ABSTRACT: One of the most researched and least understood variables of public sector accounting is how the accountability and stewardship of financial control is conducted. People have been speculating on how the funds generated are managed but now researchers have conducted systematic investigation of funds and leakage in local government revenue system. Even with this, there is still an increasing difficulty and doubts in establishing the fact that the revenue generated are put in good use. There is also an evaluation of the source of revenue to the local government, and the impact of financial control system in the local government revenue system particularly the revenue collection points where all derivable revenues are kept for safe custody. Secondly, to find out if really there is grant from the federal and state government to the local government areas and how it’s being spent. Finally to know the reason, the local government cannot employ their resources in funding projects. Findings and recommendations have gone a long way to establish proper financial control system in local government and it’s improvement.
The following findings we made
- The findings researcher was able to find out that there is enough evidence to show that there is grant form the federal and state government to the local government.
- That they are inadequate financial control system in the local government area.
- That accountability and stewardship of the generated revenue is totally inadequate.
The following recommendations were made:
- The grant given to the local government should be looked into.
- The federal and state government should regulated the actions of the local government
- The revenue leakage of the local government should be checked.
- A committee should be set up to control the accounting system.
- The local government should take effective planning cost control measures and product management of their resources.
TABLE OF CONTENTS
- Introduction 1
- Purpose of the study 9
- Significance of the study 10
- Statement of the problems 12
- Hypotheses formulation 14
- Scope and limitation 14
- Definition of terms 15
2.0 Review Of Related Literature 18
- Definition 20
- Budget 21
- Financial Regulations 22
- Cash Accounting 23
- Local Government Reform 23
- Local government accounting functions 26
- Sources of revenue to the local government 30
- Rural development functions 32
3.0 Research Design & Methodology 35
- Research design 35
- Area of study 36
- Population 36
- Sample and sampling procedure 37
- Sources of data 39
- Interview method 40
- Questionnaire method 41
- Procedure for data analysis. 42
4.0 Presentation and Analysis of Data 44
- Presentation of data 44
- General data 44-68
- Test of hypothesis 69
- Analysis of survey results 73