Critical Analysis of the Fiscal Responsibility Act of...

CRITICAL ANALYSIS OF THE FISCAL RESPONSIBILITY ACT OF NIGERIA 2007: AN OVERVIEW BEING ASSIGNMENT SUBMITTED ON PUBLIC FINANCE (BKF 624) (FIRST SEMESTER COURSE WORK) BY ALAJEKWU UDOKA BERNARD 2008 162 001 MSc PROGRAMME DEPARTMENT OF BANKING AND FINANCE FACULTY OF MANAGEMENT SCIENCE SCHOOL OF POSTGRADUATE STUDIES ANAMBRA STATE UNIVERSITY LECTURER: DR. EZEABASILI V. N. OCTOBER, 2009 Page 1 of 19 ABSTRACT Fiscal Responsibility Act 2007 was designed to regulate and supervise the fiscal activities of public office holders in the country. This paper critically analyses the effectiveness and efficiency of the implementation of the Act; the machinery for implementation; the powers and tenor of the members of the Fiscal Responsibility Board;†¦show more content†¦The site maintained that the FRA is a fundamental action to attack fiscal inconsistency and indiscipline from the head to the root. It is noted that the Fiscal Responsibility Act (2007) â€Å"...aims to ensure fiscal accountability, check corruption, monitor the budget processes and call Page 4 of 19 public officials to order...; it does not appear that there is one final act that should hopefully put the final nail on financial rascality in government (http://www.budgetmonitoring.org/Spotlights/2007/02/26/ News11618/). Nwanma, Vincent, (2007) was of similar view when he asserted that â€Å"no-one expects that it (FRA) will end high-level corruption at a stroke†. According to then Anambra State Commissioner for Finance (2007), Eze Echesie, â€Å"I don’t think any single law can stem or stop fiscal rascality but we have tried to ensure the elements of consensus building in this bill†. Nath Nwabueze, a lecturer in finance at the Federal University of Technology, Owerri warned that the Fiscal Responsibility Act would not cure Nigeria’s problems of high-level corruption and poor budget planning unless it was properly enforced (Nwanma, Vincent, 2007). At worst, the Act will â€Å"commit chief executives at all tiers of government to a set of efficient rules for economic management by providing set standards for the planning and control of public expenditure instead of leaving it to the whim of either the president or state governors. The ActShow MoreRelatedTax Administration in Nigeria: a Case Study of Federal Inland Revenue Service(Firs)6621 Words   |  27 PagesABSTRACT Taxation is a dynamic subject which grows with the constant change in the economic environment in which it operates, hence the need to review the regulating instruments from time to time. Nigeria is governed by a federal system hence its fiscal operations also adhere to the same principle, a fact which has serious implications on how the tax system is managed. The country’s tax system is lopsided, and dominated by oil revenue. It is also characterized by unnecessarily complex, distortionaryRead MoreThe Effect of Deregulation Policies on the Profitability of Banks in Nigeria10154 Words   |  41 Pagesgoverned by rules and regulations, in the same way every economy set out goals, which it achieves, through various means. Vibratory and fiscal policies are the stimulant to any nation economic development, especially with regards to Nigeria. However, in this study, the attention of this is mainly on the influence of deregulation on banks profitability in Nigeria. The discussion on the deregulation can be effectively carried out without understanding what monetary policy is all about. In thisRead MoreThe Financial System in Nigeria6376 Words   |  26 PagesThe Financial System in Nigeria: An Overview of Banking Sector Reforms The Financial System in Nigeria: An Overview of Banking Sector Reforms E. J. Ofanson (Ph.D)1 O. M. Aigbokhaevbolo (Ph.D)2 G. O. Enabulu3 Abstract The paper overviews the banking sector reforms within the framework of the Nigerian Financial System. A theoretical approach was adopted although empirical evidence was presented in some cases. It was clear that developments in the banking sub-sector of the Nigerian financial systemRead MoreThe Niger Delta Region Of Nigeria Essay10130 Words   |  41 PagesThe Niger Delta Region of Nigeria produces a significant portion of the combined oil wealth of Nigeria. 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It constantly responds to the dynamism ofRead MoreExport And Import Strategy For The Shipping Lines1045 Words   |  5 Pagesfor any organization of national Importance. Shipping industry indeed is a prestigious establishment of its kind. It needs such framework of the account and financial statement to tackle the financial strategies. All such concept starts from the analysis of the data of preceding years, which are available in the accounts and financial statement of the shipping company. So the conceptual framework of the accounting process has vital importance. I have prepared this report in partial fulfillment ofRead MoreThe Nigerian Stock Market and Its Impact on the Economy9899 Words   |  40 PagesCHAPTER ONE OVERVIEW Nigeria, like many other African countries, was created from a multi-ethnic, socially and culturally diverse people, situated between the Equator and the tropic of cancer, its climate and vegetation can afford the growth of many tropical commodities such as cocoa, groundnuts, palm produce and rubber. Starting from a low technological base after political independence in 1960, the country embarked on the arduous task of building a state with one identity by integrating the differentRead MoreA Case Of Chinese And German Companies Essay8450 Words   |  34 Pagesto Ghana Investment Promotions Centre (GIPC) for registration of their companies. Under Section 24 of the GIPC Act, enterprises in which foreign participation is permitted shall after incorporation and before commencement of operations, are to be registered with the GIPC. Meaning any foreign company that come to operate in Ghana must register with them before it can start business. The Act makes it clear that an enterprise in which there is foreign participation cannot start operations after registeringRead MoreArticle: Performance Appraisal and Performance Management35812 Words   |  144 Pagescontinuously in order to compete and survive at the market place effectively (Prasad 2005). Performance of an individual can be defined as the record of outcomes produced as specified job functions or activities during a specified time period (Bernardin 2007). The term performance refers to a set of outcome produced during a certain period of their job time and does not refer to the traits, personal characteristics, or competencies of the performer. The evaluation of employee‟s performance reveals theRead MoreAccountancy Profession in Bangladesh9589 Words   |  39 Pagesdivisions of practical art, named accounting, bookkeeping, and auditing. Accountancy profession in Bangladesh: ACCOUNTANCY is a critical component of a market economys infrastructure and economically sound activity would be impossible without it. Accountancy not only provides information on the financial position of operations but is also the foundation of a countrys fiscal system playing a vital role in corporate governance. It enforces prudential requirements for banks, insurance companies, securities

Chinese Grammar Yi Hou

The Mandarin Chinese term ä » ¥Ã¥ ¾Å' (traditional / ä » ¥Ã¥ Å½ (simplified) means after. The characters pinyin is yÇ  hà ²u.   This term is needed in order to describe a sequential chain of events.   Sentence Pattern In English, after is typically used in this sentence pattern:  After an action is completed, then another action occurs.   However in Chinese, the sentence pattern  looks like this: Action completed after, another action occurs.   This sentence pattern has two clauses, and ä » ¥Ã¥ ¾Å' / ä » ¥Ã¥ Å½ (yÇ  hà ²u) is always placed after the first clause. This is in contrast to English, where the two clauses can be reversed. ä » ¥Ã¥ ¾Å' / ä » ¥Ã¥ Å½ (yÇ  hà ²u) can also mean  afterwords, in which case it is used in a single-clause sentence, and can be placed either before or after the subject.   Sentence Examples with After TÄ  xià   kà ¨ yÇ hà ²u, yà  o huà ­ jiÄ  chÄ « fÄ n.After class, he will return home to eat.(Literal translation – He class is over after, going to return home eat a meal.)ä »â€"ä ¸â€¹Ã¨ ª ²Ã¤ » ¥Ã¥ ¾Å'è ¦ Ã¥â€ºÅ¾Ã¥ ® ¶Ã¥ Æ'é £ ¯Ã¤ »â€"ä ¸â€¹Ã¨ ¯ ¾Ã¤ » ¥Ã¥ Å½Ã¨ ¦ Ã¥â€ºÅ¾Ã¥ ® ¶Ã¥ Æ'é ¥ ­TÄ men jià ©hÃ… «n yÇ hà ²u yà  o dà  o MÄ›iguà ³ qà ¹ zhà ¹.After they get married, they will go to live in America.(Literal translation – They marry after, going to to America go live.)ä »â€"們ç µ Ã¥ ©Å¡Ã¤ » ¥Ã¥ ¾Å'è ¦ Ã¥Ë† °Ã§ ¾Å½Ã¥Å"‹åŽ »Ã¤ ½ Ã¤ »â€"ä » ¬Ã§ »â€œÃ¥ ©Å¡Ã¤ » ¥Ã¥ Å½Ã¨ ¦ Ã¥Ë† °Ã§ ¾Å½Ã¥â€º ½Ã¥Å½ »Ã¤ ½ Half an hour later, she left.Bà  n xiÇŽoshà ­ yÇ hà ²u, tÄ  jià ¹ zÇ’ule.Ã¥ Å Ã¥ ° Ã¦â„¢â€šÃ¤ » ¥Ã¥ ¾Å'Ã¥ ¥ ¹Ã¥ ° ±Ã¨ µ °Ã¤ ºâ€ Ã£â‚¬â€šÃ¥ Å Ã¥ ° Ã¦â€" ¶Ã¤ » ¥Ã¥ Å½Ã¥ ¥ ¹Ã¥ ° ±Ã¨ µ °Ã¤ ºâ€ Ã£â‚¬â€šI will return home after one week.WÇ’ yÄ «gà ¨ xÄ «ngqà ­ yÇ hà ²u huà ¬ huà ­ jiÄ .戆˜Ã¤ ¸â‚¬Ã¥â‚¬â€¹Ã¦ËœÅ¸Ã¦Å"Ÿä » ¥Ã¥ ¾Å'æÅ"Æ'回å ® ¶Ã£â‚¬â€šÃ¦Ë†â€˜Ã¤ ¸â‚¬Ã¤ ¸ ªÃ¦ËœÅ¸Ã¦Å"Ÿä » ¥Ã¥ Å½Ã¤ ¼Å¡Ã¥â€ºÅ¾Ã¥ ® ¶Ã£â‚¬â€šIn five years I will have my own house.WÇ” nià ¡n yÇ hà ²u, wÇ’ huà ¬ yÇ’u zà ¬jÇ  de fà ¡ngzi.ä ºâ€Ã¥ ¹ ´Ã¤ » ¥Ã¥ ¾Å'我æÅ"Æ'æÅ"‰è‡ ªÃ¥ · ±Ã§Å¡â€žÃ¦Ë† ¿Ã¥ ­ Ã£â‚¬â€šÃ¤ ºâ€Ã¥ ¹ ´Ã¤ » ¥Ã¥ Å½Ã¦Ë†â€˜Ã¤ ¼Å¡Ã¦Å"‰è‡ ªÃ¥ · ±Ã§Å¡â€žÃ¦Ë† ¿Ã¥ ­ Ã£â‚¬â€š Sentence Examples with Afterwards TÄ  yÇ hà ²u huà ¬ qà ¹ MÄ›iguà ³.ä »â€"ä » ¥Ã¥ ¾Å'æÅ"Æ'åŽ »Ã§ ¾Å½Ã¥Å"‹ä »â€"ä » ¥Ã¥ Å½Ã¤ ¼Å¡Ã¥Å½ »Ã§ ¾Å½Ã¥â€º ½He will go to America afterwards.YÇ hà ²u tÄ  huà ¬ qà ¹ MÄ›iguà ³.ä » ¥Ã¥ ¾Å'ä »â€"æÅ"Æ'åŽ »Ã§ ¾Å½Ã¥Å"‹ä » ¥Ã¥ Å½Ã¤ »â€"ä ¼Å¡Ã¥Å½ »Ã§ ¾Å½Ã¥â€º ½Afterwards, he will go to America.

One Step to Freedom Free Essays

â€Å"100% of the shots you never take, never get in†. In the middle of the arid desert, Colorado. A group of Cypriots and myself among them, crossed through the desert to reach the camping site where we would spend the night. We will write a custom essay sample on One Step to Freedom? or any similar topic only for you Order Now Continuously attacking us, the blazing sun followed our every footstep, as our bodies were melting down like defenceless ice cubes. After a couple of hundreds of metres of walk, my feet started to numb. I was exhausted. My bottle, constantly in my hand, was running out of water. â€Å"Can my day get worse?†, I wondered. What I didn’t know was, that these obstacles were nothing compared to the inner conflict I would be going through soon. â€Å"Does anyone want to have a break? Does anyone want to have a swim?†, Michael, our leader asked. Suddenly the feelings of joy and excitement replaced the tiredness and everyone was now smiling; I noticed I was smiling too. Impatiently we all followed Michael. That is when I first came face to face with my own Via Dolorosa. The worst of all is that I was not aware of how difficult it would be for me, that small step I was asked to take, for which I had to grapple hard with my own thoughts and deepest fears which I was not even aware of. How can you fight something you cannot see? Following the flow of my friends and climbing on a small hill, I reached the beginning of my slow and painful torture. I was standing at the edge of a rocky knoll, about three metres above the ground and beneath me, a tiny lake with crystal clear water. I could already picture myself, in the lake, with the cool water fighting off the heat, while my body was enjoying the luxuries of nature. As I lowered my head to face my reflection on the calm surface of the lake, the truth hit me in the face. I will never forget how shocked I was when I realised I was not ready; I couldn’t jump; I didn’t want to. â€Å"Nicola, are you going to jump or not?†, Shane asked me. The question brought me to my senses like . . . . . . . â€Å"No. Go on. I will go later.†, I replied. While watching them jumping with such comfort, as if it was fun, as if they were enjoying themselves, I felt angry with myself. Why had I stopped? It couldn’t be that difficult, after all nobody else seemed to find it challenging, on the contrary they all thought of it as amusing. If they could do it, so could I. All of a sudden I changed my mind. I felt this urge, this push, the desire to jump as well. â€Å"I can do this†, I told myself. Once again I found myself standing at the edge of the hill determined to jump and once again I changed my mind, as my fears came to life; my body froze instantly. It was as if my legs were glued into place, I couldn’t move. Out of the blue, the battle started; the battle over which I had no control, the battle which was going on in my head and whose winner would determine my decision. On one side my limiting beliefs and fears joined forces, to stop me from jumping while on the other side my desire to jump was defensively trying to repulse the attack. The damage to the defence lines was unavoidable and since my fears took control over my body, I stepped back instead of going forward. Time was going by so quickly, as I tended to oscillate between the determination of jumping and the fear of falling. Over twenty minutes had passed since my last attempt and I was not looking forward to another one. â€Å"Nicola we will be leaving soon, if you are going to jump, do it now, or else come down so that we can continue.† No! , a voice inside my head screamed. I am not giving up. I am not leaving unless I jump. As these wild thoughts were passing through my head, the sun sank lower. Trying to convince myself that I could do it, I once more stepped at the doorstep of fear. â€Å"You have thirty seconds to jump.† I took a deep breath. â€Å"Come on Nicolas!†, a friend of mine shouted. â€Å"It’s only one step!† â€Å"Twenty-nine, twenty-eight . . .† Puzzled as I were, I looked around as if searching for an answer. Suddenly I realised that everyone was staring at me. Was it really only one step? Then what? Freedom? â€Å"Sixteen, fifteen . . .† The countdown continued. â€Å"Hey Nicola, listen to me! Stop thinking so hard. Just jump! It’s only one step.† It was of no use. I didn’t hear a thing. â€Å"Nine, eight, seven . . .† I looked down at the lake. How could falling equate to freedom? There were fluctuations in my feelings. I couldn’t decide. I couldn’t even take a small step. â€Å"Three, two, one. Come on Nicolas we are leaving! Come down!† I took a glance at the azure sky as if it was my last one. I took a last deep breath. â€Å"I am coming†, the words burst like bullets out of my mouth. I closed my eyes. I could hear the blood booming in my ears. The cold breeze made me shiver. I found myself trembling like an undersized flower in a furious storm of hesitant feelings and fears. I slowly bent my knees and jumped. Time stopped. My life was passing through my mind like an old black and white movie. I panicked. I didn’t want to fall. I regretted jumping. I waved my hands desperately, trying to hold onto something. A rock, a stone anything. Nothing; there was nothing. I wanted to throw up. It was as if air was pushing my stomach up in my chest and out of my mouth. Even today, when I recall the situation and when I picture the whole scene in my mind, the same feelings come up; fear, anxiety, fluctuation, regret. The same feelings which filled me up then, which still do, as if I am there. As if I never left. As if I never jumped. As if it was all for nothing. Although I am not free from my fears, I know it was not for nothing. I took the risk, I took the shot and I ‘m proud of myself. The cheers and the congratulations I received as I came out of the lake, almost made up for the torture I went through. I was still feeling a bit dizzy from the fall so I sat to rest. That is when Michael came and told me: â€Å"100% of the shots you never take, never get in†. Now this quote is one of my favourites. It was actually a quote of Michael Jordan’s referring to basketball. When I first heard it, I didn’t really understand what it meant, but after thinking about it, I became aware of its true meaning. It means that if someone does not dare to shoot the ball, because it may not go in the basket, he will never score. â€Å"It’s risky not taking risks† a wise man said. In the middle of the arid desert, Colorado, I took the risk. I jumped. I may have not been freed from my fears but I learned my lesson. This experience shaped me into who I am today. A man who is not afraid of taking risks, and making steps beyond the limits of fears and limiting beliefs. How to cite One Step to Freedom?, Papers

Entrepreneurship business plan free essay sample

Assessment 7: Business Planning (20.0 points) In Unit 7, you learned about forming a company purpose, making a business plan, and doing a SWOT analysis. Now, youll apply what you learned to analyze real companies and develop your own business idea. 1. Visit the Website for a well-known company, and find the unit that states its mission. Then answer the following questions about it. TIP: If the companys Web site doesnt describe its mission, choose a different company. a. What is the name of the company, and what is its mission? (1.0 points) Tennis Warehouse is a company that wants to provide people with the best tennis gear and equipment to get better. b. How does the mission relate to the type of products the company sells? (1-3 sentences. 1.0 points) The products are what make this company possible, if they didn’t sell the equipment they do, the company would be useless. Also, this company sells the best equipment which supports their idea of trying to be the best providers. We will write a custom essay sample on Entrepreneurship business plan or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page c. Did anything surprise you about the mission? Why or why not? (1-3 sentences. 1.0 points) No, nothing surprised me about the mission because I have been buying products from them for many years, and know what they strive for in tennis gear. I already know what their mission is and how hard they work to perfect everything they do. 2. Visit the Website for a different well-known company, and find the unit that lists the companys values. Then answer the following questions. TIP: If the companys Web site doesnt describe its values, choose a different company. a. What is the name of the company, and what are its values? (1.0 points) Supercuts, the employees of this company must be patient, understanding and also creative. The values of this company revolve around respect, the patient and employee must respect each other. b. How do the companys values relate to the products the company sells? (1-3 sentences. 1.0 points) This company is service based not product based, so Supercuts is selling haircuts. The haircutters values must be smart, funny,patient and creative. These values will bring customers back for more haircuts, because they paid and were happy for the service they got. c. Did anything surprise you about the compan ys values? Why or why not? (1-3 sentences. 1.0 points) No, in a service based company, the people providing the service must have good values or else their customers will not want to return. People get haircuts every few months, so employees must have good values for their customers to keep returning. 3. Using the business idea you chose in Assessment 6, write a mission statement, vision statement, and list of 3-5 company values. (5.0 points) As a Professional Tennis Coach I want my students to be the best they can be in tennis, i use that mentality to try their hardest in everything they do. I also want to create future tennis pro’s, by training them everyday they can develop their game to get at least a college scholarship. 4. Make a list of at least 4 people you will want to give copies of your business plan to, and explain why you chose each of those people. (2-4 sentences. 2.0 points) 5. Describe at least three characteristics that you want people to associate with your brand. (1-3 sentences. 3.0 points) My work would be service based, I would want people to think of discipline, respect, and total focus when they come to my academy. I also would be selling some products, I want people to think of them as high quality, reasonable priced, and efficient. 6. Do a SWOT analysis for your company. Describe at least 2 strengths, 2 weaknesses, 2 opportunities, and 2 threats. (1-4 paragraphs. 4.0 points) The strengths of my academy would be focused around my juniors winning the tournament they compete in, and practicing 100% all the time. It would be important for them to try hard in every practice so, they know no other way to practice. Also juniors tend to train harder when they know they have tough competition in tournament. All companies have weaknesses, but try to hide it in their strengths. One weakness would be bad coaches, theres always one coach students always hate. I would try to convert their hate into energy. They need to prove to that coach they they are capable of winning, and that coach won’t verbally harass them. Also, another weakness is lazy students, all juniors have bad days, when their legs feel weak and they don’t want to play. I would try to stop this by telling juniors to take a few days off every few weeks. Many opportunities come in academies by talented juniors try the academy out. Some juniors with a lot of potential search for a good academy, I would want every kid who comes want to feel like they could and would belong here. Also, expansion is always risky but can be important. I would want my academy to span across the entire Southern California, I want all the juniors to train together to push each other so they can lla get better. A major threat to my academy would be better academies stealing my students. They might be providing something better or knew that i dont know about. Another threat is rain, if the courts are always wet, then kids won’t be able to train. This is why I chose So.Cal, it hardly rains here, and to the kids it is a mental break so than can have the day off.