| 1 |
Author(s):
Taiwo Omoyin, Olalekan Akinrinola (Ph.D.), Barine Michael Nwidobie (Prof.).
Page No : 1-14
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IPSAS Adoption and the Quality of Financial Statements in Tertiary Educational Institutions in Lagos State.
Abstract
This study investigates the impact of IPSAS adoption on the completeness and comparability of financial statements within tertiary educational institutions in Lagos State. The study employed the survey research design. Data were collected from primary sources through the use of structured questionnaires distributed to the officers in the bursary department across the selected institutions. The study population comprises the five public tertiary educational institutions in Lagos State. The study adopted a simple random sampling technique. The sample size was 100 officers in the bursary department across three institutions in Lagos State. Data collected were analysed using descriptive statistics and regression analysis. The results revealed weak correlations between IPSAS adoption and improvements in the completeness of financial disclosures and comparability of financial statements. The need for better training and capacity among accounting personnel was emphasized. Therefore, the study recommended that IPSAS Training Programme be enhanced across tertiary educational institutions. Research on International Standards should be improved by the government and awareness campaigns should be conducted by regulatory bodies.
| 2 |
Author(s):
Momodu George Idowu, Olalekan Akinrinola (Ph.D.), Barine Michael Nwidobie (Prof.).
Page No : 15-32
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Corporate Governance Practices and Ethical Tax Payers’ Behaviors of Small and Medium-Scale Enterprises in Lagos State.
Abstract
Tax revenues are essential for governance, as many government functions are hindered without them. This study examined the impact of corporate governance practices and ethical taxpayer behaviours of small and medium-scale enterprises in Lagos State. The study employed the survey research design. Data were collected from primary sources through structured questionnaires distributed to SMEs across various sectors. The study adopted a Simple random sampling technique. The study population comprises 11,643 registered small and medium-scale enterprises (SMEs) in Lagos. A sample size of 372 was selected using a survey system provided on www.surveysystem.com/sscalc. Data collected were analysed using descriptive statistics and regression analysis. It was found that while independent board members can enhance financial discipline and adherence to tax obligations, their effectiveness depends on several factors, including board expertise, regulatory environment, and access to financial advisory services. The study concluded that board composition plays a role in SMEs’ tax compliance behavior, though the extent of its influence varies. The study recommended that SMEs should consider appointing board members with financial and tax expertise to enhance compliance and decision-making processes.
| 3 |
Author(s):
Omolola Kafayat Adesina, Olalekan Oladipo Akinrinola, Solomon Audu.
Page No : 33-46
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The Impact of Digitalization on Tax Compliance Among Individual Taxpayers in Lagos State.
Abstract
The digital revolution has significantly transformed various aspect of society, including taxation systems. This study investigated the impact of digitalization on tax compliance among individual taxpayers in Lagos state. The study examines the impact of digitalization, such as electronic tax filing, electronic registration, electronic receipt of tax and digital tax clearance certificate, on tax compliance behavior. The study employed survey research and questionnaire. The population of the study is the entire individual tax payers of 3,625,472 in Lagos metropolis as it was stated in Lagos Internal Revenue Service 2022 report. 400 sample size is been determined for the study but only 310 were fully filled and returned resulting to 77.5% return rated. The Cronbach’s alpha reliability coefficients ranged from 0.837 – 0.936 which implies that all the concepts measured were all reliable. The rate were analyzed using descriptive and inferential statistics. The study concluded that digitalization has a positive impact on tax compliance in Lagos. The study recommended that to facilitate online information access, payment processing and return filing for tax payers, tax authorities ought to persist in developing their offerings.
Keyword: Attitude, Digitalization, Fairness, Social norms, Tax compliance, Trust.
| 4 |
Author(s):
Irejeh Enaikpobomene Mina, Olarewaju Mufutau Muhammed, Imafidon Anthony, Ogwuche Emmanuel Ejeh.
Page No : 47-54
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Coronavirus and Social Service Spending in Nigeria 2020: An Aggregated Expenditure Approach.
Abstract
The sole objective of this study was to investigate effect of corona virus on social service spending in 2020 as a measure of implications of COVID-19 on Nigerians, relative to the effectiveness of the government’s social spending in mitigating the socioeconomic strain caused by the pandemic. The study used documentary analysis to assess the impact of COVID-19 on Nigerians’ socioeconomic lives and the government’s policy response to the situation. The review found that COVID-19 exacerbated the existing poverty in Nigeria, and most of the government social spending were not effective in mitigating the effects. The study concluded that government policy responses to the socioeconomic strain caused by the pandemic were ineffective due to the pre-existing poor performance of social services spending in Nigeria before the onset of COVID-19. As the world prepares for future pandemics, we recommend that the Nigerian government overhaul the existing social protection programs on poverty alleviation in Nigeria by addressing all gaps and looking for effective and strategic ways such expenditure and fiscal policies can achieve desirable results.
| 5 |
Author(s):
Ayoade Olumayowa Vincent, Isibor Areghan (Ph.D.).
Page No : 55-66
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Nigeria Financial System and Financial Inclusion.
Abstract
This study assesses the impact of Nigeria Financial System on the financial inclusion in Nigeria. The Ex-post fact research design was judged to be appropriate to use. This study utilizes time series data spanning from 2012 to 2023. Given the nature of the research and the suitability of the available data, secondary data sources were employed. The dependent variable of the study is financial inclusion proxied by number of mobile money transaction(MMT) while the independent variable is Nigeria Financial System proxied by Interest rate (INT) and Inflation (INF). The data were obtained from the official databases of both national and international agencies, including the Central Bank of Nigeria (CBN), Nigeria Inter-Bank Settlement System (NIBSS), and the International Monetary Fund (IMF). Using the Autoregressive Distributed Lag (ARDL) methodology, this study estimates and interprets the parameters of each variable, providing insights to answer the research questions. The result indicates that inflation has a positive and significant effect on mobile money transactions in Nigeria while interest rates show no significant impact on mobile money usage. The study recommends that government and financial institutions should improve digital payment systems and enhance financial inclusion while leveraging mobile money transactional strengths during inflation.
| 6 |
Author(s):
Oluwatosin C. Fasusi, Olalekan O. Akinrinola, Michael Nwidobie.
Page No : 67-83
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Corporate Governance and Financial Performance of Nigerian National Petroleum Company Limited.
Abstract
This study examines the effect of corporate governance practices on the financial performance of the Nigerian National Petroleum Company (NNPC) Ltd. The data for the study was obtained from secondary sources, including the audited annual financial reports of the Nigerian National Petroleum Corporation Limited, covering ten years (2014-2023). With the aid of E-views 10 software, the regression analysis was utilized in analyzing the data. Test of hypothesis one reveals that board size has a statistically significant positive impact on operating profit, implying that larger boards may contribute to improved financial performance. Test of hypothesis two indicates that Independent Directors have a statistically significant positive effect on Operating Profit. It was found that corporate governance variables (board composition and board size) do not statistically impact NNPC Ltd’s financial performance. The study recommends that firms optimize board size and appoint independent directors with relevant industry expertise to enhance governance effectiveness and profitability.
| 7 |
Author(s):
Bolanle Odetola, Oluwagbenga David Adekunle, Olalekan Akinrinola (Ph.D.).
Page No : 84-97
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Government Expenditure and Economic Development in Nigeria: A Disaggregated Approach.
Abstract
This study evaluated government expenditure and economic development in Nigeria: A disaggregated approach using time series data of 34 years (1990-2023). The variables used for the study includes government spending on education, government spending on health, and government spending on agriculture as the independent variables and GDP per capita as the dependent variable. Three objectives were formulated for the study and three hypotheses were also prepared in line with the objectives. Ex-post-facto research design was employed, and the time series data was generated and analysed using regression analysis, Autoregressive Distributed Lagged (ARDL) testing technique and unit root test, to examine the long run causal effect relationship that exist between government expenditure and economic development in Nigeria. The study finds that government spending on education has a significant positive effect on GDP per capita, with an unstandardized coefficient of 0.186 and a p-value of 0.031. Conversely, government expenditure on health showed an insignificant positive impact, with an unstandardized coefficient of 0.062 and a p-value of 0.455. Government spending on agriculture was found to have a negative effect, but it was not statistically significant, with an unstandardized negative coefficient of 0.031 and a p-value of 0.403. The regression model explained approximately 99.5% of the variation in GDP per capita (R² = 0.995), indicated a strong relationship between government spending and economic development. The results concluded that increased investments in education, coupled with reforms in health and agricultural policies, are essential for promoting long-term economic development in Nigeria. Based on these findings, the study recommended prioritizing education, improving health expenditure efficiency, enhancing agricultural policies, and ensuring effective resource allocation to maximize the potential of government spending in economic development.
