Evaluation of Fundamental Concerns of Public Financial Management and Efficient Reform Infrastructure: The Case of Nigeria

Abstract

The efficiency of the public service is largely driven by an efficient public financial management (PFM), which has a core responsibility of promoting public finance in allocating resources, distributing goods and services, and in stabilizing the economy. The joint effects of these thrusts are the promotion of the citizens’ welfare and the development of the nation. Against the backdrop of the perceived inefficiencies of PFM the study evaluated them on the framework of the fundamental concerns of PFM and the extant reform infrastructure .The study sourced its input data from both the secondary and primary sources ,on the basis of which descriptive survey and explanatory research design were used..The secondary sources were garnered from the relevant budget statistics in Nigeria, from 2010 - 2021.On the other hand the primary data were derived from the outcome of a 30-item structured questionnaire on designated respondents in the South East of Nigeria on the perceived inefficiencies in the following areas: information communication and technology( ICT),budget system, revenue allocation machinery, machinery for public procurement and payroll, the financial reporting system ,and the institutional arrangements for fraud control .The polychotomous variables ,the likert ratings with varying values ,were used to quantify the responses while the statistical tool of Analysis of Variance (ANOVA) was used to analyze the data. The findings unveiled poor performance arising from inadequate IT penetration, unwholesome cashless support policy in the face of the dominantly unbridled cash mentality attitude. Others included poor legal infrastructure, inadequate crime fighting arrangement and leadership challenge. In conclusion the work recommended increased reform agenda to propel proven creditability in government operations, patriotic disposition of the citizens in being rule-compliant and the re-orientation of shared mindsets, with all targeted to grow the financial system to efficiency.