FINANCIAL MANAGEMENT FOR SUSTAINABLE DEVELOPMENT IN LOCAL GOVERNMENT ADMINISTRATION IN NIGERIA

Prof. Basil Chukwuemeka Nwankwo (PhD), Kingsley Uchenna Mbamalu

Abstract


This study examined financial governance in Local Government Administration for Sustainable Development at the third tier level government in Nigeria. The main objective of the study is to assess how the institutionalization of good governance in financial management practices at the local government Councils in Nigeria would result in Sustainable Human Development (SHD) at the third tier level government in the country. The study made use of extensive secondary sources of data which includes – books, journals, magazines, newspapers etc. The qualitative data generated from the indepth-desk review of the secondary sources were analysed using the content analysis method. The Government Financial Management cycle was adopted as the theoretical framework of analysis which guided the field work on the collection of relevant data to demonstrate and establish how corporate governance in financial management in local government administration in Nigeria could promote Sustainable Human Development (SHD) at the third tier level government in the country. The findings of the study from the content analysis of data collected, indicates a significant relationship between the institutionalization of corporate governance in financial management and sustainable development (Physical and Human) at the local government councils in Nigeria. The findings also collaborated the popular public held views that the financial recklessness and impunity in the mismanagement of the financial resources currently being experienced in the local government council is responsible for the wide spread fraud and corruptions that had undermined sustainable development; with the below average performance in services delivery; attributable to lack of good corporate governance in financial management; which would have ensured effective and efficient checks and balances in financial transactions at the third tier government. The major recommendation amongst others is the immediate institutionalization of corporate governance in financial management in the local government councils in Nigeria, which would ensure sanity, probity, transparency, accountability and auditing in the management of the finances.

Keywords


Corporate Governance, Financial Management, Local Government Councils, Sustainable Development, Administration.

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