Accounting Infrastructure and Accountability in the Management of Public Expenditure in Developing Countries: A Focus on Nigeria
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Elsevier Ltd. All rights reserved
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Accountability in the control and management of public funds is one of the most sensitive
aspects of the activities of government in all democracies. Hence, the 1999 Constitution of
the Federal Republic of Nigeria contains provisions relating to legislative powers and control
over public funds. However, the required level of accountability in public expenditure
has not been achieved in Nigeria. The situation has remained worrisome even though the
country does not lack in the appropriate laws and regulation required to bring sanity into
the system. Though there have been some bold steps and initiatives in the recent past by the
government by strengthening existing institutions and creating new ones with responsibility
for fraud and other controls, the issue of weak accounting infrastructure has not been
addressed. The paper argues that accountability in public expenditure can more easily be
realized within the context of a sound accounting infrastructure and a robust accounting
profession and not in the multiplicity of laws and anti-corruption agencies; all of which are
reactive in nature. Therefore, the paper reports on the current state of accounting infrastructure
in Nigeria, and conclude with an assessment of the existing agencies and current
reform initiatives in ensuring accountability in public expenditure in Nigeria.
Keywords
HF5601 Accounting