REVENUE GENERATION IN LOCAL GOVERNMENT AREAS (PROBLEMS AND PROSPECTS)

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ABSTRACT

The adverse situation in the various local government areas of Nigeria has led the researcher to go into this very topic. Hence, the purpose of this work is to enlighten people, mostly students in the school of financial studies on how revenue is generated in local governments, problems confronting them as regards revenue generation as well as prospects to the problems.
However, local governments are expected to use the fund generated in embarking on income earning projects, projects, that come under fee or bill charging utilities like portable water, electricity, construction of market squares etc.
However, before fund can be generated, one must make ways of getting the funds like grants given to local governments for some purposes by the federal government. The central government also determines the sources, extent, purpose and maximum duration for which borrowing is to embark upon by the local government and not just going ahead to borrow.
Local government raise loans to purchase plants and equipment, as well as other projects whose costs are too great for them to embark on at a time.
Furthermore, local authorities in Nigeria are responsible for the establishment and maintenance of public motor parts, bad roads, market squares etc.
It is therefore recommended for students in the school of financial studies at all level (who will be opportune to lay hands on this write up) as a ground for the much needed funds internally generated revenue to facilitate projects execution by local governments.

TABLE OF CONTENTS

CHAPTER ONE:
1.0 INTROUCTION 1
1.1 STATEMENT OF PROBLMS 3
1.2 OBJECTIVE OF THE STUDY 5
1.3 SIGNIFICANCE OF THE STUDY 6
1.4 SCOPE, LIMITATION AND DELIMITATION 7
1.5 DEFINITION OF TERMS 8

CHAPTER TWO:
REVIEW OF RELATEDLITERATURE
2.0 EXTERNAL SOURCES OF FUNDS 10
2.1 FINANCIAL TRANSFER 11
2.2 GRANTS 14
2.3 LOANS 17
2.4 INTERNAL SOURCES OF FUNDS 19
2.5 PERSONAL INCOME TAX 19
2.6 COMMUNITY TAX 20
2.7 LOCAL RATES 21
2.8 FEES AND CHARGES 22
2.9 COMMERCIAL UNDERTAKINGS 24
2.10 COURT FINES AND FEES 26

CHAPTER THREE:
RESEARCH METHODOLOGY
3.0 SOURCES OF DATA 29
3.1 LOCATION OF DATA 30
3.2 ANALYSIS OF DATA 30
3.3 RESEARCH POPULATION 31
CHAPTER FOUR:
SUMMARY OF FINDINGS
4.0 SUMMARY 32

CHAPTER FIVE:
RECOMMENTION AND CONCLUSION
5.0 RECOMMENDATION 35
5.1 CONCLUSION 35
BIBLOIGRAPHY 37

CHAPTER ONE

1.0 INTRODUCTION:
BACKGROUND OF THE STUDY:
Nigeria has three- tiers of government systems,
These are; (i) The federal government
(ii) The state government and
(iii) The local government.
The essence of this division of government into federal, state and local levels is to enable the government exercise her administration easily and effectively. However the 1979 constitution spells out the functions of each level of government. Generally it can be said that the governments are responsible for the provision of the collective (social) goods and services on a non- commercial basis as well as the provision of other social and economic services. In order to meet up with the foretasted goals and services, the government needs to collect revenues.
Local government, which this work emphasizes on, can be described as the government at the local level, exercised through representative council, established by law to exercise specific power within definite areas. The government of such body is selected or otherwise locally selected.
The administering of government at local level in Nigeria traced as far back as colonial period, when native authorities were established in their rudimentary forms, that is in their own ideas. They represented a system of indirect rule, which sought to establish a form administration through traditional authorities
Between 1950 and 1955, the first elected local government council based on the model was shadbushes in logos and in the former Eastern and western Region. Though, the traditional members constituted a maximum of 25 percent in most of the councils, the emergence of members elected on a political basis instigated the traditional rulers to gradually withdrawn from active participation in local administration in Nigeria.
Presently, local government administration is still in existence assigned with numerous. Responsibilities like, bawling of market square, provision of pipe-born water, motor parks, rehabilitation of local and rural roads, sanitary and health inspection, maternity home and dispensaries e t c.
Finally, local governments have two (2) main sources of revenue or fund. They are
(i) External sources of fund.
(ii) Internal sources of fund.
The External sources of fund include;
(a) Statutory allocations from the federal and state government (i.e., 20% considered federal revenue and 10% of internally generated state revenue).
(b) Special grants which aim at assisting local government finance their aforementioned projects. In addition, local government source fund internally through receipts on rent and rates on their properties, tenement tax, earning from commercial undertaking, interest payment and dividend, licenses, fees and fines e t c.
1.1 STATEMNT OF PROBLEM:
The problems that confront most local governments on revenue generation cannot be over-emphasized. Hence local government having numerous means of sourcing fund, are also, faced with a lot of problems and difficulties in generating its revenue. These problems affect mostly its internal sources of revenue.
Tax avoidance and delinquencies are among the problems confronting most local governments on revenue generation, as most people of the society device some means source maximum reduction in the amount to be paid as tax obligation on the date it is due, there by, escaping tax liabilities.
Inability of most people of the society to pa

AN APPRAISAL OF THE ECONOMIC IMPLICATION OF ELECTRONIC BANKING IN OPERATIONS OF BANKS IN NIGERIA (A CASE STUDY OF FIRST BANK OF NIGERIA PLC)

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Chapter one: Introduction
1.1 Background of the study 1
1.2 Statement of the problem 5
1.3 Purpose/objective of the study 6
1.4 Research questions 7
1.5 Research hypothesis 8
1.6 Significance of the study 9
1.7 Scope, limitation/delimitation 10
1.8 Definition of terms 11
Reference 13
Chapter two:
Review of related literature 15
2.1 Introduction 15
2.2 The Nigerian monetary transfer system 17
2.3 Overview of the electronic
monetary transfer system 21
2.4 Electronic payment instruments 24
2.4.1 Automated teller machine 24
2.4.2 Electronic funds transfer point of sale 26
2.4.3 International money transfer 27
2.4.4 Computerized inter-bank funds transfer 28
2.4.5 Internet payment 28
2.5 Problems associated with the development
of electronic banking system in Nigeria. 34
2.6 Implications of the electronic banking system 35
Reference 38
Chapter three:
Research design and methodology 40
3.1 Areas of study 42
3.2 Sample and sampling techniques 42
3.3 Instruments of data collection 43
3.4 Methods of data presentation 43
3.5 Methods of data analysis 45
Reference 47
Chapter four:
Data presentation and analysis 50
4.1 Data presentation 50
4.2 Data analysis 63
4.3 Test of hypothesis 68
Chapter five:
Findings, recommendation and conclusion 73
5.1 Summary of findings 73
5.2 Conclusion 76
5.3 Recommendation 78
Bibliography 80
Appendix 86

CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Prior to the banking emergence of a modern banking system in Nigeria, the payment or settlement of economic transaction was through the barter system. Goods and services purchased them were settled by the exchange of commodities as money was not in existence.
However, owing to the deficiencies inherent or associated with a barter economy, the need for a generally acceptable medium of payment arose.
Consequently, between 1850 and 1882 the introduction of British silver coins was possible through which the Nigerian economy was monetized.
Following the introduction of British coins, the Bank of British West Africa (BBWA) was established in 1892 to facilitate the distribution of these coins. This eventually ushered in a rudimentary form or commercial banking in Nigeria. In 1912 however, the West African Currency Board (WACB) was established to take over the responsibility of the (BBWA) of currency distribution in the then West African region comprising of Nigeria, Ghana, Sierre-leone and Liberia.
As economic activities began to rise and the need for financial services emerged banks began to spring-up in the country and between 1892 and 1959 a total of (39) banks were established but for the fact that this was a banking era, a good number of these banks collapsed. The colossal fall of the monetary system consequently led to the introduction of the banking ordinance or 1952, 1959 (subsequent amendment) to further boost the monetary system, the central bank of Nigeria (CBN) was established in 1959 to act as the “Apex” banking regulatory authority.
Also, the banking acts or 1969, the counterfeit currency (special provisions) decree 1974 and the bills of exchange Acts cap 35 laws of the federation of Nigeria 1990 was promulgated. All these efforts were aimed at ensuring safety, stability and restoring confidence in the monetary system.
When in 1961, the CBN established the Nigeria banks clearing house in Lagos, the use of cheques became a dominant instrument in the payment processed daily in the clearing house. An average of five million (5m) cheques were reported to be processed annually between 1961 and 1970.
According to CBN annual report, 1999, a number of procesed cheques however, increased to 11,005.2 million in 1999. This increase eventually led to an ever-mounting flood or paper that has to be shuffled from place to place before payment is fully effected. Thus, because of frequent indirect routine, it has been estimated that each cheques written is currently handled an average of 10 times and passes through 2 1/3 commercial banks before being returned to its source (journal of Banking and finance 2000). The banking industry thereby incurs record-keeping and processing costs averaging about 20 percent per cheques, a figure that does not reflect the full cost of the present system.
Eventually, this increase in the cost of cheques processing undermines the efficiency, reliability and cost effectiveness of the electronic banking system and with the geometric increase in the volume of cheques as to the likely reduction no clear indication costs of the processed cheques.

The expectation that cheque processing cost will continue to soar, roughly in proportion to cheques volume is the chief motivation spuring commercial banks and the central bank of Nigeria to institute a more economical and efficient mechanism. For as long as cheques remain the dominant mode of payments, the system is intrically too labour intensive to permit much more cost cutting through further automation (Lawrence 1996:295). As a result, the only remaining way to make a meaningful impact on cost is by switching a large part of the burden to an entirely different payments methods, one that can be designed from the groudn up to take full advantage of computage technology namely the electronic banking. (Electronic money transfer system).
Finally, according to Anyanwu (2000), electronic banking which is more commonly called the Electronic Funds Transfer System (EFTS) refers to the application of computer technology to banking especially the payments (deposit transfer) aspect of banking. The major distinct pieces of hardware comprices the Automated Teller Machine (ATM), the Point Of Sale (POS) system, and the Automated Clearing Houses (ACH). He stressed that the major merit of electronic banking lies in its ability to reduce costs given the number of cheques written in the economy each year.
1.2 STATEMENT OF THE PROBLEM
As earlier pointed out, the present payment system is saturated with large volumes of paper work. This obviously is responsible for the delay in cheques clearance in the house. Hence, the need for the adoption of an electronic banking. However, the introduction of electronic banking in place of the existing system has some propounding implications.
First, such a payment mechanism will involve nationwide computer networks linking together virtually all households, business firms and government units. These pre-suppose investing a chunk or large amount of financial resources in computer technology. Obviously, the resource is in short supply in Nigeria, coupled with the hig

CRISIS MANAGEMENT IN THE BANKING INDUSTRY

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CHAPTER ONE:
1.1 The background of the study
1.2 Statement of problems
1.3 Objective of study
1.4 Significance of study
1.5 Limitation of study
1.6 Definition of terms
1.7 Reference
CHAPTER TWO:
0 Review related to literature
2.1 Genesis of banking in Nigeria
2.2 Type of banking in Nigeria
2.3 Functions of banking
2.4 Similarities and differences among banks
2.5 Role of bank in the economic development
2.6 The Nigeria banking climate
2.7 Problems faced by banks
2.8 The concept of banking failure
2.9 Causes of banking failure
2.10 Indices of banking failure
2.11 Effect of bank failure
2.12 Reference.

CHATER THREE:
3.0 Research methodology
3.1 Source of secondary data
3.2 Method of analysis
3.3 Location of data
3.4 Reference

CHAPTER FOUR:
4.0 Findings
4.1 General discussion
4.2 Reference

CHAPTER FIVE:
5.0 Recommendation and conclusion
5.1 Recommendation
5.2 Conclusion
5.3 Biography

CHAPTER ONE

THE BACKGROUND OF STUDIES
The Nigeria banking are undergoing a major dept crisis. The most serious in its histories incorporation into the world capital system at the turn of this country. As with other third world countries, the Nigeria dept crisis is part of a wilder crisis of accumulation

The dept crisis of the 1980 is not the first in the country history, indeed, soon after the Nigeria independence in 1960, the country experience some level of economic crisis and incurred some external dept. thus, Nigeria external dept which stood at about 82.4 million in 1960 rose to 435.2 million Naira in 1965 and by 1970 was put to some 400,89 million Naira. The dept consist mainly of long-term loan from the World Bank.

Further more, during Shagari, his administration went ahead in 1983 to put the central bank under increased pressure to open letter of credit at very short notice for such federal government agencies as the Nigeria police. The constituencies was that further compounding of the dept crisis.

STATEMENT OF THE PROBLEM
In the right of the vital role, which banks should play in the development of the national economy in their capacity as vector of fund, we point out that the Nigeria banking system in all its advancement has not succeeded yet ineffectively archiving this mission. The reason is not just one of the facts that some bank has failed, but there are other problems associated with them that the research seeks to address
1. The lose of public confidence in the banking industry due to crisis in the

“THE IMPACT OF CENTRAL BANK OF NIGERIA PRUDENTIAL GUIDELINES ON THE FINANCIAL STATEMENT OF LICENSED: A CASE STUDY OF FIRST BANK OF NIGERIA PLC AND UNION BANK OF NIGERIA PLC”.

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ABSTRACT
The prudential guidelines for licensed banks which are based on globa banking standards, imposed far-reaching requirements in the classification of risk assets and provision for bad and doubtful debts. Since its introduction in November 1990 the implementation of the guidelines has had a profound impact on the operations of banks.
In this project, the researcher has succeeded in identifying the features of the prudential guidelines as well as its impact on published financial statements of commercial banks in Nigeria.
Published financial statement of the banks for the period of 1990 that is, the inception of prudential guidelines were examined and with that of the period 1994-1998 the prudential guidelines period.
Both primary and secondary sources of data were used in the course of the research.
Two hypothesis were tested using chi-square test.

The research work revealed that:-
(1) The net profit position of commercial banks in Nigeria have been significantly altered since the implementation of the prudential guidelines.

(2) The provision for bad and doubtful debts of commercial banks in Nigeria have significantly increased since the implementation of the prudential guidelines.
The exercise was concluded with suggestion for further study which include:-
(1) further research be conducted to ascertain the impact of the prudential guidelines on the overall activities of all licensed banks in Nigeria.
(2) Further research be carried out on the central bank of Nigeria monitoring implementation measures concerning banks and non-banks financial institutions in Nigeria.

TABLE OF CONTENTS
Title page ii
Dedication iii
Acknowledgement iv
Abstract vi
Table of contents viii
CHAPTER ONE
Introduction 1
1.1 Statement of problem and objective of
the study 1
1.2 Rationale of the study 1
1.3 Significance of the study 2
1.4 Definitions of terms 4
CHAPTER TWO
Review of Related Literature 6
2.1 Theoretical review 6
2.2 Empirical review 17
CHAPTER THREE
Research design and methodology 21
3.1 Hypothesis 21
3.2 Methodology of study 22
3.3 Limitation of study 24
3.4 Sources of data 25
CHAPTER FOUR
4.1 Presentation of data 27
4.2 Analysis of data 32
4.3 Discussion of the result of analysis 42
CHAPTER FIVE
5.1 Summary of the study 44
5.2 Conclusion 45
5.3 Recommendation 47
Bibliography 48
Appendix questionnaire 52

CHAPTER ONE

INTRODUCTION
1.1 STATEMENT OF THE PROBLEM
Before the introduction of the prudential guidelines, according to CBN circular (1990) some banks were used to declaring huge but unrealized profit, otherwise referred to as “paper profit”.
The following problems will be investigated in this study:
(a) Did profit figures of the selected commercial banks decrease significantly post prudential guidelines?
(b) Did provision for bad and doubtful debts increase significantly under prudential guidelines?

1.2 RATIONAL OF THE STUDY
According to Olufun (1991) prudential guidelines seeks to infuse sanity into the chaotic banking industry.
Before the introduction of the guidelines most banks were used to declaring what is known as “paper profit “ and off – balance sheet, engagement ceased to form part of the majority commercial banks balance sheet totals. The guide line will assist banks in improving the assessment of their credit performance as well as providing banks supervisors and auditors

AN ANALYSIS OF CAPITAL RESTRUCTURING AS A SOLUTION TO CORPORATE FAILURES

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ABSTRACT
Capital restructuring of corporate entities is the systematically planned and packaged re-positioning exercise deliberately embarked upon by entrepreneurs with the aim of recognizing the ownership equity of the firm and repositioning the firm in proper footing as to effect survival and withstand increased profitability.
The main objective of this study is to determine the problems that leads to frequent corporate failure as well as the prospect of Nigeria as a base. For this research work three firms in Nigeria were visited.
In effecting this research work, the researcher used questionnaire administered to both prospective investor, existing owner of these three firms and a sample of customers drawn from Enugu-Onitsha, Aba and Nnewi depots of these firms. The researcher also used oral interviews with the key management staff of these three firm, as well as related published and unpublished data. The researcher analysed the data and information obtained and also tested the hypothesis using chi-square and correlation analysis.
Though critical analysis, it was observed that some of the problem militating against production firms that leads to their failure in Nigeria could have been averted through capital restructuring and proper financial portfolio. However, some customers undertaking proper feasibility studies. Monetary authorities and National Economic Reconstruction Fund (NERFUND) could give lighter conditionalities for and, fund assistance as well as eligibility for firms enlistment into the stock market (going public) this would enable entrepreneurs evolve effective growth policies, consolidation programmes as well as fund mobilization, strategies that would be possible for their management to implement.
In view of the finding and outcome of the tested hypothesis it was concluded that the investors dissatisfaction with the present enterprises approach to survival and profiteering as well as the various constraint on production companies ability to survive in a harsh economic environment would be minimized firm in the Eastern states has brighter prospects if they could recongnize their capital structure and base and be positioned for greater profitability and growth. This is because most of the problem are amended solution.

TABLES OF CONTENT
CHAPTER ONE
Introduction 1
1.1 Background of Study 1
1.2 Statement of the Problem 4
1.3 Objective of Study 6
1.4 Significance of Study 7
1.5 Research Question 8
1.6 Research Hypothesis 9
1.7 Scope and Limitation of the Study 10
1.8 Plan for the Development of Study 11
1.9 Definition of Operational Terms 12
Reference 16
CHAPTER TWO
2.0 Review of Related Literature 17
2.1 What is finance, capital structure & Capital Restructuring 18
2.2 Debt and Equity Mix (Gearing) 19
2.3 Cost of Capital 21
2.4 Optimum Capital 22
2.5 Capital management in a Contemporary Business 23
2.6 Causes of Corporate Failure in Nigeria 27
2.7 External (Environmental) Factors 31
2.8 Internal Factor 35
2.9 Effects of Corporate Failure in Nigeria 37
2.10 Signs of Corporate Failure 40
2.11 Steps to take to avoid Corporate Failure 41
Reference 44
CHAPTER THREE
3.0 Research Design and Methodology 46
3.1 Research Design 46
3.2 Sources of Data 46
3.3 Primary Sources of Data 47
3.4 Secondary Sources of Data 48
3.5 Area/Unit of Study 49
3.5.1 The Universe 49
3.5.2 The Target Population 49
3.6 Method of Investigation 50
3.7 Oral Interview Method 50
3.8 Questionnaire Method and Its Design 51
3.9 Sampling Population and Sample Size 53
3.10 Determination of Sample Size 54
3.11 Method of Data Presentation 56
3.12 Method of Data Analysis 56
Reference 59
CHAPTER FOUR
4.0 Data Presentation Analysis 60
4.1 Data Presentation 60
4.2 Data Analysis 70
CHAPTER FIVE
5.0 Finding Conclusion and Recommendations 81
5.1 Findings 81
5.2 Recommendations 83
5.3 Conclusions 86
Bibliography 88

CHAPTER ONE

INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The Nigeria Economic Crises, which has persisted up to this 1999, got to its peak in 1989. The effects then had seen that of gross underutilization of human and material resources, how level of operations and out right corporate failure.
Virtually every industry in the Nigeria economy has suffered one form of a problem or the other. The banking industry through it controls the greatest financial resources in the economy experienced and is still experiencing its own share of Decree of 2000 construction industry has enjoyed continuous negative growth trends, manufacturing industry amongst other was not spared.
Prior to the economic crises was the decade of economic Joom (1970 – 1980) which saw the dominance of the oil sector accounting for up to 80% of the total foreign exchange earning in 1985 and 90% in 1999. During this decade, Nigeria had the singular good fortune of benefiting from the skyrocketing. Oil prices being of member of organization of Petroleum Exporting Countries (OPEC). The failure of government planning machinery to channel these vast resources into other investment pool culminated into serious problem the economy is facing.
This lapse resulted into inflationaring pressures manifesting itself in escalating prices, shortage of basic goods and service low income per capital, high unemployment rate, with many industries shut and a host of them producing at far below installed capacity (Baffa S.S. 1999).
A period of Recession is this period when firm failures is high pronounced research “a recurring period of decline in the total output income, employment and trade, usually lasting six months to a year, and marked by widespread contraction in many sectors of the economy.
These negative economic trends continued until the introduction of Structural Adjustment Programme SAP in 1999. The economy had witnessed serious internal and external disequilibria and structural imbalances, such that all economic indicators like inflation rate, Gross Domestic Product (GDP), employment rate, idle capacity. In industries amongst other attested to this fact as there were obviously manifest.
It was against their background that Structural Adjustment Programme (SAP) was introduced with the intention of reforming the structural pattern and restructure the productive base of the economy, in order to ensure viability and sustained growth. These, however made it inevitable for restructuring of corporate bodies to ensure survival in business. To make these possible, most companies had rolled off liquidated, some were on the verge of rolling off. The surviving ones were those that restructured and adjusted extensively to accommodate the new precept of economic change. These were done with great economic cost and difficulties. Structural Adjustment Programme on its own has been a blessing in disguise in that it has brought with itself reliance. Viability, prosperity and sustained growth.
All these have lent credence to the fact that slow growth and subsequent failure of an enterprise often depends to a large extent, on its financing, structure and its implication for financial risk.
It is therefore hoped that this little efforts made in this project will contribute in no small measure to increase the knowledge of how to curb corporate failure while establishing a workable capital structure (Ama G.A. 1992).

1.2 STATEMENT OF THE PROBLEM
Corporate problems perhaps started with the “oil boom”. During the era adequate financial decision were hardly taken, investments were no made, and where it was never considered. Specifically most firms failed due to some factors such as capital shortage unskilled labour, poor management team, rigorous competition and excessive government control which hampered raw material procurement.
In Nigeria, firms that could not source their raw material locally ran into serious problems and a considerable number of them started to produce below installed capacity. Infact it is estimated that not less than one hundred and forty firms failed during this period. The negative effect is still being felt today (2002) depending on government policies and implementation.
Apart from the problems mentioned above, most of the firms failed as a result of over trading, undercapitalization, poor research methods and excessive investments in fixed asset leading to little or nothing for working capital.
Reactivation of some of these companies has been in progress with varying degree of success. Most of them have acquired one from of assistance of the other, while some have sold off unproductive fixed assets, other have sold some part of their accumulated debt for ownership proportion (debt equity shares) in the firm. In all there still exist some problem like inadequate funding and inability to source for materials locally. Also there is problem of an acceptable capital mix and creditors refused to some restructuring schemes (proposals). The issue of interest rates