Benue State University, Makurdi

FINANCIAL MANAGEMENT PRACTICES IN PUBLIC SECONDARY SCHOOLS IN BENUE STATE, NIGERIA

¹Akwuma Nathaniel ERU,Tofi, ²Victoria GUSA and ³Simon Inalegwu AYEGBA
1, 2 & 3 School of Midwifery, Makurdi Benue State, Nigeria

Abstract

The study investigated financial management practices in public secondary schools in Benue State, Nigeria. Two research questions and two hypotheses guided the study. Descriptive survey research design was used. Researcher-based structured questionnaire titled Financial Management Questionnaire (FMQ) was used to collect data. Mean and standard deviation were used to answer the research questions, and t-test to test the hypotheses. For the research questions, 2.50 was used as the criterion mean. The hypotheses were tested at 0.05 level of significance. Findings indicated that there are other sources of funding the schools outside government grants and school fees, and these funds generated are not properly administered or accounted for. School principals are the sole signatories to the schools' accounts and there is no strict adherence to budgetary plans. Findings further indicated that there is no significant difference in the mean ratings of senior secondary school principals and junior secondary school principals on the sources of funding secondary schools in Benue State. It was recommended among other things that, secondary school principals should explore and maximize other supplementary sources of funds such as canteen/cafés, workshops, magazines and end-of-year events.