THE IMPACT OF MONETARY AND FISCAL POLICIES ON THE INDUSTRIAL AND AGRICULTRUAL DEVELOPMENT IN NIGERIA

ABSTRACT

The research project is a very crucial study for the development of agriculture and industry in Nigeria.  The study was motivated by the necessity to establish the extent of the effect of monetary and fiscal policies adopted by the government and monetary authorities in Nigeria on agricultural and industrial development.  The need for industrialization and agricultural develo9pment have been of great concern since after Nigeria’s independence.

 

To solve the research problem both primary and secondary data were collected.  The research instrument used in collecting the data were questionnaires and oral interview.  The respondents comprised of the industrialists and agricultural.

 

In organizing and presenting data collected, tables and percentage were used, there various hypothesis were tested using the chi-square.

Data analysis and interpretation gave the pillowing findings: logs in monetary policy, poor implementation inadequate planning, look of proper supervision, and political instability.

 

Based on the findings, I recommend that, grassroots planning and review should be made before policy formulation, defaulting banks on credit extension guidelines should be punished, monetary and fiscal policies should be flexible.

The conclusion of the study is that monetary and fiscal polices has not been used in on efficient and effective manner, but it the application of these polices are improved, there will be appositive change and development in the agricultural and industrial sectors.

CHAPTER ONE

1.0     Introduction

• Background of the study
• Statement of problem
• Objectives of the study
• Statement of hypothesis
• Research questions
• Significance of the study
• Scope and limitation
• Definition of terms

 

 

CHAPTER TWO

• Literature review

2.1     Concept of monetary

2.2     concept of fiscal policy

• Stance of monetary policy
• Phases of monetary policy in Nigeria
• Instruments of monetary and fiscal policies
• Agricultural credit policies in Nigeria
• Impact of monetary policy on industrial an Agricultural development
• Internment problem of Nigerian monetary and fiscal polices

 

CHAPTER THREE

RESEARHCE DESIGN AND METHODOLOGY

3.0     Introductions

• Population of the study
• Sample of Design
• Source of Data
• Data collection techniques

 

CHAPTER FOUR

4.0     Data Analysis

• Data Analysis Design
• Test of Hypothesis

 

CHAPTER FIVE

• Summary

5.1     Conclusion

• Recommendation

Bibliography

 

 

 

 

 

 

 

CHAPTER ONE

1.0                        INTRODUCTION

Monetary and other financial sector policies in a fiscal programme perform specific role including helping to stabilize the economy, enhancing the efficiency of resources use and supporting output and employment growth. It is however, difficult to achieve some economies objectives of the government without employing monetary and fiscal policies.  It come is not taken, however, in the formulation and implementation of these polices, a conflict may arise between monetary and fiscal polices to the extent that one renders the other impotent.

 

Monetary policy is a rule made by the government and monetary authorities aimed at controlling such economic variables as prices, output ad growth, through a deliberate manipulation of the availability and cost of money and credit.  Fiscal policy on the other hand, deals with the manipulation of the economy by the government through its revenue and expenditure programme.

 

• BACKGROUND F THE STUDY

Various opinions have been expressed on the manager in which these police could be used to achieve the desired economic objective.  Some believe that the present system of control has been highly unsuccessful, and that the role of government and the monetary authorities in the process of economic development in Nigeria has not been adequately defined.  However, it is often necessary for government to intervene using monetary and fiscal polices in free market economies for a variety of reasons including the fact that, on their own, market forces may fail to achieve the set objectives of economic policy.

 

By mid 1986, the economy was on the brink of total collapse.  It vbecome obvious that the measlures taken since 1982 were mere palliatives as their effectiveness was constrained by many factors, including distortion and rigidities introduced into the economy by over-regulation.  In other words, the progressive reinforcement of controls in the effort to solve the problems only aggravated them ad created new ones.  This was the scenario in which the Nigeria economy was when the federal Government adopted the structural Adjustment Programme in July 1986 to improve the functioning of the economy.  This date is very important in the history of economic stabilization in Nigeria, as it market the end of a highly regulated regime and opened up a new chapter that reflects government efforts at deregulating the economy with emphasis and market forces.

 

The structural Adjustment programme was specifically aimed at achieving fiscal balance by altering and restructuring the production and consumption patterns of the economy eliminating price distortions, reducing the heavy dependence on crude oil exports and consumer good imports, enhancing the non-oil export sector and achieving sustainable growth. The main strategies of the programme was the deregulation of the economy.

 

Overtimes, government has intervened in the working of the press market economy, because the uncontrolled market economy may not allocate resources efficiently nor can they distribute national income equitably. These inadequacies of the free market system makes government to employ monetary and fiscal policies to restructure the economy

 

The question then is, why have Nigeria’s monetary and fiscal polices failed to realize the economic and political objectives of the country?

 

1.3     OBJECTIVES OF THE STUDY

Based on the problems stated, the study will address the following objective.

1. To identify the factor that tends to hamper the full achievement of monetary ad fiscal policies objectives.
2. To evaluate the influence of both policies on the economy of Nigeria.
3. To appraise whether monetary and fiscal policies have contributed to the set-back on industrialization and agricultural development.
4. To appraise the various instruments employed by monetary and fiscal policies.
5. To determine the extent to which monetary and fiscal policies have influenced the industrial and agricultural development.
6. To make recommendations as to how to make effective monetary and fiscal polices and their efficient and effective implementation

 

 

 

1.4     STATEMENT OF HYPOTHESIS

In order to determine the validity and reliability of the information so gathered, the following hypothesis were formulated.

1. Ho: Monetary and fiscal polices do not influence industrialization ad agricultural development in Nigeria.

Hi:     Monetary and fiscal polices influence the industrial and agricultural development in Nigeria

2. Poor implementation does not after achievement of monetary and fiscal polices objectives.

Hi:     Poor implementation affects the achievement of monetary and fiscal polices objectives.

 

• RESEARCHE QUESTIONS

The following questions were posed to guide in my search for the solution to the research problem.

1. Has monetary and fiscal policies speeded up industrial and agricultural development in Nigeria?

1. Has both policies reduced the piece in industrial and agricultural development in Niger?
2. What factors have affected monetary and fiscal polices implementation?
3. What is the attitude of farmer and industrialist towards monetary and fiscal policies?

 

• SIGNIFICANCE OF THE STUDY

The research work is very timely, especially today that all hands are on deck to enhance the development and growth of Nigeria’s economy. This research work will be of immense benefit to the government and monetary authorities to determine the extent of their polices effectiveness.

 

In addition, the study will determine the factors or problems limiting monetary and fiscal policies  effectiveness of the government.  It is expected that the findings will help to bridge any gap that may exist and to make government monetary and fiscal polices and their execution effective and efficient.

 

Through its study, financial institutions will understand their role and sourt comings in enhancing industrial and agricultural development  and will subsequently adopt measures aimed at improving industrialization and agriculture.

 

The study will be of great importance to farmers, industrialists, researchers, students, analysts and banks as it will aid in problems solving as it

 

• SCOPE AND LIMITATIONS

The scope of this works is limited to the monetary development in Nigeria but must especially carried out in Enugu and Abia State.

 

In carrying out the study, the following problems or limitations were encountered.

1. Financial constraint
2. Lack of full o-operation by questionnaire respondents.
3. Lack of sufficient time

 

• DEFINITION OF TERMS

1. POLICY: This is a plan or courses of action in policy is the instrument that inform and guide, individuals, employees so that their whole actions are consistent with the object of goal of the organisation, government or business.
2. OBJECTIVE: Objective is the purpose of a plan. It is that which the government or an organisation wants to achieve for making polices.
3. INFLATION: A situation of rising price: when purchasing power or value of money in real terms is falling.
4. MONETARY POLICY: This is a measure which deals with the discretionary control of money supplied, by the monetary authorities with a view to achieving stated macroeconomic objective.
5. MONETARY THEORY: Refers to propositions made by various schools of though as to the impact of money and its supply on the economy.
6. FISCAL POLICY: This is the policy pursued by the government to influence economic activities by varying its expenditure, taxation and public debt.

REFERENCES

 

Okereke Onuoha E. “Inherent problems of Nigeria Monetary                       and Fiscal Policies” The financier Vol.12                        No 7, 1990 P9.

 

Onyido Borji C.   “The Role of the Central Bank in the                      Management of the Nigerian Economy,                     with Emphasis on monetary Policy” The                       Bullion April/June 1993 vol.17 No2 P.20

 

Oyo M.O. “A Review and Appraisal of the Monetary and                        other financial sector policy measures in                         the Federal Government Budget for                         1999” The Bullion January/March 1999                          Vol. 24 No.1 P.40

 

Uduebo M.A. “The Role Monetary and Fiscal Policies in                          Industrial and Agricultural Development                           in Nigeria” Central Bank of Nigeria                           Economic and Financial Review                           March, 1985 Vol.23 No. 1 P.5

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HAZARDS OF AUDITING, AN ANALYSIS OF THE JOB OF AN AUDITOR AND ITS INHERENT PROBLEMS, DANGERS AND DIFFICULTIES.

ABSTRACT

 

The inherent problems, dangers and difficulties is one of the felonies of which an auditor should take care of, in order to achieve a set objective of an organization.  The auditors’ roles and procedures are the yardstick through which the obstacles affecting an organization cab be tackled.  This research work is aimed at informing the management on how the problem of frauds, its prevention and detection of frauds as well as other irregularities could be curbed within and organization.  It also emphasized on the duty and responsibilities or an auditor in carrying out an appropriate application of the audit procedures necessary to enable the expression of an opinion on the accounts under examination.

However, this work will be of immense help to users such as shareholders, debenture holders, creditors and other to know what exactly an auditor is expected to do.  It will as well be of great assistance to individuals to know who an auditor is.  This study is presented in five chapters.

Chapter one covered the introduction into the work.  Literature review is found in chapter two.  Research methodology is found in chapter three.  Chapter four deals with data presentation and analysis, finally, chapter five deals with summary of findings, recommendation and conclusion.

Chapter One

Introduction                                                                                                1

• Statement of the problem 3
• Objectives of the study 5
• Significance of the study 6
• Scope and limitations of the study 7
• Statement of hypotheses           8

 

Chapter Two

Literature Review                                                                              9

• Definitions of Auditing 9
• The Origins of Auditing 10
• The role of Auditing in society 12
• Position of Auditor under the CAMD 1990 15
• The objectives of an audit 19
• Secondary objective (Discretionary) 19
• Qualifications and qualities of an Audit 21
• The Problems, difficulties ad hazards of auditing 24
• Auditors Liability 25
• Auditors independence 27
• Auditors limitations 30

 

Chapter Three

Research Methodology                                                                     33

• Sources of data 34
  • Primary sources of data 34
  • Secondary sources of data 35
• Questionnaire design and interview structure 36
• Analytical tools used 37
• Validity and reliability of measuring instrument 37
• Determination of the sample size. 38

 

Chapter Four

Data Presentation and Analysis                                                                 39

• Questionnaire Information Presentation and Analysis 39
• Interviews conducted
• Test of hypothesis 69

Chapter Five

Summary of findings, recommendation                                            77

• And conclusion                    77
• Summary of findings 77
• Recommendations 80
• Conclusion 83

Bibliography                                                                           83

Appendices                                                                                       87

 

CHAPTER ONE

 

INTRODUCTION

This study aims at ascertaining the hazards of auditing and investigations, and analysis of the job of an auditor and its inherent problems, dangers and difficulties.

Accounting is an old profession; records of business transactions have been prepared for centuries.  However, it was only during the last half century that accounting as a profession was accepted with the same importance as the medical and legal profession.

Since the turn of 19^th century, the accounting has grown tremendously all over the world.  In fact, during the first sixty years of 20^th century major economic and social forces have thrusted the profession to new frontier and responsibility.

The factors contributing to this growth are the increase in number of large corporate businesses in coupled with its size and complexity.  Government influence in the affairs of business through its taxation and regulation are also factors contributing to the growth of the profession.

It stands to say, there is the need to sanitize the profession, which keeps and records the transactions of business/organizations.

This can be done through auditing by a qualified person acknowledged by the law.  In other words, auditing is carried out by an auditor to give a true and fair view of a business entity so that third parties can rely on them to take decisions.  Nevertheless, there is a statutory requirement that all registered limited liability companies must have their financial records audited annually by a firm of Chartered Accountants so appointed.

The auditor is a professional person who offers his services and those of his employees to companies, which need their services.  Such services among others include auditing, investigations, tax and other consultancies.  The auditor exercises his duty with skill care and diligence but must offer his integrity and reputation to the public who relies on this judgment and opinion.  The auditor thus employs diligence on carrying out his duty so as to meet the needs of his/her client in order to given and independent and honest opinion of financial representation of business entity.

Finally, for the purpose of emphasis, in summary, auditing is the life wire or every business entity and consequently the whole national economy in that third the distribution of the size n > 30 can be used to represent the population of the sample.

Bearing in mind that my research topic “Hazard of Auditing, analysis of the job of an auditor and its inherent problems, dangers and difficulties” strictly concerns auditing matter hence my using exclusively some chartered accountants “(accounting) firms as against using the whole system.

Parties that get inaccurate financial information are bound to make wrong decisions and plans which will result to “National doom” but if otherwise, the reverse will be the case.

 

• STATEMENT OF THE PROBLEM

One of the problems under investigation lingers on the age-long argument that it is the duty of auditors to detect fraudulent act, which to a great extent is not true.  The public generally believes that one a company has been audited, then it is fool proof to mismanagement, fraud, etc.  An example is concerning the failed banks tribunal inaugurated by late Abacha’s administration.  The tribunal of recent (1995 – 1996) has been able to unearth loopholes in some banks undertakings even when it is on record that their accounts and report had regularly been audited.

Striking compromise between public expectations especially from shareholders and prospective ones.  The legal and professional code of conduct expected of them poses a difficulty which the auditor faces when carryout his work.

According to American Accounting Association (1996) accounting is defined as the art of recording, classifying, summarizing and presentation of transactions in a significant manner in terms of money.  This is not fully observed by the accountant or person responsible for such an accounting work.

In such cases the work of the auditor would not be two easy, as opinion finally expressed would not exclusively be objective though he may qualify it in his report.  This indeed is a problem only to the auditor and third parties who rely on the report.

In other words, difficulties are experienced by the auditor when carrying out his compliance and substantive tests on the organization under investigation.

The final problem is, to what extent can an auditor be chargeable for negligence when discharging the fiduciary duty imposed on him by subsection (1) of section 367 of Companies and Allied Matters Decree 1990 as amended up to date.

 

• OBJECTIVE F THE STUDY

The purpose of this research is to understand the roles of auditor and auditing, and to make useful recommendations where necessary towards the improvement of these roles as it affects statutory audits.

The objective of this research is therefore listed under the following headings.

• Position of auditors under Company and Allied Matters Decree 1990 and other regulatory bodies.
• Since the different users make use of financial statement to take decisions, hence this study will look into the role of the external auditor informing an opinion.
• Critically and dangers or auditing.
• Generally, the researcher aims at arousing interest on the conceived problems, hazards and difficulties faced by the profession and proffers ways of reducing them to the barest minimum.

 

• SIGNIFICANCE OF THE STUDY

The importance of accounting profession can be defined in relation to its role as information supplier.  The information supplied can be said to be authentic and objective if only an independent professional person called an auditor forms his opinion on it.

Therefore, this work will in part be of immense help to users such as shareholders, debenture holders, creditors and others to know what exactly an auditor is expected to do.  I mean those that make use of financial statement of a company including the management team.

In addition, this project will be of great assistance to individuals (including accounting student) to know who an auditor is and the dangers, difficulties being faced by them when carrying out their duties and responsibilities.  Furthermore, this work will be of great assistance to all those who may wish to carry out further study on the said project topic.

 

• SCOPE AND LIMITATIONS OF THE STUDY

The scope of this study was restricted to five Chartered Accountant firms all in Enugu metropolis.

Much as the researcher can claim to have carried out an almost hitch free exercise, she encountered some problems that almost tended to impair the smoothness of the exercise.

Time was another constraint.  As usual with student’s researches, the time allowed for the all-important work would hardly be adequate.

 

• STATEMENT OF HYPOTHESIS

These hypotheses are postulated with a view to confirming them or disapproving them.

H₁:     (a)     All auditors are aware of the implications of the auditors’ liabilities.

(b)     There are inherent problems, dangers and difficulties in auditing.

(c)      Auditing has played significant role in Nigeria economy.

H₀:     (a)     All auditors are not aware of the implications of the     auditors’ liabilities.

• There are no inherent problems, dangers and difficulties in auditing and investigation.
• Auditing has not played significant role in Nigeria

Alternative hypothesis:  Hypothesis accepted.

Null hypothesis:   Hypothesis accepted to disapprove a claim.

 

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