CHAPTER ONE
INTRODUCTION
Background of the Study
It has been said that government is the largest single in every country. This is because it covers a wide range of human activities.
The main purpose of government everywhere in this world is to give some services to people who live and work in the state. How well a government serves its citizen determine the degree of the acceptability and continuity of it. This question of being responsive to the needs and requirement of the governed can be assessed by the degree of honesty, accountability and produce in the management of public funds. In a nutshell, it is government responsibility to see that the public money is not wasted, that it is used with the greatest efficiency and is applied only to the purpose which are authorized by law. To achieve this is to be cost conscious, strict control over spending of public money should be emphasized if the need is to be achieved. This situation in Nigeria has been reported non-handy as regards the management of public funds observation and news of misdirected resources and uncompleted projects and the manageable surviving ones may be as a consequence of corruption and inefficiency in the public sector.
Opera (2006:7) is of the opinion that corruption in Nigeria is a way to life with most people pregnant with the spur to get rich quicker. This issue of corruption and inefficiency is complex.
When one has risen to position of eminence, there is notable and usually a long line of people looking up to him for assistance. In large part however ones high principles will be subject to ridicule should he turn his back?
Consequently, since Nigeria independence in 1960, many government and their agencies have failed, because or outright squandernamia in the system. Unfortunately, however, financial regulation and economic policies do not only fail to meet the requirement of the modern economic, but also are poorly and ridiculously implemented, resulting in huge amount of financial loss in system. In fact it is apparent from the available data that Nigeria is no under development but under managed.
From the above numerous, indicators point at the need to secure the public funds and judiciously administer to them for possible growth and benefit of the society at large.
Statement of the Problem
The popularity and ability to attract the allegiance of the governed in our modern society is a function of how much of the spirits of stewardship, accountability and prudence with which the authorities look after the resources of the nation.
Achieving cost management in the management of public sector also as it is an area that deserved the best of possible available implemented technologies. Great attention has not been given cost managers as an effective tool for public funds. This research work attempt to know the usefulness of cost management on the management of public funds.
Objectives of Study
The objectives of this research work are
To find out the possible hindrance of achieving this virtues of public fund management in government quarters.
To seek areas where improvement or amendment may be required in future.
To examine the spending activities of the government including the current institution frame work in the government.
To find out how cost management affect the individual employee in the organization.
Research Question
The research sought to provide answer to the following question as to be able to form opinion on the level of cost management in the government and of course facilities the making of recommendation for improvement or otherwise, appreciate its own performance
What is the component of institutional frame work of government establishment?
What is the nature and adequacy of this frame work?
What are the hindrances to achieving cost management in government establishment?
What are the consequences of lack of cost management in government establishment?
What are the possible solutions and strategies in the public sector?
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