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Effect of Fiscal Responsibility Act on Budgeting and Accountability Practice in Nigeria

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Effect of Fiscal Responsibility Act on Budgeting and Accountability Practice in Nigeria


Okegbe, T. O.



Okegbe, T. O. "Effect of Fiscal Responsibility Act on Budgeting and Accountability Practice in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-5, August 2019, pp.1124-1138, URL: https://www.ijtsrd.com/papers/ijtsrd26639.pdf

This study examines the effect of the Fiscal Responsibility Act on budgeting and accountability practice in Nigeria’s Fourth Republic. Specifically, the study determines the relationship between the pre and post effect of the Reform Act to ascertain if there is any significant difference in the management of the nation’s fiscal operations. The study made use of secondary data obtained from the Central Bank of Nigeria Annual Reports and Accounts, the Central Bank Nigeria Statistical Bulletins and report of the Accountant –General of the Federation as audited by the Auditor - General of the Federation for the period under study. Six research questions and seven hypotheses were formulated to guide the study. The data generated for this study were presented in tables, graphs and mean scores and analyzed using the Statistical Package for Social Sciences version 22. The hypotheses were tested using the T-test of difference and the Pearson Correlation (r). Results revealed among others; that the number of months of default on the publication of Federal Government Audited Accounts was reduced in the post-Fiscal Responsibility Act era. Again, there is a significant negative trend in the mean corruption index after the introduction of the Act and that actual capital expenditure is more closely related to capital expenditure budget in the post than pre-Fiscal Responsibility Act period. Based on the findings, we recommended that budgeting and accountability practice should be made more proactive by imbibing the culture of timely auditing and reporting standards as stated in sections 49 and 50 of the Fiscal Responsibility Act, 2007.

Fiscal Responsibility Act, Budgeting and Accountability Practice


IJTSRD26639
Volume-3 | Issue-5, August 2019
1124-1138
IJTSRD | www.ijtsrd.com | E-ISSN 2456-6470
Copyright © 2019 by author(s) and International Journal of Trend in Scientific Research and Development Journal. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0) (http://creativecommons.org/licenses/by/4.0)

International Journal of Trend in Scientific Research and Development - IJTSRD having online ISSN 2456-6470. IJTSRD is a leading Open Access, Peer-Reviewed International Journal which provides rapid publication of your research articles and aims to promote the theory and practice along with knowledge sharing between researchers, developers, engineers, students, and practitioners working in and around the world in many areas like Sciences, Technology, Innovation, Engineering, Agriculture, Management and many more and it is recommended by all Universities, review articles and short communications in all subjects. IJTSRD running an International Journal who are proving quality publication of peer reviewed and refereed international journals from diverse fields that emphasizes new research, development and their applications. IJTSRD provides an online access to exchange your research work, technical notes & surveying results among professionals throughout the world in e-journals. IJTSRD is a fastest growing and dynamic professional organization. The aim of this organization is to provide access not only to world class research resources, but through its professionals aim to bring in a significant transformation in the real of open access journals and online publishing.

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