The Impact of Government Integrated Financial Management Information System (GIFMIS) on Economic Development of Nigeria

West African Journal of Business and Management Sciences Vol.4 No 1, 313-336

20 Pages Posted: 25 Nov 2019 Last revised: 20 Jun 2022

See all articles by G.N Ogbonna

G.N Ogbonna

University of Port Harcourt - Department of Accounting

Friday Ojeaburu

Ignatius Ajuru University of Education; University of Port Harcourt

Date Written: April 30, 2015

Abstract

This study examines the Impact of Government Integrated Financial Management Information System (GIFMIS) on Economic Development of Nigeria. Secondary data was collected from the Budget Office of the Federation, Office of the Accountant- General of the Federation, National Bureau of Statistic and United Nation Development Programme and analyzed with the use of statistical package for social science (SPSS) and t-test to test the significant difference in independent and dependent variables. The empirical findings revealed among other things, that GIFMIS have impacted positively on Nigeria’s economic development. It was concluded from the study that GIFMIS adopted by Federal Government of Nigeria (FGN) has impacted positively on its economic development through the budgeting and budgetary system, payroll management system, cash management reforms, expenditure ceiling for MDA’s in Nigeria within the time under review. The study recommends, among others, that the government should strengthen GIFMIS module and cover other area of interest in the national budget to achieve more on human capital development, investment in critical infrastructures, gross domestic product, and per capita income. The savings of over N126 billion from the implementation of GIFMIS could be channeled to human capital development like education, health etc or investment in critical infrastructure like roads, port etc or diversify the economy. Therefore GIFMIS is a good platform and effective and efficient strategy in the management of government finances. It reduces incidences of government borrowing, provides holistic financial information and minimizes fraud in Nigeria.


Keywords: Government Integrated Financial Management Information System, Economic Development, Nigeria.

Suggested Citation

Ogbonna, G.N and Ojeaburu, Friday, The Impact of Government Integrated Financial Management Information System (GIFMIS) on Economic Development of Nigeria (April 30, 2015). West African Journal of Business and Management Sciences Vol.4 No 1, 313-336, Available at SSRN: https://ssrn.com/abstract=3363159 or http://dx.doi.org/10.2139/ssrn.3363159

G.N Ogbonna

University of Port Harcourt - Department of Accounting ( email )

P.M.B 5323, Choba
Rivers State, Rivers 500102
Nigeria

Friday Ojeaburu (Contact Author)

Ignatius Ajuru University of Education ( email )

Rumuolumeni
Port Harcourt, RIvers State 084234
Nigeria

HOME PAGE: http://https://iauoe.edu.ng/

University of Port Harcourt ( email )

P.M.B 5323, Choba
Port Harcourt, RIvers State 500102
Nigeria

HOME PAGE: http://https://www.uniport.edu.ng/

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
637
Abstract Views
2,197
Rank
78,756
PlumX Metrics