RESPONSIBILITY ACCOUNTING PRACTICES AND SUSTAINABLE DEVELOPMENT IN NIGERIA’S PUBLIC SECTOR

Abstract

This is an exploratory survey study that deployed a qualitative approach to examine responsibility accounting practices and sustainable development in Nigeria’s Public Sector. The study was undertaken out of the increasing issues of fiscal indiscipline, pervasive corruption, inefficiency, poor financial management and weak accountability frameworks persistence in the public sector of Nigeria. This study critically examines the role of responsibility accounting practices as a management tool in driving sustainable development in government sector by linking expenditure responsibility, revenue generation responsibility and investment activities responsibility to measurable outcomes of enhances budgetary compliance, cost efficiency, responsible government and service delivery, thereby supporting the broader goals of economic, social, and institutional sustainability development. The data were obtained specifically by reviewing of literature in an armchair research method and the exploratory approach. Contextual analysis method was used to analyse the data through adequate exegesis of the gathered secondary information in arriving at conclusion. The findings revealed that when responsibility accounting is properly applied in the public sector, it will promote sustainable development by enhancing responsibility of office, financial transparency, efficiency, and accountability in the use of public funds as well as allocates the responsibility for financial performance to specific units or managers within government organizations, enabling better oversight of public resource management towards achieving social and environmental goals. Moreso, it will not only curbs resource mismanagement but also promotes good governance, more revenue generation, increasing investment, public trust, and long-term development and growth. It was concluded that, responsibility accounting practices are indispensable for repositioning Nigeria’s public sector as a catalyst for sustainable national development and growth. The study recommended that effective implementation of robust financial reporting systems, capacity development of public officers, and strong enforcement of accountability mechanisms will guarantee sustainable national development.