A SOCIAL ACCOUNTING AS A METHOD OF ASSESSING THE IMPACT OF DEVELOPMENT ACTIVATIONS (A CASE STUDY OF NUKES LOCAL GOVERNMENT AREA ENUGU STATE)
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TABLE OF CONTENT
1.0 INTRODUCTION OF A SOCIAL ACCOUNTING AS A METHOD OF ASSESSING THE IMPACT OF DEVELOPMENT ACTIVATIONS
1.1 An overview
1.2 Statement of problem
1.4 Objectives of study
1.5 Significance of study
1.6 Limitation of study
1.7 Definition of terms
2.0 LITERATURE REVIEW OF A SOCIAL ACCOUNTING AS A METHOD OF ASSESSING THE IMPACT OF DEVELOPMENT ACTIVATIONS
2.1 Government accounting
2.2 Local government accounting
2.3 Statutory base of local government finance in Nigeria
2.4 Functions of local government
2.5 Sources of local government revenue
2.6 Local government expenditure
2.7 Management of control of local government finance
3.0 RESEARCH METHODOLOGY OF A SOCIAL ACCOUNTING AS A METHOD OF ASSESSING THE IMPACT OF DEVELOPMENT ACTIVATIONS
3.2 Sources of data
3.3 Population definition
3.4 Statistical determination of sample size
3.5 Method of data presentation
3.6 Data analysis
3.7 Decision rule
3.8 Operation assumption
4.0 DATA PRESENTATION AND ANALYSIS OF A SOCIAL ACCOUNTING AS A METHOD OF ASSESSING THE IMPACT OF DEVELOPMENT ACTIVATIONS
4.1 Questionnaire distribution and response
4.2 Data analysis and statement of hypothesis
5.0 SUMMARY, RECOMMENDATION AND CONCLUSION OF A SOCIAL ACCOUNTING AS A METHOD OF ASSESSING THE IMPACT OF DEVELOPMENT ACTIVATIONS
5.1 Summary of findings
SUMMARY OF FINDINGS
The subject matter of this research is social accounting as a method of assessing the impact of development activities with a particular reference to Nsukka local Government Area. A number of interesting and thought provoking information were gathered in this study.
For effective diagnosis of this study, the were hypothesis formulated which acted as guides. The result of these hypothesis and other findings are hereby presented.
1. There was an ample proof that the greater number of local government employees are unqualified.
2. It was discovered that local government recover grants from both the state and federal government.
3. That the grants are not enough in financing the expenditure project of the local governments. This was buttressed by the fact that even though the local government receives grants and allocation from federation account, it is still chained in financial problems. At least it has not been able to pay its employees for almost four months now.
4. Nsukka local government over relies on funds from higher levels. That is, it usually over depends on the state and federal governments for sponsorship. This has badly affected its operations as external funds are only provided as supplements to internal generates one. This equally has put its status as an autmomous entity into danger.
5. That Nsukka local government has been unable to tap all internal revenue generating opportunities to augments its overall revenue base for enhanced result. This is because of its for –dependence on statutory allocation and grants from the state and federal government.
6. The study also unveiled that even other taxes to be collected by the local government can improve its financial base to an admirable extent.
7. It was equally detected that the accounting system of Nsukka local government is effective in operation.
8. That the employment of low caliber staff has no significant negative relationship with the efficiency and productivity of the local government.
9. Lowing to increase statutory responsibilities of the local government, an increase from 20%-25% in the federal government statutory allocation of the federation account would not be enough to defray a reasonable proportion of such responsibilities.
10. There have been cases of poor financial planning and control. These have resulted in the failure of the local government to cub excess expenditure which is attributed to poor budgetary control. Impact, Nsukka local government performance in the areas of leaves mach to be desired.
11. That lack of financial data and qualified person not in management decision have been identified as factors militating against sound financial and accounting system in Nsukka local government.
12. Direct embezzlement, receipts of huge Kick-backs, contract inflations, large scale salary frand, etc were detected to be rampant in the local government.
13. Auditing problem was detected to be one of the financial and accounting problems of the local government. This sprang from the fact that internal control (including internal audit, internal check and supervision) is defective or because it supervision) is defective or because its operation are deficient.
In realization of the inestimable value of the improved finance/accounting system of the local governments in Nigeria, I hereby offer the following recommendation.
1. Efforts should be intensified in the collection of revenue and continuously seek new avenues for local taxations especially as the federal and state cannot provide sufficient finance for the needs of local government given the rising cost and expansion in the activities of this level of government.
2. The local government to return to the use of its traditional revenue sources such as property rates or tenement rates, poll tax, licenses, etc.
3. Loan financing should be applied to capital projects.
4. The internal funding of the local government could also be improved by its more than ever in commercial ventures. Such ventures apart from their being self-sustaining financial would yield reasonable returns to the local government annually. This it can do by opening local craft centers, cinema houses, community viewing centers, building of parks, public toilets, civil or other recreational centers, building of markets, low cost houses for commercial purposes, special nursery schools, mass transit services, etc.
5. Emphasis should be placed on the recruitment of qualified, experienced, properly selected and well trained personal for the assessment, collection and general administration of local taxes and rates.
6. The local government can also improve the planning and system of budgetary control; installation of a system of internal audit unit to check the excesses of authorization and incurrence on behalf of the local government.
7. There should be projects evaluation and implementation in order to avoid waste, proper feasibility study should be carried out before any capital expenditure is embarked upon.
Given the current political and financial autonomy enjoyed by the local government in Nigeria, and its increased statutory responsibilities it is of a great essence that Nsukka local government look inwards for the generation of necessary funds required to finance the numerous expenditure programmes.
Through statutory allocation from the federation account has been increased from 15%-20%, it should not be relied upon as the only source of financing the increase duties, rather it should only been as supplementary to internally generated funds. Continued dependence on statutory allocation and other forms of external financing will not only result in poor performance of assigned functions, but would also betray the autonomous status granted the local government by the 1989 constitution and reaffirmed in the 1992 budget of the federal government.
Of course, local government system is still young. Nonetheless, local government finance/accounting has good prospects of future development. Through the granting of full autonomy to the local government as the best vehicle for rural development, local government accounting should veer towards including management accounting into its accounting system. This would ensure that the financial transactions of local governments are not only properly recorded and reported, but that they will be analyzed in a manner which would and decision making by both the executive and legislature.