Effect of the Implementation of Financial Regulations on Accountability of National Identity Management Commission and National Space Research & Development Agencies in Nigeria

Abstract

The Federal Government Financial Regulations was introduced with a view to instilling accountability and transparency in the conduct of public service. This paper examines the effect of financial regulations on accountability in the public service. The study is focused on two specific objectives. It will assess the effect of compliance to internal audit reviews and secondly, to ascertain the extent to which sanctions are enforced on breaches resulting in loses to government. The study is premised on primary data through a structured interview to a purposeful sample of some staff of National Identity Management Commission (NIMC) and National Space Research & Development Agency (NASRDA) as well as secondary sources of data collection that were quantitatively analyzed. The study reveals among others that strict compliance to periodic internal audit reviews have great effect on accountability in the study area (NIMC & NASRDA) leading to public accountability in the conduct of financial transactions in the public service. Furthermore, the strict enforcement of sanctions on breaches directly resulting in loses to government has greater effect on accountability. The study recommends that detailed periodic internal audit reviews time table must be made available regularly to all staff of the organization and also the heads of units must be officially notified of these exercises and reviews for them to have ample time for preparations. There should also be strict and prompt reportage of all anomalies observed during the exercise. The top leadership of the organization must spell out the consequences for non-observance to these internal audit reviews time table by strengthening the internal controls that will guarantee checks and balance in the audit reviews. The theoretical framework for this study is the New Institutional Theory. This study covers 2008-2017. This research is different with the one that earlier published with same title, same authors with different method of data collection and analysis.

Keywords: Accountability, Internal Audit Reviews, Financial Regulations, Sanctions and Public Service  

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author/Buba, Adamu & Dr. Abdullahi Mohammed 

journal/FUJPAM Vol. 2, No. 1