CHAPTER ONE
INTRODUCTION
1.1 Background Of The Study
For some years ago, public expenditure remains an area of study relatively unexplored. Despite the significant increases that have been recorded in public expenditure in recent times, the field have still not gained a prominent position in our national economy, nor has the focal point been a well-balanced one. Our early economists who were actually concerned with the economic of public spending were more fascinated with the taxation aspects rather than the expenditure of public monies.
The circumstances surrounding the law speed of development in this field of human endeavour could perhaps be ascribed to many potent factors such as lack of readily accessible information about the composition and incidence of expenditure. The lack of being appropriate which characterizes many public expenditures, the multitude of difficulties surrounding estimates of the value to be attached to public expenditures which and finally the structure of institutions which surrounds public expenditure decisions.
However, in the most recent years, there had been rapid increases in public expenditure in West African countries particularly Nigeria, due to the fact that the functions of the various levels of government have equally increased both intensively and extensively.
In modern times, the application of public expenditures by the government as a veritable tool for development is a clear manifestation of its over riding importance.
Though public expenditure the upliftment of the economic and industrial lives of any country can be facilitated.
Besides, the role of public expenditure in a developing nation like Nigeria cannot be over-emphasized. A properly planned and executed public expenditure promotes social and economic overhead; facilitate balanced regional growth, rapid development of Agricultural and Industrial sectors and an efficient exploitation and spectacular development of mineral resources of any nation. Thus, it can be safely concluded that the role of public expenditure as a pivot of economic development in any nation is both tremendous and fascinating.
1.2 Statement of the Problem
One of the most fundamental requirements of any government, be it local, state or central government, is the provision of the basic needs for her citizens which the government does through public expenditure. Public expenditure in this country has been categorized in the past by reckless spending embezzlement, mobilization for contracts not eventually executed and a host of other sharp practices.
Budgeting has becomes a ritual exercise, without a corresponding control of its systematic implementation.
It is the intention of this study to examine the impact of effective accounting procedure on the control of public expenditure.