Over the years if has become established that the existence of an efficient human capital is the key to economic growth and development in any nation. This seems from the fact that every other facility and resources required for economic development is driven by the availability of human capital. More so in the absence of effective human capital development an increasing population can have an adverse negative effect on the economic growth of a nation.
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| Settings | Population growth and economic development in Nigeria (1981-2011) remove | Impact of government expenditure on Nigerian economic growth (1981 ? 2010) remove | The impact of minimum wage fluctuation on growth of Nigerian economy remove | AN EVALUATION OF INTERNAL FINANCIAL CONTROLS IN PUBLIC HOSPITALS. remove | THE EFFECT OF BUDGETS ON FINANCIAL PERFORMANCE OF MANUFACTURING COMPANIES IN NIGERIA remove | The impact of external debt on Nigeria economy (1985-2011) remove |
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| Name | Population growth and economic development in Nigeria (1981-2011) remove | Impact of government expenditure on Nigerian economic growth (1981 ? 2010) remove | The impact of minimum wage fluctuation on growth of Nigerian economy remove | AN EVALUATION OF INTERNAL FINANCIAL CONTROLS IN PUBLIC HOSPITALS. remove | THE EFFECT OF BUDGETS ON FINANCIAL PERFORMANCE OF MANUFACTURING COMPANIES IN NIGERIA remove | The impact of external debt on Nigeria economy (1985-2011) remove |
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| Content | Over the years if has become established that the existence of an efficient human capital is the key to economic growth and development in any nation. This seems from the fact that every other facility and resources required for economic development is driven by the availability of human capital. More so in the absence of effective human capital development an increasing population can have an adverse negative effect on the economic growth of a nation. | The work was on the impact of Government Expenditure on Nigeria Growth (1981 ? 2010) dealing with secondary data from the Central Bank of Nigeria (CBN) and the National Bureau of Statistics Regression Analysis with (OLS) technique was used. Our findings indicate that there is a positive correlation between Inflation, money supply Government Consumption Expenditure. While Money Supply and LGDP-I has a positive impact on the dependent variable (GDP). But the GE (Government Expenditure) and M2 (Money Supply) has a significant impact on the model with 2.800 and 0.190 respectively. Also, the model shows a good fit at 96% of the dependent variable accounted for by independent variable. | This research work investigates the impact of minimum wage fluctuation on growth of Nigeria economy. Determinants of labour market in Nigeria arising from the economic transformation in recent years and how public policy affects in particular labour market outcomes. The result has shown that increase in minimum wage increase by l unit (1 million) increase real gross domestic product by 0.038million. Similarly an increase composite consumer price index in by 1 unit (1 million) reduced RGDP by -55.063 (million) Increase in per capital income by I unit (1 million) increase RGDP by 4788.060million. Also increase in labour forces by 1 unit (1 million) reduced RGDP by 0.005million while increase in inflation rate by 1 unit (1 million) reduced RGDP by 0.035. This is in conformity with the theoretical expectation since it believes that increase in minimum wages and per capita income supposed to increase the real gross domestic product of the country. And that per capital income is the most significant. This would propel the economy to higher levels of productivity. There is need for government to create an enabling environment which would encourage heavy investment in infrastructural foundation that can enhance labour productivity and induce growth. | CHAPTER ONE INTRODUCTION 1.0 Introduction to the Study Internal financial controls are systems within a company that design methods and procedures to produce effective operations, establish reliable financial reporting, avoid fraud and maintain compliance with regulations and laws. Internal financial controls evaluation is meant to help institution review and assess the structure of accountability within the organization. An effective system of internal financial controls gives assurance regarding the integrity of financial reporting and safeguarding of assets. Fraud can easily be detected through internal controls. Such controls also help accuracy in financial reporting (Asare, 2006). Internal financial controls are used by organisations to make sure financial information is accurate and valid. The existences of internal financial controls are important because they protect the integrity of an organisation's financial information and allow stakeholders a measure of financial health. Strong internal controls can also increase the profitability of a company (Krishnan, 2005). Public corporations have shareholders demanding accountability. However, in public hospitals accountability demands are not as strong. In the case of hospitals, the taxpayers and donors typically are late in taking action, but because of funding questions, the incentives for and number of effective internal financial controls in the public sector continues to increase (Hardimam, 2006) U.S. Government Accountability Office (GAO) recommends the use of internal financial controls to improve financial reporting in the public sector (George, 2005). 1.1 Statement of the Problem | CHAPTER ONE INTRODUCTION 1.1 Background to the study Business budgeting is a basic and essential process that allows businesses to attain many goals in one course of action. There are several goals that many businesses seek to achieve (or should be trying to work toward) when they create and implement a budget. These goals include control and evaluation, planning, communication, and motivation (Lucey, 2004). (Kariuki, 2010), suggests that budgeting is a process of planning the financial operations of a business. Budgeting as a management tool helps to organize and formulize management‟s planning of activities. Budgeting as a financial tool is useful for both evaluation and control of organizations for the planning of future activities. Application of these tools can greatly impact the performance of a company (Larson, 1999). Budgeting as a tool in financial management regularly prepares performance plans and budget requests that describe performance goals, measures of output and outcomes in various activities aimed at achieving performance goals. This helps in the sense that annual plans set forth in measurable terms form the levels of performance for each objectives in the budget period (Larson, 1999). The budgeting process in manufacturing companies incorporates a policy in financial welfare. For instance, it indicates how money is distributed by the management to the different departments and key areas to focus on. This helps the management in planning and forecasting in order to reduce costs and unnecessary spending and also to increase profits so that the company may fulfill its corporate vision and mission and also to enable the company to fulfill its debts if any and to ensure the company's long term technical and financial viability. (Horngren, 1990). 1.1.1 The Budget The budget acts as financial management tool in the manufacturing firm to measure the actual and forecast against the budget throughout the planning process, it also assist in monitoring and controlling of current performance by providing early warning of deviations from the plans and analyses the anticipated versus actual results. Various types of budgets exist. 1.1.1.1 Project Budget: The project budget is a prediction of the costs associated with a particular project. These costs include labor, materials and other related expenses. The project budget is often broken into specific tasks, with task budgets assigned to each. Capital Budget: This shows the amounts and timing of approved major capital expenditure over the budget year. 1.1.1.2 Production Budgets: Product oriented companies make a production budget that estimates the number of the units that must be manufactured to meet the sales goals. The production budget also estimates the various costs incurred in manufacturing the units including labor and materials (David, 1988). 1.1.1.3 Marketing Budget: The marketing budget is an estimate of the funds needed for the promotion, advertising and public relations in order to market the product or service. 1.1.1.4 Sales Budget: The sales budget is an estimate of future sales often expressed on both units and monetary terms .It is used to create company sales goals (Kariuki, 2010). 1.1.1.5 Revenue Budget: The revenue budget consists of revenue receipts of government and the expenditure met from these revenues .Tax revenues are made up of taxes and other duties that the government levies. 1.1.1.5 Cash Flow/Cash Budgets: The cash flow budget is a prediction of future cash receipts and expenditure for a particular period .The cash flow budget helps the business determine when income will be sufficient to cover expenses and when the company will need to seek external financing (Kariuki, 2010). Conditions for successful budgeting are: the involvement and support of top management, clear cut definition long term, corporate objectives within which the budgeting system will operate, a realistic organization structure with clearly defined responsibilities, genuine and full involvement of the line managers in all aspects of the budgeting process (this is likely to include a staff development and education programme in the meaning and use of budgets). An appropriate accounting and information system which will include: the records of expenditure and performance related to responsibility, a prompt and accurate reporting system showing actual performance against budget, the ability to provide more detailed information or advice on requests, in short accounting system should be seen as supportive and not threatening. Regular revisions of budgets and targets, (where necessary) should be made (Engler, 1995). Budgets should be administered in a flexible manner. Changes in conditions may call for changes in plans and the resulting budgets. Rigid adherence budgets which are clearly inappropriate for current conditions will cause whole budgeting system to lose credibility and effectiveness. Indeed budgets are not subject to revision they are effectively decisions and not plan (Engler, 1995). 1.1.2 Financial performance and its measurements Finance always being disregarded in financial decision making since it involves investment and financing in short-term period. Further, also act as a restrain in financial performance, since it does not contribute to return on equity (Rafuse, 1996). A well designed and implemented financial management is expected to contribute positively to the creation of a firm‟s value (Padachi, 2006). Dilemma in financial management is to achieve desired trade- off between liquidity, solvency and profitability (Lazaridis, 2006).The subject of financial performance has received significant attention from scholars in the various areas of business and strategic management. It has also been the primary concern of business practitioners in all types of organizations since financial performance has implications to organization‟s health and ultimately its survival. High performance reflects management effectiveness and efficiency in making use of company‟s resources and this in turn contributes to the country‟s economy at large. (Naser and Mokhtar, 2004). There have been various measures of financial performance. For example return on sales reveals how much a company earns in relation to its sales, return on assets determines an organization‟s ability to make use of its assets and return on equity reveals what return investors take for their investments. The advantages of financial measures are the easiness of calculation and that definitions are agreed worldwide. Traditionally, the success of a manufacturing system or company has been evaluated by the use of financial measures (Tangen, 2003). Liquidity measures the ability of the business to meet financial obligations as they come due, without disrupting the normal, ongoing operations of the business. Liquidity can be analyzed both structurally and operationally. Structural liquidity refers to balance sheet measures of the relationships between assets and liabilities and operational liquidity refers to cash flow measures. Solvency measures the amount of borrowed capital used by the business relative the amount of owner‟s equity capital invested in the business. In other words, solvency measures provide an indication of the business‟ ability to repay all indebtedness if all of the assets were sold. Solvency measures also provide an indication of the business‟ ability to withstand risks by providing information about the operation‟s ability to continue operating after a major financial adversity (Harrington and Wilson, 1989). Profitability measures the extent to which a business generates a profit from the factors of production: labor, management and capital. Profitability analysis focuses on the relationship between revenues and expenses and on the level of profits relative to the size of investment in the business. Four useful measures of profitability are the rate of return on assets (ROA), the rate of return on equity (ROE), operating profit margin and net income (Hansen and Mowen, 2005). Repayment capacity measures the ability to repay debt from both operation and non-operation income. It evaluates the capacity of the business to service additional debt or to invest in additional capital after meeting all other cash commitments. Measures of repayment capacity are developed around an accrual net income figure. The short-term ability to generate a positive cash flow margin does not guarantee long-term survivability (Jelic and Briston, 2001). | This work evolved out of the zeal to provide an immense understanding of the Nigeria economic of debt. The broad objective of this study was to evaluate the impact of external debt on the development of the Nigeria economy within the life-span of 1985-2011.The models in this study were used to evaluate the developmental relationship between the independent variables and the dependent variables. The data were sourced from the Federal office of statistics CBN statistical bulletin 2011 and international monetary fund (IMF). The ordinary least square method (OLS) was employed in the cause of study. Also the Augmented Dickey Fuller test (ADF) revealed that the variables are reliable for forecasting while the use of OLS was most appropriate for the study in terms of goodness of fit and significance of regression coefficient. The outcome of the analysis revealed that increase in external debt positively affects the economic development of Nigeria while increase in external debt services positively affects economic development in Nigeria. Thus conclusion was made that external debt rises rapidly because loans were secured for dubious projects and private pockets rather investing the loan in productive ventures by increasing exports. And by recommendation government should incur external fund for developmental projects and as well monitor effectively the use of external funds so as to ensure the development of Nigeria economy. |
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