MANAGEMENT AND CONTROL IN THE PUBLIC SECTOR (CASE SYUDY OF FEDERAL MORTAGAGE BANK OF NIGERIA ENUGU)

MANAGEMENT AND CONTROL IN THE PUBLIC SECTOR (CASE SYUDY OF FEDERAL MORTAGAGE BANK OF NIGERIA ENUGU)

CHAPTER ONE:

• INTRODUCTION
  
  
  
  • Back ground of the study
  
  
  • Statement of problem
  
  
  • Objective of the study
  
  
  • Hypothesis formulation
  
  
  • Significance of the study
  
  
  • Scope of the study
  
  
  • Limitation of the study
  
  
  • Definition of terms
  
  
  
  

 

CHAPTHER TWO:

• LITERATURE REVIEW
  
  
  
  • An overview of public sector
  
  
  • The conceptual definition of funds in the public sector
  
  
  • Impact of funds mismanagement in the public sector
  
  
  • Causes of fund mismanagement in public sector
  
  
  • Enhancing effective and efficient funds management and control in the public sector
  
  
  • Summary of reviewed literature
  
  
  
  

 

CHAPTHER THREE

• RESEARCH METHODOLOGY
  
  
  
  • Research design
  
  
  • Area of study
  
  
  • Population of the study
  
  
  • Sample and sampling technique
  
  
  • Instrument for data collection
  
  
  • Reliability of instrument
  
  
  • Validity of instrument
  
  
  • Method of data collection
  
  
  • Method of data analysis
  
  
  
  

 

CHAPTHER FOUR

• DATA PRESENTATION AND ANALYSIS
  
  
  
  • Data analysis
  
  
  • Test of hypothesis
  
  
  
  

 

CHAPTER FIVE

• SUMMARY OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS
  
  
  
  • Findings
  
  
  • Conclusions
  
  
  • Recommendations
  
  
  • Suggestion for the further research
  
  
  
  

Bibliography

Appendix

LIST OF TABLES

 

• Period of the act of embezzlement of the funds in the public sectors started in Nigeria


• The leadership era in Nigeria where this act of embezzlement of funds in the public sector is pronounced


• The after –effects funds mismanagement in the public sector on the development of Nigeria


• Effect of financial impropriety on the economy of Nigeria


• The category of public office holders that indulge most in misappropriation of funds in the public sector


• The root cause of funds misappropriation and squandering habits among public officers in the public sector of Nigeria


• Who is to blame?


• Measure to be put in place enhance effective and efficient funds management and control in the public sector in Nigeria

 

 

ABSTRACT

 

For a very long time now, the public sector in Nigeria have suffered great set back, vise versa, public funds management and control that the causes effects or impacts and suggested remedy (solutions) for managing and controlling of funds in the public sector are the evitable for discussions. Consequently, this paper has attempted an expository discourse on the causes and symptoms (effects) of funds mismanagement in the public sector in Nigeria. It thus gave hints

CHAPTER ONE

 

Even though a country may be naturally endowed with diverse kinds of resources, the greatness of such country lies in   her ability to manager her resources properly. Public sector in a nutshell, is the sector that manages the ensure effective and efficient allocation of these resources for satisfaction of the citizen concerned that the sector is used in implementing government policies. Public sector include all government minister and department, parasitical, agencies, commissions and public enterprises. Being a service-oriented sector, it is usually budget financed

Essentially, funds.in the public sector refers to the sum of money or other resources segregated for the purpose of carrying out specific activities in accordance with special regulations, restrictions and limitations. According to Ratter .J. (1947), public sector funds accounting is the demonstration of fiduciary stewardship, to show that resource (funds) here been dealt with in a proper way.

The management and control of funds in the public sector revolves around two words responsibility and accountability. This has to do with the honest application of funds and in compliance with proper procedures, ensuring that these funds are spent on properly approved items and within the budget level.

In spite of its paramount importance in the economy, this complex sector has failed to love up to the expectations of bringing the policies and programmers of the government to fruition cases of financial indiscipline like embezzlement of public funds by public office holders and very rampant nowadays when it comes to public funds, people seems to put aside their moral values. Financial integrity is hardly seen in the public sector.

Unfinished projects, non payment of salaries and pension and so on, were as a result of misappropriate of public funds in the public sector, no single day will pass without a report on misappropriation of funds in the public sector. This entails the diversion or misuse of funds earmarked for specified project or programmed for another unconstitutional selfish purpose.

Financial profligacy is another phenomenon that is wrecking serious havoc in the public sector. There is an accentuated, unbridle and unnecessary squandering of funds in the public sector .The ripples of the over spending are felt all over the economy government lies continued to run budgets deficit which has had adverse effect on diminishing our gress National products, thus putting the living standard of the citizenry on the decline. This equally has rendered most public sector organizations man band, no wonder the government calling for privatization of most of these public sector organizations, non performance of these sectors as a result of misappropriation of funds meant for their operation must not be far from what information government decisions to privatize them.

The questions many people are asking are; is the financial (management and control) Act 1958 so weak in combating this menace? Are there no procedures for managing and controlling of funds in the public sectors, if we have, are they weak? Or do public officers neglect them? Is there no innovation that could be plugged into funds management and control system of this public sector to enable it live up to the expectation? Hence, my interest to embark on this project federal mortgage Bank of Nigeria is an apex mortgage institution of Nigeria in the year 1997 as a successor to Nigerian building society established in the year 1956. This apex institution is charged with the responsibility of administering loan at an affordable rate of interest to citizens, for building and buying houses and for renovating their own houses through a government approved housing policy known as NATION HOUSING FUND (NHF) scheme.

National Housing funds scheme being the main focus of federal mortgage bank of Nigeria, was established by decree No 3 of 1992 (now an act) primarily to address the constraints to the mobilization of long term funds for housing development and to ensure that every Nigeria has access to housing been at affordable rates of interest, it provides and enduring pool of funds for lending to contributors to enable them build, buy and renovate their own houses. This scheme clearly redefined the activities of federal mortgage banking Nigeria

 

HOUSING FUNDS THE OBJECTIVES OF FEDERAL MORTGAGE BANK OF NIGERIA THROUGH THE NATIONAL SCHEMEM INCLUDES:

• To facilities the provision of houses for Nigeria at affordable prices.


• To ensure the constant supply of loan to build, buy or improve their residential houses and also to provides policy over the allocation of resources and funds and other sectors of the economy


• To provide long term loans to mortgage institutions

 

THE RESOURCES OF FUNDS AS STIPULATED IN THE DECREE (NOW AN ACT) INCLUDES:

• A mandatory contribution of 25% of basis income of every Nigerian both the public and private sectors of the economy (including self- employed) earning an income of N 3000 and above per annum


• A mandatory deposit into the funds by banks, of a sum not less than 50% of their non- life and life funds through federal mortgage bank of Nigeria.


• A mandatory contribution from Federal Government of Nigeria.

This funds are managed and administered by the federal mortgage bank of Nigeria in accordance with sector seven of the decree (Now an Act)

 

• STATEMENT OF PROBLEM

Why is the level of embezzlement or mismanagement of funds increasing in the public sector? What are the rest causes of this financial impropriety as observed in the public sector. What effect has this on our economy? What have so wrapped the mind and value of many public officers that they wallow in  the act of mis management and wasting of public funds without fear , shame or qualm?

Could lack of proper orientation and training, in any way be responsible for the menace? How can we introduce an innovation that will bring about effective and efficient fund management and control in the public sector? These are the thought provoking questions, which this project tends to answer

 

• OBJECTIVES OF THE STUDY

The objectives of the study are:

• To ascertain the damage which increasing the level of mismanagement of public funds has done in the public sector


• To find out the extent this financial impropriety affects our economy as seen in the public sector.


• To ascertain the extent to which disorientation and lack of proper training in the public sector resulting In mismanagement and wasting of public funds


• To determine to what extent the application of in effective and inefficient funds management and control in the public sector has damaged our economy

 

• HYPOTHESIS FORMULATION

• Inadequate accounting and insufficient of budgeting and budgetary control are the causes of funds embezzlement or mis management in the public sector


• Increase in unemployment is the effect of financial impropriety on the economy


• Top officers are often involved in this act of misappropriate of publics funds

 

 

 

• SIGNIFICANCE OF THE STUDY

• Provide basic information on the cause of various forms of funds mismanagement in the public sector


• It will help to assist policy –makers in improving and adopting strategies reduces funds mismanagement in the public sector.


• It will provide useful suggestion to avert of financial higher incidence of embezzlement of financial impropriety in the public sector.


• It will be very useful to policy-makers, finance extents, graduate of accountancy and professional including standing and appreciating the perverted role of funds management and control in any organization


• It will serve as a springboard for further research into the problems of fund management and control in the public sector.

 

• SCOPE OF THE STUDY

             The scopes of this project boarder can mismanagement of public funds (misappropriation, embezzlement, financial profligacy and also management and control measure in the public sector.

 

LIMITATION OF THE STUDY

As earlier stated the research has decided to limit her to the federal parasitical only and federal mortgage bank of Nigeria was chosen for this purpose.

The research was hampered by lack of necessary facilities to the best of my knowledge there was no earlier research conducted on this subject matter for possible guidance. Cost of getting the materials used .In the research was very high. This affected the performance of the researcher

Time was wasted trying to make a case study due to lack of finance and chance to visit the case study. This research would have been extended to all parts of the federation where other public sector organizations are, but not due to finance and time factors, the study was limited to Enugu state, federation mortgage bank of Nigeria, Enugu to be precise

 

• DEFINITION OF TERMS

• PUBLIC SECTOR: This comprises of all government ministries and department, extra ministerial, departments parietals agencies, commissions and public enterprises that implement government policies


• GROSS NATIONAL PRODUCTS: This is the gross domestic product plus the income accruing to domestic residents arising from overseas


• POLICIES: This connotes plan of action statement of aims and ideas especially one made by government.


• PROGRAMMES: These are integrated series of development projects.


• FUND: This is a self- contained accounting entity with its own assets liability, revenue, expenditure or expenses, other equity accounts and with its own ledge


• FUND ACCOUNTING: Is an entity with a self balancing set of accounts that records cash and financial resources together with all related liabilities and residual equities set aside for the purpose of carrying on specific activities in accordance with special regulations


• FINANCIAL IMPROPPRIETY: This means financial dishonesty or wrongdoing.


• FINANCIAL PROFLIGANCY: This is the act of squandering of or unnecessary spending of funds, i.e. extravagant spending


• MISAPPROPERATION OF FUNDS: This means intentional or diverting the funds earmarked for a project or expenditure to another unconstitutional purpose usually for selfish benefits


• EMBEZZELEMENT OF FUNDS: This means a deliberate theft of funds that is placed in ones custody


• MORI BUND: This means the inability to function effectively and about to come to an end completely.


• CONROL: Facility or power make events to conform to plan.


• MANAGEMENT: This refers to harnessing all resources (funds) at the disposal of any organization in such away as to enable it achieve the overall goals.


• PARASTATAL: This is agency of government that renders various services  and does not rely on government for many subventions but basically is under the supervisory role of ministry for examples Nigeria part Authority , Hotel presidential , Nike lake, Prather Hotel ,Federal Mortgage bank of Nigeriat.c .


• MINISTRIES: These are government departments that execute various government subvention for payments of staff salaries, for example ministry of finance, ministry of housing and urban development, ministry of health, e.t.c


• EXTRA MINISTERIAL DEPARTMENTS: Those are extension from government ministries. They also depend on government for monthly subventions for payment of salaries, for examples civil service commission, judiciary service commission.


• BUDGET: An estimate of future operations, which is usually measured in monetary term but can also be measured in terms of quantities.


• PUBLIC INTERPRISES: Institution or public corporations created by government to carry in the public interest different kinds of operation or render various types of services. They function on outside the civil service

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