IIARD International Institute of Academic Research and Development

INTERNATIONAL JOURNAL OF SOCIAL SCIENCES AND MANAGEMENT RESEARCH (IJSSMR )

E-ISSN 2545-5303
P-ISSN 2695-2203
VOL. 10 NO. 8 2024
DOI: 10.56201/ijssmr.v10.no8.2024.pg363.372

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A Conceptual Analysis of the Public Sector Legal Basis and Accounting Systems in Nigeria

ALLI-MOMOH Betty Oluwayemisi PhD, OGUNYEMI Olajide Daniel, AKINOLA Oluwakemi Olanike, DADA Oluwagbenga, ADEBOWALE Adeniyi, OLADAPO Moses, SALAUDEEN Aishat

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Abstract

This study delves into the conceptual analysis of the legal framework and accounting systems within Nigeria's public sector. The instability and vagueness of Nigeria's public sector accounting governance framework have been widely questioned. Weak structures have made it challenging to reliably apply accounting rules and processes at all levels of government. Nigeria's public sector accounting practices need to be changed since more accountability and openness are crucial. Improved public sector accounting can reduce the likelihood of corruption, increase public trust in government, and enhance fiscal management. As a result, the paper assessed the effectiveness of the existing accounting systems and offer useful recommendations to enhance public sector accounting procedures in Nigeria. The study was established on institutional theory which offers valuable insights into the development, operation, and change of public sector organizations, including their accounting systems. The study utilized a conceptual analysis approach by conducting a review of academic literature and reports related to public sector accounting systems and legal frameworks in Nigeria. The investigation led to the conclusion that Nigeria's public sector accounting procedures' efficacy is critical to the nation's financial stability and governance. The administration of public resources becomes more accountable, productive, and responsible when the difficulties mentioned above are tackled via strategic reforms. The study then recommended that Government should invest in and deploy modern accounting software and infrastructure that supports accrual-based accounting. This could include integrated financial management information systems (IFMIS) that ensure real-time financial reporting and data integrity.

keywords:

Legal basis, Public sector, Public sector accounting systems

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