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The Project File Details
TABLE OF CONTENTS
Table of contents
4.1 Data Presentation and Analysis
4.2 Position of Internal Auditor
4.3 Audit and Review
4.4 Budget Execition Comparison with Actual Budget
SUMMARY, CONCLUSION AND RECOMMENDATIONS
Financial Management is primarily concerned with management process of planning the provision and effective utilization of fund. In the context of this study, financial management is more than mere receipt and disbursement of funds. It entails the proper use of available resources which are usually limited financial resources for the accomplishment of set goals and objective which would have been arrived at through and arduous and painful process of choosing among various competing and deserving alternative. In taking decision, especially those that have financial implication, local government functionaries are expected to have in very responsible manners, realizing that the are holding fiduciary responsibility on behalf of the public to whom they are accountable. Local government is the lowest tier of government anywhere in the world. It is very important because of its closeness to the people. As a result, it is multipurpose in terms of carrying out social economic services.
In the local society stimulating and encouraging local initiative in community work, promoting the democratic service as training ground for national political leaders, servicing as a medium of communication between the people and the higher tier of government.
The main purpose of local government system the reform, is to ensure effective administration at the grassroots level local government aims to ensure adequate mobilization of human and financial resources for local development. In the light of the foregoing, local government can e defined as administrative entity with a sovereign nation or aquasi sovereign state with distinct geographical boundaries she is vested with administrative and loyal power to make bye laws within her area of jurisdiction. Local government in Nigeria have undergoes a lot of vicissitudes and reforms the most popular which has been the 1976 reforms which inform the frame work of operation today, before 1978, it has been a situation of confusion, traditionalism and in some case neglect from 1976 to date a lot of committee had be set up and minor reform took place as a result but the spirit of 1976 reform is still living.
In sprite of the fact that the 1976 of local government reform had established a unified systems, there is a lot to be learned from the mistakes and achievement regarding the operation of the system. It s principally against the background professional administrators, councilors, supervisors and individuals in part of the country may find it useful to understand the operative system of local government finance in Nigeria. The general public will also like to know the councils obtain revenue and how such revenue accounted for and spent.
1.2 PROBLEM OF THE STUDY
This study is intended to provide information on the structure, operation, finance and problem of financial; management in Ilorin South Local Government Area, Fufu of Kwara State. And however, suggested member of strategies for overcoming the problem of financial management in local government.
1.3 PURPOSE OF THE STUDY
The purpose of this study is to examine the problem of financial management in Ilorin South Local Government |Area of Kwara State and contribute to the further understanding of problem of local government, financial management in Nigeria and to serve as a factual text which may provide basis for future.
Critical objective examination of various local government financial problem in Nigeria. In essence to add to the store knowledge of local government finance in Nigeria and to encourage others who may want to explore it further.
Some of the importance of this study is to extend the sphere of knowledge f local government fiancé to the direction of Ilorin south Local Government “problem of financial management” therefore the study is enlarge to accommodate valuable knowledge about the structure operational roles system of accounting fiancé and financial management problems in Ilorn South local government. The study will not identifies problems alone but also attempt to provide remedies. It is hoped that student of local government public administration, public accounting and business.
Both Primary and secondary data were collected for the study. Interview with the staff of Ilorin South Local Government Area also the secondary data are collected from various relevant files and books from distinguished authors listed in the bibliography some of the research questions includes:
This project is group into five chapters, which are summarized below: chapter one is on general introduction to the topic with problems, purpose and scope of the study, other data discussed in chapter one include definition of terms and plan of the study. Chapter two deals will literature review and financial control of local government. Chapter three deals with research methodology and historical background of Ilorin South Local Government Area Fufu.
In a study of this nature, there is need to define some key worlds or important concepts that will appear in the study for the purpose of clarity and guide against misinterpretation of such words. Some of these terms are defined as follows:
These are revenue occurring to the local government both externally derived from federal or state government and internally generated through source outlined in the reforms such as taxes, rates, fees, profit from commercial undertaking and the miscellaneous earning.
This is the portion of federal and state revenue that accrues to local government. It was stated in the 1979 constrictions of Federal Republic of Nigeria in section 7 @ that : “the national assembly shall make provision of public revenue to local government councils in the federal and (b) the house of assembly of a state shall make revenue provision for statutory allocation of public revenue to local government council within the state.
Accounting in the context of the study is defined as identification, selection, analysis, measurement, processing, evaluation and communication of financial information facilitate decisions regarding activities and resources.
Financial management is primarily concerns with the future and making of decision based on forecast. Financial manage covered all function concerned with attempting to ensure that financial resources are obtained and used in the most effective way. Generally, financial management is defined as the management of funds; dealing with planning, organizing allocating, controlling and making decision on matter relating to finance in order to achieve the stated objective. It is also concerned with the provision and effective utilization of funds.