FUNDAMENTALS OF PUBLIC FINANCIAL MANAGEMENT

SELF-ASSESSMENT EXERCISE 4

What are the objectives of government accounting?

4.0 CONCLUSION

We have seen that public financial management is based on norms and value of good governance with corporate identity and focus. There is need for framework to guide the funding strategy based on equity and fair play among others. The fundamental issue is that the acquisition and utilisation of resources by government should be handled on trust for the citizen, respecting their yearnings and aspirations.

5.0 SUMMARY

We have discussed the basic functions of government along with the fundamentals of public finance. The dynamics of public financial management and the principles guiding the system to work effectively were considered with a normative view in a contemporary circumstance.

6.0 TUTOR-MARKED ASSIGNMENT

1. Explain the dynamics of public financial management in a developing economy.

2. List the basic principles of public financial management system that could be practiced in Nigeria.