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Cash Flow Accounting


Submitted By cashflows2jeremy
Words 5594
Pages 23
Nigeria is an oil rich country, as a matter of fact the sixth largest oil producer world over, the 26th largest economy in the world and Africa’s largest economy. Paradoxically, this same resource-rich nation ranks among the five “extremely poor” nations of the world, ranking 153rd with a Human Capital Development Index of 0.471 according to UNDP in 2013. Of course this does not portend economic development. What is however, not surprising is Transparency Internationals’ Corruption Perception Index which ranks Nigeria as one of the most corrupt countries in the world, coming 144th out of 177 surveyed countries. This paper therefore seeks to examine the accountability of public officers in Nigeria and their effects and bearing on the economic development of the nation. It also looks at the factors militating against public sector accountability and the ways of achieving accountability in the public sector. The study uses historical data and a descriptive approach of study; it was found that Public sector accountability is essential to economic development in Nigeria. And the nation seems to exist at two extremes, abundant resources at one extreme, and poverty at the other extreme due to lack of accountability in public sector. Amongst others, it is recommended that the legislature should champion the accountability process, the Nigerian society should be re-orientated on value process, and whistle blowers should be protected to achieve accountability and economic development.

Keywords: Public Sector, Accountability, Economic development.

The oil boom which began in the 1970’s ended the days of scarcity and ushered in resource abundance in Nigeria. A major problem, however, was how to plan and develop effective and efficient structures for the society being confronted with the vast increase in material wealth

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