| Content |
THIS PROJECT WORK IS ON UNIVERSAL BANKING IN AFRI BANK.
ABSTRACT
Universal banking has been of controversial issue among practitioners and regulation of financial sub-sector of Nigeria economy.
However most of these decisions have been flamed by lack of common understanding of what universal banking is and what its implication might be for the country's financial and economic well being.
The research attempt to redress that situation by presenting a well accepted understanding of the system.
Secondly, discussing its applicability or lack thereof to Nigeria commercial services and industry and assessing how effective such system could be in Nigeria.
Interview was conducted by the researchers to understand the profile of the case study: Afri bank plc. And how the bank practices universal banking.
Both primary and secondary data was used to also carryout the research work.
TABLE OF CONTENT
Title Page II
Dedication III
Acknowledgement IV
Abstract V
Table of content VI
CHAPTER ONE: INTRODUCTION
1.1 Background of the study 1
1.2 Afribank plc profile and location 3
1.3 Universal banking as practiced by Arfribank. 4
1.4 Statement of the problem 4
1.5 Purpose of the study 5
1.6 Research questions 6
1.7 Significance of study 7
1.8 Scope and limitation and delimitation 7
1.9 Definition of terms/concept 8
Reference 10
CHAPTER TWO: LITERATURE REVIEW
2.1 Definition of universal banking 12
2.2 Before the introduction of universal banking in Afribank. 17
2.3 Origin of universal banking in Afribank 17
2.4 Universal banking concept in Afribank. 20
2.5 Universal banking and supervisory authorities 22
2.6 Argument for and against universal banking 24
2.7 The merits of universal banking 25
Reference 27
CHAPTER THREE: RESEARCH METHOD AND DESIGN
3.1 Research method and design 29
3.2 Sources of data 29
3.3 Population 30
3.4 Sampling method 31
3.5 Method of analysis 32
Reference 34
CHAPTER FOUR: DATA PRESENTATION AND METHODOLOGY
4.1 Testing questionnaire analysis and methodology 35
4.2 Hypothesis testing 39
Reference 43
CHAPTER FIVE: FINDINGS, RECOMMENDATIONS AND CONCLUSION
5.1 Findings 44
5.2 Recommendations 45
5.3 Conclusion 46
Bibliography 48
Appendix 50
| This project looks at The impact of development finance institutions (DFIS) in economic development of Nigeria. The need to stimulate the economy led to the establishment of Development finance institutions (DFIS) to contribute to the development of specific sectors of the economy especially agriculture and industry. The objective of the study is to find out the impact of the Nigerian agriculture credit and rural development bank (NACRDB) and the bank of industry (BOI) to economic development of Nigeria and in particular in Owerri. It will look at the contributions i.e. loan disbursement to agriculture and industry in Owerri between 2002 and 2011 (a period of ten years). The result of the analysis showed that Development finance institutions made significant contribution to economic development.
| CHAPTER ONE
1.1 INTRODUCTION
This research is on Fiscal Accountability Dilemma in Nigeria Public Sector: A Warning Model for Economic Retrogression. Government exists to serve the needs of the citizens and ensure those needs are provided efficiently and effectively. It accomplishes these goals by providing clear processes and structures for all aspects of executive management (decision-making, strategic alignment, managerial control, supervision and accountability). Governance in both private and public arena has been a hot topic and now hotter due to various recent financial scandals. Citizens and regulators are calling for higher levels of transparency and accountability in all areas of business especially in public service. In a recent study, the World Bank found a significant relationship between good governance and high level of performance (Word Bank 1997). This generated the issue of using appropriate accounting method and today, many countries government are adopting accrual basis of accounting to improve governance and control which is a common practice in the private sector. Accountability is made possible when there is an established clear link between expenditures and performance. Accrual accounting helps agencies focus on outcomes and results rather than budgets and spending. Accountability is a concept in ethics and governance with several meanings and it is often used synonymously with such concepts as responsibility, answerability, blameworthiness, liability, and other terms associated with the expectation of account-giving. It stands out as a cherished goal of every civilized and well Statement of Research Problem constituted government all over the world. Accountability is increasingly being used in political discourse and policy documents because it conveys an image of transparency and trustworthiness (Bovens, 2006) and its evocative powers make it indescribable. Government is entrusted with public funds and other resources, and must adhere to the highest ethical standards, honesty, integrity, propriety and objectivity to ensure optimum utilization. These goals can be achieved only through a combination of individual professionalism, personal standards and a rigorous control framework. Openness and transparency help instill public confidence and trust, and are increasingly considered basic operating requirements for any government.
The diagnostic survey conducted in 2001 into the Federal Government) public procurement revealed that "Nigeria lost several hundred billions of Naira over the last few decades due of flagrant abuse of procedures, lack, of transparency and merit in the award of contracts in the public sector and accountability quandary (Uremadu, 2004). The problem of this research paper is based on the perceived weak accountability of government fund by public servants in Nigeria which has not only increased the height of corruption but also resulted in enormous waste of national resources and decay of economic infrastructure within the economy. Other problems include poor planning and implementation of national budget experienced in all facets of Nigeria public sector, lack of transparency leading to mistrust and other negative consequences, weak accounting infrastructure which may not support accountability of government funds and finally, all the above problems has created room for diverse economic disorder and resulted in under backwardness.
1.2 Research Objectives
The main objective of this paper is to investigate the extent of accountability in the public sector of Nigeria economy within 2006 and 2010 and to achieve this; the following will also be investigated:
- The relationship between existing accounting infrastructure and accountability in Nigeria
- The control parameters and oversight bodies established by the government and it is effectiveness
- The accountability regulatory framework within Nigeria public sector.
1.3 Research Question
- T o what extent is accountability institution working in the Nigerian public sector?
- Does professional base of Accountants exist in terms of number and quality that support public expenditure management in Nigeria?
- T o what extent has Nigeria government lost money due to lack of accountability?
- Does public resources managers in Nigeria rendered a timely, adequate and reliable stewardships accounting?
- Are the electorate satisfied with the state of public infrastructure and services compared with the amount of resources so far invested in the country?
- How effective and efficient is the audit process providing potential for establishing accountability and detection of corruption?
- Do competent oversight bodies exist and functioning effectively in the public sector?
- Does the accountability arrangement contribute to the availability of information about former and current administrative actions for the administrative body involved and a wider range of administrative bodies?
1.4 Research Hypothesis
In order to validate the above research questions, the following hypotheses shall be empirically tested using Pearson Product Moment Correlation:
Hypothesis (I)
Ho: There is no accountability of public fund in Nigeria public sector Hypothesis (II)
Ho: There is no significant relationship between accounting infrastructure and accountability in Public Sector in Nigeria.
Hypothesis (HI)
Ho: The Nigeria Economy is not developing due to financial indiscipline and wastages in the system resulting from lack of Accountability in Nigeria public sector. | THE IMPACT OF SMALL AND MEDIUM SCALE INDUSTRIES ON THE ECONOMIC GROWTH OF NIGERIA (1986 - 2010)
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY.
In recent time, the fortune of small scale and medium scale Industries attracted the attention of government world-wide and thus has been the focus of general interest and research, especially in developing Countries due to the importance of small scale and medium scale Industries.
Their importance cannot be over emphasized as they constitute a whole virile vehicle for the generation of vast production of outputs and job creation. They are also act as catalyst for restructuring and diversifying the productive base of an economy and for the Industrial economy and for the Industrial economy take-off and growth of such an economy. The small and medium scale Industries are seen to hold the key to future expansion of the Industrial sector.
In Nigeria, evidence has shown that in 1986, small scale and medium scale Industries accounted for 70% of all firms, employing millions of Nigerians (first Bank of Nigeria report, 1987). By the end of 1979, over 80% of all establishments licensed under the factory act were small and medium scale Industries (Onwuala, 1987). This made the importance of this economic unit to be unelectable.
Small scale and medium scale Industry in its widest sense implies the urgent response to the challenges of developing countries, of which Nigeria is not an exception. Small and medium scale Industries should be practiced with due regards to the importance of available local raw materials in its environs because the challenges facing small and medium scale Industrialist are enormous.
The importance of small and medium scale Industries to the economic development of any country, whether developing or developed, have been widely acknowledged and acclaimed. They are considered as there stimulate to private ownership and entrepreneurial skills, generate employment, promote industrial dispersal and rural- urban migration.
Clive carpenter (2001), said that across the world, small businesses are crucial for economic growth, poverty alleviation and wealth creation.
Uayatudeen (2001) said that across the world, small businesses have such a crucial role to play in the development of an economy and that cannot be ignored. According to William and David, most firms and small and medium scale Industries are compared with companies that economist usually study. But economists have concentrated on large scale Industries. The leading textbooks in economics have title discussions on small and medium scale business or entrepreneurs.
The partial combinations of small and medium scale Industries on the Nigerian economy are; creation of wealth, poverty eradication and employment generation as encapsulated in the national economic empowerment development strategies (NEEDS)
However small and medium scale Industries are bedeviled by numerous challenges which have hampered its development and growth and also its combination to national development. To this end, government has instituted various programs to address the challenges and constraints facing small and medium scale industries growth. The programs and institutions Include:
a. Setting up and founding of industrial estates.
b. Establishment of national directorate of employment (NSE)
c. Establishment of the Nigerian bank of commerce and industry (NBC),
the national economic re-construction fund (NERFUND),the Nigerian Industrial bank (NIDB) which has merged in to one agency in the bank of industry, the world assisted small scale enterprises loan scheme (SNEX), the Nigerian export and import bank (NEXIN) etc.
d. Setting up a small and medium scale enterprises development agency of Nigerian (SMEDAN); an agency which Co. ordinates development in small business sector.
Unfortunately, all these formal credit schemes have not been able to adequately address the fundamental problems which have constrained small scale enterprises access to credit; and any other enterprise establishing a small and medium scale industry requires capital to take off survive and eventually expand.
Nigeria's major manufacturers produce food and beverages, cigarettes, textiles and clothing, soaps and detergents, footwear, wood products, motor vehicle parts, chemical products and metals while small and medium scale manufacturing engage in leather making, poultry making and wood carving. The smaller industries are often organized in craft guides involving particular families who pass the skill from generation to generation.
People have lived in what is now known as Nigeria since at least 9000BC, evidence indicated that since at least 5000BC, some of them have practiced settled agriculture. In the early (centuries (AD), kingdoms emerged in the drier northern savanna, prospering from trade with north Africa. At roughly the same time, the western and southern forested areas yielded city- state and looser federations sustained by agriculture and coastal trade. These systems changed radically with the arrival of the Europeans in the late 15th century, the rise of the slave era in the 16th Century through the 19th Century. Nigeria achieved independence in the 1960, but has since been plagued by an unequal distribution of wealth and inflation.
The first well documented kingdom was the Yoruba kingdom, which was observed between the 11th -12th centuries. Over the next few centuries, they spread their political and spiritual influence beyond the borders of its small city states. Its artisans were highly skilled, producing among other things, bronze castings of heads in a very naturalistic style. Terra- cotta, wood and Ivory were the common media instruments used.
Shortly after the 12th century, the kingdom of Benin emerged in the mid-western south region. Although it was separate from the Yoruba kingdoms; Benin legends claim that the kingdoms first rulers were descendant from an Ife prince. By the 15th century, the Benin kingdom was large, wood designing was what sustained the city's trade (both within the region and later with Europe). Its legacy includes a wealth of elaborate bronze plagues and statues recording the nation's history and glorifying its rulers.
From the above paragraphs, it can be noted that small and medium scale industries are indeed necessary for the development of any economy. Small and medium scale industries act as the major stepping stone to economic growth. In Nigeria today, small and medium scale industries are common but have no efficiently achieved or attained her goals.
Therefore, to encourage local businessmen and institutions in buying small and medium sized businesses, the government established the Nigerian bank for industry and commerce, which had an initial operating capital of 50 million naira. There was some concern in Nigeria that Nigerians might not be able to raise enough capital to take over the foreign owned businesses affected by the decree and that there might not be enough Nigerians with the technical and managerial skills necessary to replace extricate personnel.
1.2 STATEMENT OF THE PROBLEM
The small and medium scale Industries survey conducted in 2005 by the central Bank of Nigeria (CBN) provides some evidence that apart from the acute short of technology, managerial skills, poor management, adverse environment, and change in policy, capital is a source of great concern to the entrepreneur in the sector. Since one of the microeconomic goals of the Nigerian government is economic growth, we can assume that the government aims at the expansion of small firms.
In a continent where finance is a major constraint on development, the problem confronting the private sector in Nigeria above all small and medium scales Industries standout.
Most large scale industries in Nigeria have reduced their borrowings due to high interest rates and the short term nature of available loans. At the same time, banks are unwilling to lend to the small and medium scale sector with its high perceived rises. In this case, lending is not efficient to the real sector and loanable funds are currently used to finance primary consumer imports and to separate in foreign exchange markets. The research question from the above experience is thus; will small and medium scale contribute much to economic growth in Nigeria when they are not properly funded.
1.3 OBJECTIVES OF THE STUDY.
The aim of this research work is to examine the importance of small and medium scale industries on the Nigerian economy in order to ascertain how small and medium scale is utilized in production using the available raw materials and resources with a view to achieve gradual formalization in the guest for national industrialization. Meanwhile, the specific objectives are:
a. To determine the impact of small and medium scale enterprises.
b. To examine the effect of small and medium scale enterprises.
1.4 STATEMENT OF HYPOTHESIS.
For the purpose of this study, the research developed the following hypothesis.
Ho: Small and medium scale industries are not catalyst for economic development and growth in Nigeria.
Hi: Small and medium scale industries are catalyst for economic
development and growth in Nigeria.
1.5 SIGNIFICANCE OF THE STUDY
The significance of the study is to establish an extent of growth and development and to expose the immense benefit derivable from small and medium scale industries.
Also, this study will help to redress the belief of the society that small and medium scale industries can bring about economic and development in Nigeria.
1.6 SCOPE AND LIMITATION OF THE STUDY.
The study encompasses the roles and contributions of small and medium scale industries on the Nigeria economy from 1986-2010. The basis of covering this period of time is to ascertain whether there have been any significant impacts of small and medium scale industries on the
Nigerian economy. And also, this study does not consider the medium and large scale industries.
In writing this project, the researcher encountered some limitations, which were; lack of information from appropriate quarter, time constraints, transportation, lack of funds, power outrage etc. However, in spite of all the odds, the researcher was able to come out with a standard work. The project However, contains information which in reliable and authentic.
THE IMPACT OF SMALL AND MEDIUM SCALE INDUSTRIES ON THE ECONOMIC GROWTH OF NIGERIA (1986 - 2010) | MARKETING OF BANKING SERVICES IN NIGERIA A STUDY OF FIRST BANK PLC
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
This project is on Marketing of banking services in Nigeria a study of first bank plc. A bank is a financial institution licensed by a government. Its primary activities include borrowing and lending money. Banks no longer restricted themselves to traditional banking activities, but explored newer avenues to increase business and capture new market. Grönroos., (1990)
- In the 1990s, greater emphasis being placed on technology and innovation.
- New concept like personal banking, retail banking, total branch automation, etc. were introduced
Banks’ activities can be divided into retail banking, dealing directly with individuals and small businesses: business banking, providing services to mid-market business; corporate banking, directed at large business entities; private banking, providing wealth management services to high network individuals and families: and investment banking, relating to activities on the financial markets. Most banks are profit-making, private enterprises. However, some are owned by government, or are non-profit organizations.
Marketing approach in banking sector had taken significance after 1950 in western countries and then after 1980 in Turkey. New banking perceptiveness oriented toward market had influenced banks to create new market. Banks had started to perform marketing and planning techniques in banking in order to be able to offer their new services efficiently. Marketing scope in banking sector should be considered under the service marketing framework, Performed marketing strategy is the case which is determination of the place of financial institutions on customers’ mind. Bank marketing does not only include service selling of the bank but also is the function which gets personality and image for bank on its customers’ mind. On the other hand, financial marketing is the function which relates uncongenitalies, differences and non similar applications between financial institutions and judgement standards of their customers.
The reasons for marketing scope to have importance in banking and for banks to interest in marketing subject can be arranged as:
Change in demographic structure: Differentiation of population in the number and composition affect quality and attribute of customer who benefits from banking services. Intense competition in financial service sector: The competition became intense due to the growing international banking perceptiveness and recently being non limiting for new enterprises in the sector. Increase in liberalization of interest rates has intensified the competition.
Bank’s wish for increasing profit: Banks have to increase their profits to create new markets, to protect and develop their market shares and to survive on the basis of intense competition and demographic chance levels.
1.2 HISTORICAL BACKGROUND OF FIRST BANK NIG. PLC.
First Bank is one of the oldest financial institutions in Nigeria and was the first bank to be established in West Africa. The bank was incorporated as a limited liability company in March 1894 and was listed on The Nigerian Stock Exchange in March 1971. Following the Central Bank of Nigeria’s (“CBN”). induced industry-wide consolidation in 2005, the bank acquired its merchant banking subsidiary. FBN (Merchant Bankers) Limited and MBC International Bank Plc. The bank offers a wide array of financial services to a diverse customer base through its local and offshore offices, including 465 branch offices country wide and 532 ATM’s. In addition to growing organically through new products and branch development, other viable domestic acquisitions are being explored. The intention is to extend the branch network to 600 by the end of 2008.
1.3 STATEMENT OF THE PROBLEM
Primarily, Banks are regarded as only interested in loan and saving and other related transaction but it is quite certain that beyond that, banks do engages themselves in marketing activities. To this effect, the problem of this research work is to know the extents and ways in which the banks carry out their marketing serving such as making use of E-banking, Core - Banking, corporate banking, Mobile banking, Plastic money. NRI banking etc in carrying out their marketing services.
1.4 OBJECTIVES OF THE STUDY
The aim of this research work is to analyze the marketing of banking services and the means in which the services are rendered by the banks. It will go a long way to unveil the new innovative method of marketing services used by banking sector such as E-banking, Core - Banking, corporate banking, Mobile banking. Plastic money. NRI banking etc., it will also investigate into the use of Marketing mix of banking sector in marketing services which involve the analysis of the Banks Products, Price, Pricing, Place, Promotion, Process, Physical evidence. To examine the level of market service delivery in First Bank plc. Owerri in relation to Information Technology (IT) innovations To examine the employees’ perception of the effects of IT innovations on market service delivery in First Bank plc. Owerri
1.5 SIGNIFICANCE OF THE STUDY
This work though will be carried out in reference First Bank PLC, the findings can be significantly applied to the banking industries at large. The essence of investigating into the role of marketing of banking services is to objectively unveil to improvement it has made in the banking industries in regard to the banking services delivery.
1.6 RESEARCH QUESTION
In order to achieve it aims, these project will try to offer answers to the following questions:
- Has the marketing of banking services in the banking industries improved the banking Industries?
- To what extent have the E-banking helped in marketing of banking services
- Is the use of Core - Banking still in existence?
- Is corporate banking necessary in service delivery’?
These and more are the questions this research work has set out to solve.
1.7 RESEARCH HYPOTHESES
For a clearer understanding of the research work and validation of information gotten for the purpose of this research, some hypothetical statement was formulated which will be tested later in chapter four (4). The hypotheses comprise of two: Null hypothesis (H0) and Alternate hypothesis (Hi). the null hypothesis is bound for rejection if the calculated value is greater than the observed value.
Hypothesis I
Ho: The use of New innovative method of marketing services in the marketing of banking has not contributed to the improvement of the services delivery in first bank plc.
Hi: The use of New innovative method of marketing services in the marketing of banking has contributed to the improvement of the services delivery in first bank plc.
Hypothesis II
H0: The application of marketing Mix strategies has not enhanced the quality of service delivery and customer satisfaction in first bank Nigeria plc.
Hi: The application of marketing Mix strategies has enhanced the quality of service delivery and customer satisfaction in first bank Nigeria plc.
1.8 SCOPE OF THE STUDY
This study concentrated on First Bank PLC and it does not in totality analyzed the functionality of the bank but limits it self on the marketing of banking services. This study therefore examines the role the marketing of banking services ,a enhancing the marketing of banking services. Considering these factor the data and response to the questionnaire were limited to staff and customers of First Bank PLC Owerri.
1.9 DEFINITION OF TERMS MARKETING
According to the Oxford Advanced Learner’s dictionary, marketing is the activity of presenting, advertising and selling an organizational products or services in the best possible way.
BANKING SERVICES: Banking services can be seen as those business transactions and services the banks carries out among them and their customers to generate income for the banks and to serve the bank’s need.
E-BANKING: The remote deliver of new and traditional banking products and services through electronic delivery channels. (FFIECJ).
E-banking is an abbreviation for electronic banking. E-banking allows you to conduct bank transactions online, instead of finding a bank and interacting with a teller. Most U.S. banks offer E-banking, though the extent of the services may vary. For instance, some banks may offer unlimited bill pay options while others restrict online activity.
CORE BANKING: Core Banking is normally defined as the business conducted by a banking institution with its retail and small business customers. Many banks treat the retail customers as their core banking customers, and have a separate line of business to manage small businesses. Larger businesses are managed via the corporate banking division of the institution. Core banking basically is depositing and lending of money.
COOPERATE AND INVESTMENT BANKING: Corporate & Investment banking is a term used to describe a range of banking and investment products and services delivered to corporate clients, financial institutions, governments, agencies and, in some cases, to wealthy or ‘high-net-worth’ individuals and families,
MOBILE BANKING: Mobile banking (also known as M-Banking, SMS Banking etc.) is a term used for performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone or Personal Digital Assistant (PDA).
PLASTIC MONEY: Generic term for all types of bank cards, credit cards, debit cards, smart cards, etc. | EVALUATION OF CHALLENGES OF FINANCIAL MANAGEMENT IN NIGERIA LOCAL GOVERNMENT SYSTEM: A CASE STUDY OF IVO LOCAL GOVERNMENT COUNCIL OF EBONYI
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
This project is on Evaluation of challenges of financial management in Nigeria local government system: A case study of Ivo local government council of Ebonyi. According to aborisade, (2003) in his write up defined or state that financial management in any local government involves the inflows of payment, it can also be said to be the art of raising and spending money which is ever prominent facts to any local government.
Financial management in any local government system is like a vehicle as whole with many parts, that when one part of it most especially the engine part is not properly perfectly maintained and guild not strictly adhered to can cause damage to the vehicle thereby and therefore affectively the various other part and will prevent the vehicle from functioning, in relate to our topic which will prevent the local government even organization from performing it’s function. Part of the responsibilities of local government is to ensure efficient service delivery to the people, and for any organization to deliver it’s function efficiently, huge amount of money is needed and efficiently financial management must be adopted.
This therefore, follows Orewa, G.O (1991) whom states that finance must be handled with care and disturbed according financial regulation. The ideal is to analyze the efforts, made by the council to regenerate funds internally to supplement those from the state and federal source and finally make recommendation on some possible course of action that will enhance improving the situation. It is said that resources are limited want are uncountable. The same thing can be said of any government, be it rid federal is appreciated that the place of financial accountabilities can be recognized fully in attaining other objective of local government.
Again, the issue of participatory democracy can not be consolidated fully in financial management is not well studied. The masses are represented by representatives since it is not possible for all to be in government. The only way the masses participate in government is any time their representatives are called to give account of their stewardship. The highest stewardship is financial accountability.
This is necessary because governments are established to bring good welfare to the citizen. So, the stewards are always made to do this to those they are representing i.e. the masses.
Finance is the backbone of any functional organization depends on the effectiveness of management of its finance to achieve the aims and objective of establishing such organization. If finance is well managed in our local government then there is no doubt that the organization will not attain it goal and objectives.
The reverse is the case when there is mismanagement of finance in the local government. Lack of funds which are experienced in the local government are caused by such function such as those posed by depressed state of the nations economy. Management has to do with the aggregation of planning, organization, staffing, directing, leading and controlling.
According to Pendey (1996) financial management is that management activity which concerned with the planning and controlling of firms financial resources, for the attainment of sound financial management in any organization, the functions of financial management must be well executed.
This research work therefore focuses on the challenges facing financial management in Nigeria local government, which our case study will focus on local government council in Ebonyi State. Also, the importance of finance in Nigeria local government system cannot be over took, because of its contribution to the growth and development of any functioning organization which Nigeria local government is one of them.
1.2 STATEMENT OF THE PROBLEM
This study has been undertaking in order to identify and analyzed the low internally generated revenue and the challenges that hinder efficient and effective management of the council’s financial resources.
This research tends to solve the following problems;
- To find out what was responsible for mismanagement of local government finance.
- To know those who are involved in the mismanagement of the local government finance.
- To know whether enough revenue is appropriated in the local council.
- To design strategies that will ensure proper accountability in the council.
1.3 RESEARCH QUESTION.
- What challenges inhibit the effective and efficient management of local government Finance?
- What are the main sources of revenue generation in local government council in Nigeria?
- What the consequences of financial mismanagement in local government administration.
1.4 OBEJECTVE OF THE STUDY
The following shall constitute the objective of the study.
- To identify the problems or challenges that inhibits the financial management of ivo local government of Ebonyi state.
- To examine and expose the prevailing consequences of financial mismanagement in Nigeria local government.
- To determine source ivo local government generate its funds, in order to carry out it local responsibilities.
1.5 SIGNIFICANCE OF THE STUDY.
- To stimulate further research.
- To help policy makers.
- It serves as literature to the general public.
- Finally, this study is a great importance to local government workers as it is going to bring their activities into time light through showing some areas of defects and strength.
1.6 SCOPE OF THE STUDY.
The study was restricted to Ivo local government area. However, the study looked at the various source of financing in the local government system in Ebonyi state in particular and Nigeria in general.
1.7 LIMITATION OF THE STUDY
In the course of conducting this research work, a lot of constraints were encounter.
The problem of procuring accurate, relevant and current data, constituted the major constraints that affected the study.
1.8 DEFINITION OF TERMS
Our definition of terms will focus on local government, finance, management, financial management, challenges and local government.
- LOCAL: This is relating to the particular area you line in.
- GOVERNMENT: This is a large societies special institution for making and enforcing collective decision.
- LOCAL GOVERNMENT: This is the government of smaller units within nations or state mostly at the level of the country, town or district.
- FINANCE: This is a term applied to purchase and sales of legal instrument that give owners specified right to a series of future cash flows.
- MANAGEMENT: This is defined as the process of combining and utilizing allocation organization inputs(men, material and money) by planning, organization, directing and controlling for the purpose of producing outputs(goods and services) deseired organizational objective or accomplished.
- FINANCIAL MANAGEMENT: This is that fact of management which is concerned mainly with raising funds in most economic and suitable manner.
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