THE OVERVIEW OF LOCAL GOVERNMENT FINANCE IN THE NEW MILLENIUM
The motive of this study “the Overview of local government finance in the New millennium is to know the extent of finance management at the local level.
At the local government level, finance have not been sufficiently provided for. Even the little funds at their disposal are not adequately used.
The chapter one of this work gives an introductory aspect of the work. The chapter two shows in details the need for local government, local government source of fund, local government organizational structure and the concept of financial administration. While the chapter three shows the summary of findings, conclusion and recommendation.
TABLE OF CONTENTS
CHAPTER ONE: INTRODUTION
1.1 Background of the study
1.2 Statement of problem
1.3 Objective of the study
1.4 Significance of the study
1.5 Scope and limitations of the study
CHAPTER TWO: LITERATURE REVIEW
2.1 Need for local government
2.2 Local government source of fund
2.3 Local government organizational structure
2.4 The concept of financial administration
2.5 Definition of terms
CHAPTER THREE: SUMMARY
3.1 Summary of findings
1.1 BACKGROUND OF THE STUDY
Finance has been a problem facing the government. The government of Nigeria is made up of the federal, state and local government which is preferably called the three tiers of government. But however, this work is only limited to the local government.
Local government forms the third tier of government in Nigeria. The aim of creating local government is to decentralize government so that local government which is nearest to the people will enable the people to participate in development process of their area. Local government is also referred to as government at this grassroots level.
To carry out its function, the local government must have readily available finances. This is because the need for finance is very important in any establishment.
In defining what finance is various perspectives from different aspects are recognized?
1. The layman understands finance as the volume of money held as cash and cash balances at bank.
2. The investor sees finance as the possession of funds when it is needed for investments.
3. The academics sees finance as the discipline that studies the science of funds management, which includes the institutions that are involved in sourcing funds such as the money market institutions, insurance market institutions and mortgage market institutions etc.
These guidelines help in generating funds and funds management.
1.2 STATEMENT OF PROBLEM
One of the problems facing the local government is that they have limited source of revenue. Apart from revenue accruing from the federation accounts all other source of revenue do not yield much fund. This federation accounts services as the federal government budget estimates.
In 1996 the vertical sharing from the federation accounts placed the local government on 20.0%. The federating government of Nigeria is empowered with the responsibility of generating and distributing revenue accruing from oil and non-oil revenue.
1.3 OBJECTIVE OF THE STUDY
The objective of the work is to explore into the hindrance against effective measures undertaken to curtail the low rate of finance in local government.
It will help in ensuring that adequate controls exist over the receipt custody and disbursement of funds, that all its transactions are promptly and properly accounted for and all documents and records relating to the financial transaction are accurate and complete.
1.4 SIGNIFICANCE OF THE STUDY
This study helps in policy making and investment. It also serves as a guide to authorities on how to control finance.
After identifying the problems, it would also help in allocating fund to local government by checking its expenditures. This, in effect will also help the local government in funds management.
The people at the grassroots will also benefit from the study in solving their needs, thereby increasing the standard of living.
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