Value for Money Audit and Public Sector Accountability of Federal Government Agencies in Nigeria

Abstract

The study investigated the relationship between value for money audit and public sector accountability of federal government agencies in Nigeria. The population of the study consists of 90 federal government agencies in Nigeria. The study adopts the use of primary data obtained through five point likert scale questionnaire to elicit responses from respondents. The study adopts judgmental sampling techniques to determine the sample size of 250. A total of 250 structured questionnaires were distributed and 240 were collected and used for analysis. The study adopts pearson product moment correlation to analyze the formulated hypotheses of the study with the aid of statistical package for social sciences version 22. The findings shows that economy audit, efficiency audit and effectiveness audit significantly relate to public sector accountability of federal government agencies in Nigeria. The study concludes that value for money audit positively influence public sector accountability in federal government agencies in Nigeria. The study recommends among others that Government agencies should adopt costsaving measures and budgetary discipline to ensure that public funds are spent prudently. The Office of the Auditor-General for the Federation should conduct regular economy audits to identify and eliminate unnecessary expenditures. Public institutions should improve resource allocation and management to minimize inefficiencies in government operations.