TABLE OF CONTENTS
Title Page
Certification
Dedication
Acknowledgements
Table of contents
CHAPTER ONE
1.1
Introduction
1.2
Problem of
the study
1.3
Purpose of
the study
1.4
Scope of the
study
1.5
Research
methodology
1.6
Scope of the
study
1.7
Plan of the
study
1.8
Definition
of terms
CHAPTER TWO
LITERATURE REVIEW
2.1
Introduction
2.2
Local
Government finance
2.3
Term
Financial Management
2.4
Financial
Management Problems
2.5
Source of
Government Revenue
2.6
Function of
Local Government
2.7
Objective
and Role of a Local Government
2.8
Financial
Control of Local Government
2.9
Accounting
System in Local Government
CHAPTER THREE
3.1
Research:
Methodology
3.2
Historical
Profile of Ilorin
South Local Government
3.3
Organization
of Local Government Structure
3.4
The Role
Call Past Chairman and Sole Administration
CHAPTER FOUR
4.1 Data
Presentation and Analysis
4.2 Position
of Internal Auditor
4.3 Audit
and Review
4.4 Budget
Execution Comparison with Actual Budget
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1
SUMMARY
5.2
RECOMMENDATIONS
5.3
CONCLUSION
BIBLIOGRAPHY
CHAPTER ONE
1.1 INTRODUCTION
Financial
Management is primarily concerned with management process of planning the
provision and effective utilization of fund.
In the context of this study, financial management is more than mere
receipt and disbursement of funds. It
entails the proper use of available resources which are usually limited financial
resources for the accomplishment of set goals and objective which would have
been arrived at through and arduous and painful process of choosing among
various competing and deserving alternative.
In taking decision, especially those that have financial implication,
local government functionaries are expected to have in very responsible
manners, realizing that the are holding fiduciary responsibility on behalf of
the public to whom they are accountable. Local government is the lowest tier of
government anywhere in the world. It is
very important because of its closeness to the people. As a result, it is multipurpose in terms of
carrying out social economic services.
In
the local society stimulating and encouraging local initiative in community
work, promoting the democratic service as training ground for national political
leaders, servicing as a medium of communication between the people and the
higher tier of government.
The main
purpose of local government system the reform, is to ensure effective
administration at the grassroots level local government aims to ensure adequate
mobilization of human and financial resources for local development. In the light of the foregoing, local
government can e defined as administrative entity with a sovereign nation or
aquasi sovereign state with distinct geographical boundaries she is vested with
administrative and loyal power to make bye laws within her area of
jurisdiction. Local government in
Nigeria have undergoes a lot of vicissitudes and reforms the most popular which
has been the 1976 reforms which inform the frame work of operation today,
before 1978, it has been a situation of confusion, traditionalism and in some
case neglect from 1976 to date a lot of committee had be set up and minor
reform took place as a result but the spirit of 1976 reform is still living.
In
sprite of the fact that the 1976 of local government reform had established a
unified systems, there is a lot to be learned from the mistakes and achievement
regarding the operation of the system.
It s principally against the background professional administrators,
councilors, supervisors and individuals in part of the country may find it
useful to understand the operative system of local government finance in
Nigeria. The general public will also
like to know the councils obtain revenue and how such revenue accounted for and
spent.
1.2 PROBLEM OF THE STUDY
This
study is intended to provide information on the structure, operation, finance
and problem of financial; management in Ilorin South Local Government Area,
Fufu of Kwara State. And however,
suggested member of strategies for overcoming the problem of financial
management in local government.
1.3 PURPOSE OF THE STUDY
The purpose of this study is to examine the
problem of financial management in Ilorin South Local Government |Area of Kwara State
and contribute to the further understanding of problem of local government,
financial management in Nigeria
and to serve as a factual text which may provide basis for future.
Critical objective examination of various local
government financial problem in Nigeria. In essence to add to the store knowledge of
local government finance in Nigeria
and to encourage others who may want to explore it further.
1.4 SCOPE
OF THE STUDY
Some of the importance of this study is to extend
the sphere of knowledge of local government finance to the direction of Ilorin
south Local Government “problem of financial management” therefore the study is
enlarge to accommodate valuable knowledge about the structure operational roles
system of accounting finance and financial management problems in Ilorn South
local government. The study will not
identifies problems alone but also attempt to provide remedies. It is hoped that student of local government
public administration, public accounting and business.
1.5 RESEARCH
METHODOLOGY
Both Primary and secondary data were collected for
the study. Interview with the staff of
Ilorin South Local Government Area also the secondary data are collected from
various relevant files and books from distinguished authors listed in the
bibliography some of the research questions includes:
1.
Which
calibers of works are mostly engaged in the management of funds in Ilorin South
Local Government Area of Kwara State?
2.
Do these
workers use appropriate and suitable accounting records and how competent are
they in the utilization of these records?
3.
Do these
workers have adequate working knowledge of the financial management memoranda
and other relevant circulars?
1.6 PLAN OF
THE STUDY
This project is group into five chapters, which
are summarized below: chapter one is on general introduction to the topic with
problems, purpose and scope of the study, other data discussed in chapter one
include definition of terms and plan of the study. Chapter two deals will literature review and
financial control of local government.
Chapter three deals with research methodology and historical background
of Ilorin South Local Government Area.
1.7 DEFINITION
OF TERMS
In a study of this nature, there is need to define
some key worlds or important concepts that will appear in the study for the
purpose of clarity and guide against misinterpretation of such words. Some of these terms are defined as follows:
1.
Local
Government:- This is the government at local level exercise through representation
council established by law to exercise speeded power within a defined
area. This power should give the council
substaint contain affair as well as the staff and institutional financial power
to initiate and direct the provision service.
Also to determine and implant objects, so as to complement the
activities of the state and federal in their area and to ensure adequate
devotion of function to those council and their traditional institutions that
local initiative and responses to local needs and condition are maximize.
2.
FINANCE
These are revenue occurring to the local
government both externally derived from federal or state government and
internally generated through source outlined in the reforms such as taxes,
rates, fees, profit from commercial undertaking and the miscellaneous earning.
3. STATUTORY ALLOCATION
This is the portion of federal and state revenue that
accrues to local government. It was
stated in the 1979 constrictions of Federal Republic of Nigeria in section 7 @ that
: “the national assembly shall make provision of public revenue to local
government councils in the federal and (b) the house of assembly of a state
shall make revenue provision for statutory allocation of public revenue to local government council
within the state.
4. ACCOUNTING
Accounting in the context of the study is defined
as identification, selection, analysis, measurement, processing, evaluation and
communication of financial information facilitate decisions regarding
activities and resources.
5. FINANCIAL
MANAGEMENT
Financial management is primarily concerns with
the future and making of decision based on forecast. Financial manage covered all function
concerned with attempting to ensure that financial resources are obtained and
used in the most effective way.
Generally, financial management is defined as the management of funds;
dealing with planning, organizing allocating, controlling and making decision
on matter relating to finance in order to achieve the stated objective. It is also concerned with the provision and
effective utilization of funds.
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