Public Sector Engagements and Value for Money Audit in Nigeria

Abstract

The desire and demand for value for money audit (VFM) in the public sector is significant because the confidence of the populace is gradually fading away due to inability of public servants at all levels to ensure transparency and accountability in public spending. Some prior studies have ascribed this to a lack of patriotism, and sheer display of incompetence and systemic inaptitude, others attributed this to weak control measures and ineffective value for audit, resulting to misappropriation, fraud, and stealing of public funds. Consequently, this study examined public sector engagements, from the perspective of value for money audit. The research approach adopted for the study was content analysis. The study revealed that if properly carried out, value for money audit has the capacity to enhance reduction in costs of governance, misappropriation and theft of public fund, assist government in redirecting scarce public resources to priority areas and restore public confidence in the management of national economies. Public sector engagements and establishments are advised to instill the culture of regular value for money audit in all public sector institutions to ensure protection and proper utilization of public fund.