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THE CONCEPT OF COST CONSCIOUSNESS IN THE MANAGEMENT OF PUBLIC FUNDS.

(A CASE STUDY OF THE ACTIVITIES OF ENUGU STATE MINISTRY OF FINANCE AND ECONOMIC PLANNING).

 

ABSTRACT

          Cost consciousness in the management of public funds is aimed at x-raying the degree to which cost consciousness contributes to the judicious handling of the public fund. This is a job, which is left in the hands of administrators, legislators, Investors as well as the general public. Precautions must therefore be taken to avoid Wastage’s of public fund as a result of wrong planning and execution.

          In conducting research on this topic, the researcher hopes to visit the Enugu State Ministry of Finance and Economic planning and administer questionnaire to the top ranked civil servants and administrators in a bid to collect  proper information. This will be based on oral Interview after which critical analysis follows.

          So sadly, certain factors would prevent the researcher from getting the whole Information which he requires to write extensively on this topic. Lecturers will be going on in the class thereby making it Impossible for him to go out of school everytime, money is scarce to visit the whole destinations he deem fit, will provide him with much Information’s.

          In conclusion therefore, the researcher will suggest that effective management of fund in Enugu State is achievable if; cost monitoring unit is established in the ministry priority is given to profects meant to improve public lives, and reinforcement of the use of warrant in authorization of express from the government treasury.

 

CHAPTER ONE

INTRODUCTION

1.           BACKGROUND OF THE STUDY.

 

It has been said that government is the largest single industry in every country. This is because, it covers a wide range of human activity. The main purpose of government everywhere in the world is to give some services to prepare who live and work in the state. How well a government serves its citizens determines the degree of the acceptability and continuity of it. This quest ion of being responsive to the needs and requirements of the governed can be assessed by the degree of honesty backed by a tested practice of public accountability and prudence in the management of public funds. In a nutshell, it is the government responsibility to see that the publics 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 b e cost conscious. Strict control over spending of public money should be emphasized if the need is achieved.