Abstract

Journal of Management and Organizational Behavior, Olabisi Onabanjo University,Ago-Iwoye. 2010,Volume 1 No 2.pp.89-101 The paper identified the beliefs of the citizens, institutions both local and international and civil society organizations that economic development and the fight against poverty and corruption can effectively be achieved and enhanced under an environment of good governance and that fiscal transparency and responsibility accounting are the key instruments for achieving good governance. The problem of accountability and transparency was identified as determent to the economic growth of the nation. The following challenges are identified for the purpose of this paper: Nigerian economy depends heavily on extractive sectors(oil and gas),hence lagging behind in the implementation of fiscal reforms aimed at enhancing fiscal transparency; Public availability of information is weak as there is delay in disseminating budget information due to a constant disagreement between the executive and legislative arms of government; Integrity assurance of budget data is a shortcoming due to delay in actual budget out-turns, blurred accounting practices due to extensive supplementary budget and lack of independent domestic organizations to test fiscal forecast and policy assumptions; There is problem of responsibility accounting leading to corruption, fraud and lack of confidence in governance. Using Chi-Square statistical method, the paper analyzed and concludes the need to develop a code of good practice of governance of public finance, and the need for proper installation of responsibility accounting, the anti-economic crime agents (EFCC and ICPC) should be granted legal autonomy to operate without undue interference by the governments or any of their agents. The paper further recommended the following: Nigerian Legislative System should approve the establishment of an independent fiscal control agent in the management of Nigerian public finance, there is the need for proper installation of responsibility accounting in the management of public finance, Installation of Information technology management information system which without doubt play a very vital role in producing accounting information that will propel good monitoring of budget performance figures.