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The Dynamics of Fiscal System and Accountability in Rivers State Ministry of Finance, 2014-2024

Chukwunonye Abovu Akujuru, PhD, AkPE NAPOLEON

Abstract

This study critically examines the structure, implementation, and accountability mechanisms of the fiscal system in Rivers State, Nigeria, from 2014 to 2024. It investigates the effectiveness of fiscal policy formulation and implementation, revenue generation and expenditure management, budgetary control, financial transparency, and intergovernmental fiscal relations in promoting economic stability and fiscal accountability. The study employs Agency Theory as a theoretical framework to explore the dynamics between public officials (agents) and the state government (principals), highlighting the principal-agent problem in the context of fiscal governance. A survey research design was adopted, with a sample size of 126 respondents selected from the Rivers State Ministry of Finance using Taro Yamane's formula. Data were collected through a 4-point Likert scale questionnaire and analyzed using SPSS, focusing on percentage means and standard deviations. Key findings indicate that fiscal policies significantly contribute to economic stability, although their impact varies. The policy formulation process is generally aligned with economic goals, while revenue generation and public expenditure management are effective in ensuring fiscal accountability. Furthermore, intergovernmental fiscal relations positively impact resource allocation and fiscal autonomy. The study concludes that while progress has been made in fiscal governance, further improvements in transparency, efficiency, and coordination are necessary for sustainable economic development. Recommendations include strengthening policy alignment with long-term goals, enhancing stakeholder engagement in policy formulation, improving fiscal management systems, and fostering stronger intergovernmental relations.

Keywords

Fiscal PoliciesEconomic StabilityAccountability MechanismsRevenue Generation

References

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