A BSTRACT

This research was undertaken to study the impact of accounting information and reports on the economic growth of the nation. The research aimed to highlight how standard accounting practices can be of immense help in the running of the public sector. One can say, therefore, that this research centers on an area that is highly sensitive and immensely relative to our everyday life. This research involved both field and desk work, all of which were employed to produce a reliable result. To this end various accounting texts were consulted and other publications, including the internet facility. Two ministries were visited and questionnaires were issued through which key accounting staff of these ministries gave their informed views. The responses from the questionnaires were analyzed and the chi-square method was applied to test the hypotheses. This test revealed that: There is a significant relationship between the quality of legislative oversight function and economic development. There is significant relationship between public sector accounting and economic development. Poor funding can hamper economic development very seriously. Compliance auditing alone will not necessarily guarantee economic growth. There is need to ensure conformity with legislative intent. Given these findings the following recommendations are made: The office of the Auditor-General and Accountant-General should ensure that key staff of their departments are experienced professionals. Training and re-training exercises should be undertaken from time to time to up-grade and up-date employees. The independence of the legislature and the office of the Auditor-General should be invigorated.

TABLE OF CONTENT

Title Page

Acknowledge

Dedication

2.3.2 Uses of Public Sector Accounting Information 17

2.4 The bases of Public Sector Accounting 18

2.4.1 The Cash Basis 18

2.4.2 The Accrual Basis 19

2.4.3 The Commitment or Obligation Basis 19

2.4.4 Basis of Accounting in the Public Sector in Nigeria. 20

2.5 Powers and responsibilities of Government Financial 21

Accounting Officers

2.5.1 Duties and powers of Permanent Secretaries as

Accounting Officers 23

2.5.2 The Auditor General 25

2.5.3 Duties and rights of the Auditor-General 26

2.6 The Treasury 28

2.6.1 Financial Reporting in Government 33

2.7 Financial Control Framework in the Executive Arm of

Government over Public funds. 34

2.8 The Budget 40

2.8.1 Purposes of the Budget 43

2.8.2 Budgetary Process 44

2.8.3 Objectives of Financial Reporting in Government 49

2.9 Audit of Government Funds 50

2.9.1 The need for an Audit 51

2.9.2 Audit of the Public Sector 51

2.9.3 Good Governance and Quality Legislative

Performance a prelude for Economic Development. 52

2.9.4 Summary of the Chapter 55

CHAPTER THREE

3.0 METHODOLOGY 56

3.1 Introduction 56

3.2 SourcesofData 56

3.2.1 The Primary Data Source 56

3.2.2 The Secondary Data 57

3.3 Collection of Data 57

3.3.1 Design and Administration of Questionnaire 57

3.4 Sample size determination 58

3.4.1 Sampling Technique 59

3.5 Data Analysis Technique 59

CHAPTER FOUR

4.0 DATA PRESENTATION, ANALYSIS AND DECISION! 62

INTERPRETATION

4.1 Questionnaire distribution and analysis 62

4.2 Test of Hypotheses 65

4.2.1 Test of Hypotheses one 65

CHAPTER FIVE

5.0 SUMMARY, CONCLUSION AND RECOMMENDATION 72

5.1 Summary 72

5.2 Conclusion 72

5.3 Recommendation 73

5.4 Suggestion for further study 74

References 75

Appendices