legislators, Investors as well as the general public. Precautions must therefore be taken to avoid Wastage’s of public fund as a result of wrong planning and execution.

In conducting research on this topic, the researcher hopes to visit the Enugu State Ministry of Finance and Economic planning and admin ister questionnaire to the top ranked civil servants and administrators in a bid to collect proper information. This will be based on oral Interview after which critical analysis follows.

So sadly, certain factors would prevent the researcher from getting the whole Information which he requires to write extensively on this topic. Lecturers will be going on in the class thereby making it Impossible for him to go out of school everytime, money is scarce to visit the whole destinations he deam fit, will provide him with much Information’s.

In conclusion therefore, the researcher will suggest that effective management of fund in Enugu State is achievable if; cost monitoring unit is established in the ministry priority is given to profects meant to improve public lives, and reinforcement of the use of warrant in authorization of express from the government treasury.

TABLE OF CONTENTS

Title page

Approval

Dedication

Acknowledgement

Abstract

Table of contents

List of tables

CHAPTER ONE

INTRODUCTION

1.1 Background of the study

1.2 Statement of problem

1.3 Research question

1.4 Significance of the study

1.5 Objective of the study

1.6 Statement of hypothesis

1.7 Scope and limitations

1.8 Assumptions

1.9 Definition of terms

References.

CHAPTER TWO

LITERATURE REVIEW

2.1 Cost Consciousness and Public Expenditure in Enugu State Ministry of Finance.

2.2 Nature and Process/Framework of Public Sector Accounting.

2.3 Financial Control System in the Public Sector.

2.4 The Budgeting, the Focal Point for Management of Public Funds and Cost Control Compliance with Budgeting Provisions and Recordings the Budget.

2.5 The Use of Financial Warrant in Expenditure Control.

2.6 The role of Internal Audit in Management of Public Funds.

2.7 Investment Criterion and Profect appraised of public sector.

2.8 Cannons of Expenditure in management of public funds

References.

CHAPTER THREE

RESEARCH DESIGN AND METHODOLOGY

3.1 Sources of Data.

3.2 Sample used.

3.3 Method of Investigation.

CHAPTER FOUR

PRESENTATION OF DATA

4.1 Presentation, analysis and Interpretation of Data.

4.2 Analysis of Data.

4.3 Test of Hypothesis.

CHAPTER FIVE

FINANCE, RECOMMENDATIONS AN D CONCLUSION

5.1 Findings.

5.2 Recommendations.

5.3 Conclusion.

References

Bibliography

Appendices.

LIST OF TABLE

4.1 PRESENTATION AND ANALYSIS THE DATA

4.1.1. Number of respondent to each question…

4.1.2. Salary Grade level………………………..

4.1.3. Work experience in the ministry…………

4.1.4. Must all Financial Experience of Government

be made from the funds?……………………..

4.1.5. Must all expenditure from public funds be met

by way of warrant issued by the government?..

4.1.6. Do not government revenue go into fund?

4.1.7. Does this ministry make Investment on behalf

of the government?…………………………….

4.1.8. Does this ministry appraise the cost of profect

before approving expenditure on it?

4.1.9. What is the major cause of non-viability of many

public profects and parastatals.

4.1.1- How would you assess the accountability and records

of public funds?

4.1.11-Does the ministry recover loss of public fund?………

4.1.12-Which of the following steps doest this ministry

take to recover last fund?………………………………

4.1.13- Is there adequate cost consciousness in the management

of public funds in your ministry………………………….

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY.

It has been said that government is the largest single industry in every country. This is because, it covers a wide range of human activity. The main purpose of government everywhere in the world is to give some services to prepare who live and work in the state. how well a government serves its citizens determines the degree of the acceptability and continuity of it. This quest ion of being responsive to the needs and requirements of the governed can be assessed by the degree of honesty backed by a tested practice of public accountability and prudence in the management of public funds. In a nutshell, it is the government responsibility to see that the publics money is not wasted; that it is used with the greatest efficiency and is applied only to the purpose which are authorized by law; to achieve this is to b e cost conscious. Strict control over spending of public money should be emphasized if the need is achieved.

This situation in Nigeria has been reported non-handy as regards the management of public funds. Observation an d news of misdirected resources an d misplaced abounded uncompleted profects and the manageably surviving ones may be destined to some awful as a consequence of corruption and Inefficiency in the public sector.

Opere (1986:5) Explained that corruption in Nigeria is a way to life with most people pregnant with the spur to get rich quicker. This issue of corruption and inefficiency acceptable is complex.

When one has arisen to position of eminence, there is notably and usually a long line of people looking up to him for assistance. In large part however, the one’s high principle will be subject to radical should he turn his back.