The Impact of Government Integrated Financial Management Information System (GIFMIS) on Economic Development of Nigeria

Abstract

This study examines the Impact of Government Integrated Financial Management Information System (GIFMIS) on Economic Development of Nigeria. Secondary data was collected from the Budget Office of the Federation, Office of the Accountant- General of the Federation, National Bureau of Statistic and United Nation Development Programme and analyzed with the use of statistical package for social science (SPSS) and t-test to test the significant difference in independent and dependent variables. The empirical findings revealed among other things, that GIFMIS have impacted positively on Nigeria’s economic development. It was concluded from the study that GIFMIS adopted by Federal Government of Nigeria (FGN) has impacted positively on its economic development through the budgeting and budgetary system, payroll management system, cash management reforms, expenditure ceiling for MDA’s in Nigeria within the time under review. The study recommends, among others, that the government should strengthen GIFMIS module and cover other area of interest in the national budget to achieve more on human capital development, investment in critical infrastructures, gross domestic product, and per capita income. The savings of over N126 billion from the implementation of GIFMIS could be channeled to human capital development like education, health etc or investment in critical infrastructure like roads, port etc or diversify the economy. Therefore GIFMIS is a good platform and effective and efficient strategy in the management of government finances. It reduces incidences of government borrowing, provides holistic financial information and minimizes fraud in Nigeria.