Accountability and Resource Management: Building Blocks towards National Prosperity

Abstract

Nigeria is a country with an abundance of human and natural resources, yet over forty percent of the population of Nigeria live in poverty. The appalling, pathetic and depressing condition of high rate of poverty in Nigeria cannot be separated from the absence of accountability and on government’s ineptitude and lack of prudence in the expenditure and management of resources. The study examined the effect of accountability and resource management on national prosperity. The research work adopted the use of descriptive survey research design. Primary data sourced from administering questionnaires to Ministries, Departments and Agencies (MDAs) in South East Nigeria was collated. Descriptive statistics, regression analysis and one sampled t-test tool were utilized in analyzing the data. The study revealed that accountability and effective resource management has a positive impact on the prosperity of a nation. The study also posited that a transition from poverty to national prosperity has higher likelihood of actualization when there are bedrocks or building blocks in place for sustainable economic growth through having good accountability and resource management. Therefore, the study recommends a consolidation of existing financial controls for improved accountability in the public sector in Nigeria and that accounting records should be prepared in line with the IPSAS.