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Financing Options and Development Projects in the Nigerian Local Government System
Abstract
This study is an investigation into the impact of Nigerian local government financing options on successful execution of development projects. Through the ordinary least square
regression analysis, the study proved that though there is an established case of underfunding in the entire Nigerian local government system, the propagation of funds misappropriation theory seems to hold true, and both account for the low level of economic development being experienced in Nigeria. Hence, the recommendation includes the upward review of the Federal Statutory Account, strict adherence to the law on the release of
State Statutory Allocation to the local governments while checking the unwieldy behaviour of local government practitioners on proper fund management.
Keywords: Local governance, Financing options, Development projects, Economic development
regression analysis, the study proved that though there is an established case of underfunding in the entire Nigerian local government system, the propagation of funds misappropriation theory seems to hold true, and both account for the low level of economic development being experienced in Nigeria. Hence, the recommendation includes the upward review of the Federal Statutory Account, strict adherence to the law on the release of
State Statutory Allocation to the local governments while checking the unwieldy behaviour of local government practitioners on proper fund management.
Keywords: Local governance, Financing options, Development projects, Economic development
