ACCOUNTABILITY AND PUBLIC FUNDS MANAGEMENT IN PUBLIC INSTITUTIONS. A CASE STUDY OF UNIVERSITY OF MEDICAL SCIENCES ONDO

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ACCOUNTABILITY AND PUBLIC FUNDS MANAGEMENT IN PUBLIC INSTITUTIONS. A CASE STUDY OF UNIVERSITY OF MEDICAL SCIENCES ONDO

Abstract

This study examines the role of accountability in managing public funds within public institutions, with a focus on the University of Medical Sciences, Ondo. The research explores the challenges, mechanisms, and impacts of accountability practices on effective fund utilization, transparency, and institutional development. In recent years, the mismanagement of public funds has hindered the growth and credibility of educational institutions, making accountability a critical factor for achieving financial prudence and trustworthiness. The study adopts a mixed-methods approach, combining quantitative data analysis with qualitative insights from interviews with key stakeholders, including university administrators, financial officers, and auditors.

Chapter One provides an introduction to the research, outlining the background, problem statement, objectives, and research questions. Chapter Two offers a comprehensive literature review on accountability, public fund management, and their relationship to institutional development. Chapter Three discusses the research methodology, detailing the design, sampling techniques, data collection instruments, and analytical approaches. Chapter Four presents the findings, analyzing the effectiveness of accountability mechanisms in place at the University of Medical Sciences and the challenges faced in enforcing them. Chapter Five concludes the study, summarizing the findings, discussing policy implications, and offering recommendations for improving accountability in fund management within public institutions. This study aims to contribute valuable insights into the enhancement of transparency, efficiency, and governance in public fund management in Nigerian higher education institutions.

Chapter One:

Introduction

1.1 Background to the Study

Public institutions are essential in providing services and facilitating development, often funded by taxpayers’ money. As custodians of public resources, these institutions have a responsibility to ensure transparency, accountability, and efficient fund management. In Nigeria, however, mismanagement of public funds has posed significant challenges, affecting public trust, operational efficiency, and developmental goals. Education institutions, like the University of Medical Sciences, Ondo, are particularly impacted, as their funding directly influences their ability to deliver quality education and infrastructure.

Accountability in public fund management involves adherence to principles of integrity, transparency, and financial prudence, where each financial action is traceable and justified. Effective fund management allows public institutions to align expenditures with their objectives and deliver on their mandates, promoting the public good and enhancing institutional sustainability. Given the increasing scrutiny over public expenditures, especially within educational institutions, understanding the current accountability frameworks in place and identifying areas for improvement are critical. This study focuses on the University of Medical Sciences, Ondo, as a case study to examine the effects of accountability on public funds management in public institutions.

1.2 Statement of the Problem

Despite significant investments in Nigeria’s public institutions, reports of fund mismanagement and misuse of resources are prevalent. Instances of uncompleted projects, poor service delivery, and lack of accountability undermine the effectiveness of these institutions, eroding public confidence. At the University of Medical Sciences, Ondo, there are growing concerns regarding the effectiveness of its financial management practices and the level of accountability in resource allocation and utilization. Challenges such as inadequate checks and balances, poor financial reporting, and limited enforcement of financial regulations suggest that accountability mechanisms may be insufficient, thereby hindering optimal fund management.

This study seeks to address these issues by examining the accountability measures employed by the University of Medical Sciences, Ondo, in managing public funds. The findings of this study aim to provide insights into how improved accountability can foster better public funds management within the institution, ultimately contributing to enhanced operational efficiency and educational outcomes.

1.3 Objectives of the Study

The primary objective of this study is to examine the role of accountability in public funds management at the University of Medical Sciences, Ondo. Specific objectives include:

To analyze the existing accountability mechanisms for public funds management within the University of Medical Sciences, Ondo.

To evaluate the effectiveness of these mechanisms in ensuring transparent and prudent financial management.

To identify challenges that hinder effective accountability in public funds management at the university.

To assess the impact of accountability on fund utilization and institutional performance.

To propose strategies for enhancing accountability and transparency in the management of public funds within the institution.

1.4 Research Questions

To achieve these objectives, the study addresses the following research questions:

What accountability mechanisms are currently in place for public funds management at the University of Medical Sciences, Ondo?

How effective are these mechanisms in ensuring transparent and efficient fund management?

What challenges limit the effectiveness of accountability in public funds management within the university?

In what ways does accountability impact fund utilization and the institution’s overall performance?

What strategies can be recommended to improve accountability and transparency in the management of public funds?

1.5 Research Hypotheses

The following hypotheses have been formulated for testing in this study:

H0: Accountability mechanisms do not significantly affect fund utilization at the University of Medical Sciences, Ondo.

H1: Accountability mechanisms significantly impact the efficient utilization of funds at the University of Medical Sciences, Ondo.

H0: Challenges to accountability do not significantly hinder effective public funds management within the university.

H1: Challenges to accountability significantly hinder effective public funds management within the university.

1.6 Significance of the Study

This study is significant as it addresses a critical area of public sector management—accountability in financial stewardship. Findings from this study will:

Provide insights for university administrators and policymakers on the effectiveness of current accountability measures.

Serve as a basis for implementing improved financial controls and accountability practices within public institutions.

Offer recommendations for enhancing transparency in the allocation and utilization of public funds, promoting better resource management and public trust.

Contribute to the body of literature on public fund management, particularly within the educational sector in Nigeria.

1.7 Scope of the Study

The study focuses on the University of Medical Sciences, Ondo, examining the accountability practices and public fund management strategies employed within the institution. This research will evaluate existing mechanisms, identify challenges, and propose solutions to enhance financial accountability. Although the study’s findings may be applicable to other public institutions, it is limited to the administrative and financial practices within this university.

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