What is the concept of public finance?
What is the concept of public finance?
Public finance is the management of a country’s revenue, expenditures. An expenditure is recorded at a single point in, and debt load through various government and quasi-government institutions.
What is public finance in Nigeria?
Public Finance [or Government Financial Accounts] statistics generally refer to data on the various types and forms of revenue and expenditure of Government. The public sector in Nigeria consists of the three tiers of Government [Federal, State and Local] and their parastatals.
What is the role of public finance in Nigeria?
Nigeria – Public finance The federal government is responsible for collecting taxes on income, profits, and property, as well as import and export taxes and excise duties. It also runs the national transportation system. A large share of these revenues is redistributed to state governments.
What are the source of public finance in Nigeria?
This study examined the various sources of public funds and their resultant effect on economic growth in Nigeria from 1986-2014. The sources of public funds considered in this study were tax revenue, oil revenue, external debt and national savings.
What are the main objectives of public finance?
Public Finance deals with the financial activities of government concerning revenue, expenditure and debt operations and their effects on the economy. It tries to analyse the impacts of these financial activities of government on individuals and corporate bodies.
What are the main features of public finance?
The purview of public finance is considered to be threefold, consisting of governmental effects on: The efficient allocation of available resources; The distribution of income among citizens; and. The stability of the economy.
What are the main focus of public finance?
public finance has to play a special role of promoting economic growth in the developing countries besides maintaining price stability. Public revenue, public expenditure, public debt, financial administration and Public budgeting are the main major subject matter of the public finance.
What are the main sources of public finance?
Financing of government expenditures
- Government revenue. Taxes. Non-tax revenue (revenue from government-owned corporations, sovereign wealth funds, sales of assets, or seigniorage)
- Government borrowing.
- Money creation.
What are the three main function of public finance?
What are the advantages of public finance?
One of the advantages that public companies enjoy is the ability to raise funds through the sale of the company’s stock to the public. Before becoming public, it is difficult to obtain large amounts of capital, other than through borrowing, to finance operations and new product offerings.
How are financial regulations used in public sector in Nigeria?
Financial Regulations/ Accounting ManualsIn Nigeria financial regulations are powerful control tools used in the Public sector fund management. They are the accounting Manual of the three tiers of Government (Federal, State and Local Government) designed to guide the management of public funds.
What are the main functions of Public Finance?
Public Finance deals with the financial activities of government concerning revenue, expenditure and debt operations and their effects on the economy. It tries to analyse the impacts of these financial activities of government on individuals and corporate bodies.
What was the experience of public sector accounting in Nigeria?
Cite this paper: Ofordile Uchenna Daniel, Public Sector Accounting – The Nigerian Experience, International Journal of Finance and Accounting , Vol. 2 No. 8, 2013, pp. 446-451. doi: 10.5923/j.ijfa
What kind of government is there in Nigeria?
In Nigeria public sector accounting is government by the following regulatory frame work. 1. Nigerian Constitution (1999) The 1999 constitution of the Federal Republic of Nigeria is one of the legal frameworks that regulates the receipts and payment of public funds.
