PROBLEMS AND CHALLENGES
The specific problems hampering financial regulations at the Federal government level, and which are manifesting in continuous financial in efficiency, can be discussed under the following sub-headings:
1. Human Elements
This, in any system, is the most essential but the most difficult to control. Getting qualified people who can accurately interpret and apply the financial regulations is a source of worry in government quarters. The attitude to work of the officers who interpret and apply the regulations, and the speed with which the regulations are being applied and interpreted, count very much in the realization of efficiency in the operations of government.
The government is finding it very difficult to obtain and retain an adequate number of qualified accounting and finance personnel that can manage its accounting and financial duties as expected by various legislation. Government accounting and financial systems are not being managed by people who have got their training from some professional bodies like ACCA, ANAN, ICAN, ICMA, etc it is managed mostly, by people who joined the civil services after basic education, with the intention of making a career in the civil service. Accounting and finance graduates are not being attracted to the civil service may be because of the comparatively poor conditions of service of the public sector. To achieve the full benefits of financial regulations, government should be able to employ qualified accountants and accounting graduates who can interpret and apply the
financial regulations. Alternatively, all those civil servants managing the finance of the government should be adequately retrained in line with the challenges of their different offices.
2. Implementation Problems
Programmes implementation is a basic problem in Nigeria. Plans might look very good, but when it comes to implementation, performance is poor. This attitude can be said to be the bane of the country's development. The attitude is attributable tot he indiscipline, selfishness, arrogance and blatant in consideration for the rights of others are the characteristics of most government. This is a official. Cases of frauds or financial malpractice and financial misappropriation or mismanagement are rampant in the government, an indication that the financial regulations set are not being followed to the later.
It is, therefore, a challenge to whoever is in control of the government, civilian or military, to make it a point of duty the attainment of financial efficiency through strict adherence to the financial regulations. Ekukinam (1976) has prayed “I hope that all public officers with the responsibility to apply, interpret and operate the Regulations (Financial) will ensure that the objectives sought in the revision, and the effort applied to the job, will not be in vain”. This prayer of the then Federal Commissioner of Finance is not being answered, because of the poor commitment of most Nigerians to their responsibilities, -financial and otherwise.
3. Public Awareness
There is general lack of awareness of the existing financial regulations and the right of the citizenry that the regulations seek to protect. The citizenry has no concern over the way government resources are being utilized and how the resources are being accounted for. This may be due to unawareness of the purpose of government accounting. “Often there are very scanty 本文来自优.文,论~文^网原文请找腾讯324,9114 to the fact that there is almost zero need for accountability by public officers to The masses and this seduces the officers to spend public funds anyhow. The masse s are not aware of the financial regulations to be respected and as they are not being informed of what public officers are doing, they tend not to worry themselves thinking of how to deal with the corrupt leaders.
Sometimes, those who are expected to be well informed, like politicians, legislators, businessmen and administrators, also demonstrate ignorance of the existing
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