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Full Project – THE CONCEPT OF COST CONSCIOUSNESS IN THE MANAGEMENT OF PUBLIC FUNDS

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ABSTRACT

Cost consciousness in the management of public funds is aimed at x-raying the degree to which cost consciousness contributes to the judicious handling of the public fund. This is a job, which is left in the hands of administrators, legislators, Investors as well as the general public. Precautions must therefore be taken to avoid Wastage’s of public fund as a result of wrong planning and execution. In conducting research on this topic, the researcher hopes to visit the Enugu State Ministry of Finance and Economic planning and admin questionnaire to the top ranked civil servants and administrators in a bid to collect proper information. This will be based on oral Interview after which critical analysis follows. So sadly, certain factors would prevent the researcher from getting the whole Information which he requires to write extensively on this topic. Lecturers will be going on in the class thereby making it Impossible for him to go out of school every time, money is scarce to visit the whole destinations he deems fit, will provide him with much Information’s. In conclusion therefore, the researcher will suggest that effective management of fund in Enugu State is achievable if; cost monitoring unit is established in the ministry priority is given to project meant to improve public lives, and reinforcement of the use of warrant in authorization of express from the government treasury.

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

It has been said that government is the largest single industry in every country. This is because, it covers a wide range of human activity. The main purpose of government everywhere in the world is to give some services to prepare who live and work in the state. how well a government serves its citizens determines the degree of the acceptability and continuity of it. This quest ion of being responsive to the needs and requirements of the governed can be assessed by the degree of honesty backed by a tested practice of public accountability and prudence in the management of public funds. In a nutshell, it is the government responsibility to see that the publics money is not wasted; that it is used with the greatest eiciency and is applied only to the purpose which are authorized by law; to achieve this is to b e cost conscious. Strict control over spending of public money should be emphasized if the need is achieved. This situation in Nigeria has been reported non-handy as regards the management of public funds. Observation an d news of misdirected resources an d misplaced abounded uncompleted profects and the manageably surviving ones may be destined to some awful as a consequence of corruption and Ineiciency in the public sector. Opere (1986:5) Explained that corruption in Nigeria is a way to life with most people pregnant with the spur to get rich quicker. This issue of corruption and ineiciency acceptable is complex. When one has arisen to position of eminence, there is notably and usually a long line of people looking up to him for assistance. In large part however, the one’s high principle will be subject to radical should he turn his back. Consequently, since Nigeria Independence in 1960, many government and their agencies have shaven and failed many because of outright squandermania in the systems. Unfortunately, however, financial regulations and economic policies do not only fail to meet the requirement of the modern economy, but also are poorly and Unfidiciously Implemented – resulting in hug e amount of financial loss in the system m. in fact it is apparent from the available data that Nigeria is not under developed but under managed. From the above, numerous indicators point at the need to secure the public funds and judiciously administered to them for possible greatest benefit of the society at large.
1.2 STATEMENT OF PROBLEM
The popularity of and ability to attract the allegiance of the governed in our in our modern society is a function of how much of the spirits of stewardship, accountability and prudence with which the authorities look aer the resources of the nation. Achieving cost consciousness in the management of public funds is not only desirable and embraced, but also an area that deserves the best of possible available implemented technologies. This considering the above mentioned evaluation of the public sector performance, which indicates poor performance and wastefulness of the approaches by government or their agencies, this research work had its major problem as the acceptability of the concept of cost consciousness to ensuring account ability and prudence in the management of public funds. However, the minor problem was an assessment of the degree of cost consciousness in government expenditure, but with particular reference to the Enugu State Ministry of Finance and Economic Planning.
1.3 RESEARCH QUESTION
The researcher sought to provide answer to the following questions as to be able to form an opinion on the level of cost consciousness in the government and of course facilitates the making of recommendations for improvement or otherwise appreciate its state of performance.
(1) What are the implications of cost consciousness in the government establishments?
(2) What are the components of Institutional framework of government establishment vis-à-vis the management of public funds?
(3) What is the nature and adequate of this framework?
(4) What are the hindrances to achieving cost consciousness in government?
(5) What are the consequences of lack of cost consciousness in government establishment?
(6) Are the possible solution and strategies in the public sector?
1.4 SIGNIFICANCE OF THE STUDY
The increase in the challenges facing the governments of the nation is a function of the citizenry. In the exercise of this stewardship, certain sacrifices will go with it. The extent to sum total of these sacrifices brought down to an acceptable level, to at least the great and efficiency of the governing authority. Hence, this research work which was intended to address this all important concept of cost consciousness, to the research, will go a long way to benefit a lot of people especially the following groups:
(1) The Board and management of government parastatals, corporations and ministries.
(2) The average tax-payer who may need to understand the working of government spending.
(3) The lots of students and academics of business administration and social services especially in the field of Accountancy, Finance, Public administration etc.
(4) Businessmen involved in government profects, in forms of contractors etc.
(5) The legislature at all level of government on issue of spending the national resources in the public best interest of the cutive nation.
(6) Resources in this or related area(s).
1.5 OBJECTIVE OF THE STUDY
The objective of this research work comprised
(1) To have an understanding of cost consciousness in the management of public fund.
(2) To ascertain the possible hindrance of achieving this virtue of public fund management in government quarters.
(3) To seek areas where improvement or amendment may be required in future.
(4) To provide a base future research into this or related areas of life endeavour.
(5) To be acquainted with the spending activities of the government including the current institutional framework in government.
1.6 STATEMENT OF HYPOTHESIS
The researcher chose to carry out a test on the following hypothesis. Ho: There is adequate cost consciousness in management of public fund.
H1: There is lack of adequate cost consciousness in the management of public funds. The researcher chose to carry out this test at 5% significance level and for the test of hypothesis, chi-square (x2) method of statistical analysis was used.
1.7 SCOPE AND LIMITATIONS.
This research work, limited to a case study of En ugu state ministry of finance and Economic planning vis-à-vis achieving cost consciousness in the management of public fund. The research was designed in such a manner as to effect the coverage of what consciousness in the public sector with a view to making valid findings, conclusions and recommendations for deserving improvements. Nevertheless, the research could not be conducted to cover all aspect of an Institution in the public sector or every aspect of financial expecting as concerns the cost consciousness. In fact, detailed study was possible time and money. Yet, the thorough study of this single ministry grantees a reasonable approximation of any carried out on the public sector. Thus, the research was of the opinion that because of the relative homogeneity in the financial framework of the public sector, the conclusion reached by this study would be a reasonable and prudence in the public sector.
1.8 ASSUMPTION
This research was carried out in the spirit of the following assumptions upon which findings and conclusion could be assessed.
(1) That Enugu state ministry of finance and Economic planning would permit a successful research exercise. (2) That the calibre targeted for investigation would be adequate vis-à-vis being in the position of required information.
(3) That the calibre of those in position of public funds is adequate for training and education.
(4) That the findings, conclusion and recommendation based on this study would be seen as approximating the position of public funds management else where in government establishment.
1.9 DEFINITION OF TERMS
For the purpose of this research work, the researcher chose the following wording definition;
1 Profect: The cutting of development and normally described as the complex of activities using resources to gain benefit. An activity in which people spend money in expectation of returns and which logically lands itself to planning, financing and implementation as a unit. The smallest operational element prepared and implemented in a separate entity in a national plan or programme.
2 Cost: The consideration lost for use or ownership value.
3 Fund: A sum of money or other forms of money set aside for the purpose of carrying out specific objective in accordance with plan, regulation and constituting an under went fiscal / accounting entity.
4 Management: A set of composite activities in combination of resources (human and material etc) through and want people towards achieving set objectives.
5 Appropriation: Allocation and authorization of public fund for spending by approved government agencies. 6 Warrants An Instruction issued by the state government through the commissioner of finance and Economic planning to disburse fund or make expenditure in line with approved estimates.
7 Public Fund: Money or other resources climbable by the state and expected by the mandate of the citizenry.
8 Cost Consciousness: The state of being rational in the use of economic resources vis-à-vis expected benefits.
9 Concept: An idea or theory or something concerned or imagined.
10 Project Implementation Committees: This is a standing in each ministry concerned with the periodic (usually monthly) review of the ministerial plan implementation for onward reporting to the plan implementation committee.
11. Management by objective (MBO) This is a system of management process of decision making with due participate consideration to the personnel affected by virtue of his organizational duties.
12. Public Expenditures Cost is incurred by the mandate and in the over all interest of the public or which helps to keep the state or society in organized for status.
13. Budget A distrust statement of organized plan of action expressed in money term to quicker both performance and control of operation.
14. Accountability The requirement of answer-ability for ones stewardship or performance.
15. Plan implementation committee A committee set up to evaluate the viability of planned products and to review, on a regular basis the approved priorities.
16. Virement An instrument of order for resources reallocation from one subhead to another both of the same head of approved estimated consequent upon application with full justification made M.F and EP
17. Misappropriation Out of procedure spending or reallocation of public funds.
18. Tender Board This board has the responsibility for ensuring probity in expenditure of public funds, remove avoidable delays in the award of contraits, provide necessary Guidelines to contractors for execution of projects, create avenue for competition and quality among contractors bidding for projects. It can purchase or award contract to a specific unit.
19. Public Account committee A committee saddled with the responsibility of examing on forcing and recovery of public funds, governs the issue and replies to audit quarries.
20. Sub- Treasury An arm of the ministry of finance located in dierent part of the state to ensure easy collation and disbursement of money unbehalf of the state.
21. Embezzlement Application of fund for personal other than oicial goal.
22. The State Finance Committee. A committee of the executive council of the state vested with the power of determine the use of available funds at any point in time
23. Treasury Inspectorate a body responsible for public sector fraud investigation.
1.10 REFERENCES
1. Editorial Management Problem Chain Emerging Economy” Special issue of the Nigeria Economist 30 years of managing Nigeria 1990. 35 –40. 2. Ndiomu AM Introduction to project planning and Evaluation: JESON Books Publishers, Nigeria pH. 3. Kirk Patrick E.M Chambers Universal English Dictionary 4. Nnodi Okwuduba (Prof) Management problem chain Engineering Economy” special issue of the Nigeria economist 30 years of managing Nigeria, 1990 35-40 5. Edition The Trouble with industrialization /bidi p.

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