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PERCEIVED EFFECT OF EDUCATION TRUST FUND ON ACCOUNTING EDUCATION IN TERTIARY INSTITUTIONS IN RIVER STATE

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 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 59 ::   Attributes: Questionnaire, Data Analysis,abstract, table of content, references ::   126 people found this useful

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CHAPTER ONE

  1. INTRODUCTION

1.1   BACKGROUND OF STUDY

Education is the bedrock of all development in any country that wants to stand out among the communities of developed nations in the world. In recognition of the paramount nature of education in fine turning the economic growth of a nation, the Federal Government in her National Policy on Education described education as an instrument par excellence for national development (FRN, 2004).

Education has been defined differently by various scholars.  Okonkwo  (2008)  defined  education  as  “a  cultural  action  directed  at  creating  attitudes  and  habits  considered  necessary for participation and intervention in one’s historical process”.  In the view of Iwuchukwu (2006) the emergence of the National Policy on Education  is  a  journey,  which  began  since  1847  with  the  establishment  of British  Privy  Council  on  education. 

In  September  2006,  the  National  Policy  on  Education  came  into  force  by  changing  the  school  calendar,  which  used  to  run  from  January  to  December,  to  now  commence  from  September  to  August.  In  addition,  the  school  system  which  used  to  be  majority  8‐5‐4  (eight  years  of  2  pre‐primary  school,  5  years  of  secondary  school  and  4  years of Tertiary institution education changed to now 6‐3‐3‐4 system. 

This means 6 years of primary education, 3 years of Junior Secondary and 3 years of Senior Secondary school and 4 years of Tertiary institution education.   Tertiary  institution,  according  to  National  Policy  on  Education  (2001)  are  those  institutions  that  cover  the  post‐secondary  section  of  national  education  system  which  is  given  on  Universities,  Polytechnics  and  College  of  technology  including  College  of  Education,  the  Advanced  Teachers  Training  Colleges,  Correspondence  Colleges  and  Institution  as  may  be  allied  to  them.  Inadequate  funding  of  the  system  has  been  a  contributing  problem  in  this  country. 

Authenticating this further, Amadi  (2009)  said: During  the  oil  boom,  the  current period  of great economic  reversals in  the  petroleum oilsector, financing of education has suffered untold damages”.  To  this  end,  tertiary  institutions  need  finance  to  carry  out research in medicine,engineering, education etc. they need funds for training and retraining of lecturers, acquire state‐of‐the‐ art facilities and other amenities that can engender student’s potentials to the overall achievement of the aims and objectives of higher education in north eastern region.  More so, as a result of the job opportunities available tograduates and our increasingpopulation, there was a demand for high education. The funding of these higher institutions rested squarely on the government.   

To alleviate this gigantic burden, the Education Trust Fund Decree No.7 of 1stJanuary, 2003 was promulgated. Odocha (2003) observed that this Decree finally imposes education trust of two percent on all the profit declared by companies registered in Yobe state and established an education fund into which the trust collected shall be paid. This Decree was repealed by Tertiary Education Trust Fund (Establishment, Etc) Act, 2011. 

1.2   STATEMENT OF THE PROBLEM

There is a general decay in human and material resources in Nigeria tertiary institutions due to poor funding. The tertiary education Trust Fund (TETFUND) is an intervention agency under the Education Trust Fund meant to assist in university development with provision of infrastructural facilities.

It states that the total abdication of responsibilities on the part of the state government such as that TETFUND alone is left with the burden of providing infrastructure in the tertiary institutions negates the philosophy of setting up TETFUND, which envisaged an intervention agency that will complement what the various tiers of government are doing.

ETF allocates funds to beneficiaries tied to specific projects that are awarded by the beneficiaries under strict supervision by TETFUND. It is understood that ETF has its limits in intervention in tertiary education, which is proportionate to its revenue. Finally, several researches has been carried out on the Impact of Education Trust Fund (ETF) on Tertiary Institutions in Nigeria, using college of education, as case study but not even a single research has been carried out perceived effect of education trust funds on accounting education in tertiary institution in Rivers state.

1.3   AIMS AND OBJECTIVES OF STUDY

        The main aim of the study is to examine the perceived effect of education trust fund on accounting education in tertiary institution. Other specific objectives of the study include;

  1. to determine the influence of education trust fund on accounting education in tertiary institution in Rivers state.
  2. to determine the factors affecting education trust fund on accounting education in tertiary education in Rivers state.
  3. to determine the extent to which education trust fund affects accounting education in tertiary institution in Rivers state.
  4. to proffer possible solutions to the problems.

1.4   RESEARCH QUESTIONS               

  1. What is the influence of education trust fund on accounting education in tertiary institution in Rivers state?
  2. What are the factors affecting education trust fund in accounting education in tertiary education in Rivers state?
  3. What is the extent to which education trust fund affects accounting education in tertiary institution in Rivers state?
  4. What are the possible solutions to the problems?

1.5   STATEMENT OF RESEARCH HYPOTHESIS

H0:   education trust fund has no significant effect on accounting education in tertiary institutions.

H1:      education trust fund has a significant effect on accounting education in tertiary institutions.

1.6   SIGNIFICANCE OF STUDY

        The study on the perceived effect of education trust fund on accounting education in tertiary institution will be of immense benefit to the entire Rivers state tertiary institution in the sense that it would enable the accounts of ETF to be audited twice a year, in other to check any misuse of their funds.  Although this is a little unusual, however, it will help instill discipline in the management of ETF. The first six months audit will be interim while the subsequent one will be final. Fraud detected in the interim audit will be presented in the final audit. Independent Corrupt Practice and other Related Crimes Commission (ICPC) through this study may always investigate corrupt activities in ETF. This might help the management to be judicious with the resources of ETF. Finally, the study will contribute to the body of existing literature and knowledge to this field of study and basis for further research.

1.7   SCOPE OF STUDY

        The study on the perceived effect of education trust fund on accounting education in tertiary institution is limited to Rivers state.

1.8   LIMITATION OF STUDY

Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

1.9   DEFINITION OF TERMS

Perceived: Become aware or conscious of (something); come to realize or understand.

Effect: A change which is a result or consequence of an action or other cause.

Education Trust Fund: Tertiary Education Trust fund abbreviated as TETFUND is a scheme established by the Federal Government of Nigeria in 2011, to disburse, manage and monitor education tax to government-owned tertiary institutions in Nigeria.

Institution: An organization founded for a religious, educational, professional, or social purpose.


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Paper Information

Format:ms word
Chapter:1-5
Pages:59
Attribute:Questionnaire, Data Analysis,abstract, table of content, references
Price:₦3,000
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