Accountability in Public Institutions
ACCOUNTABILITY IN PUBLIC INSTITUTIONS (A STUDY OF THE NIGERIAN STOCK EXCHANGE)
MEANING AND NATURE OF ACCOUNTABILITY:
Introduction:
Incidents of a lack of accountability, often associated with an element of corruption, among public officials and institutions when rendering public services, is a worldwide occurrence. In an attempt to address this governance tendency, governments increasingly look towards more sophisticated managerial methods such as improved monitoring and evaluation systems, and performance management systems, to address accountability deficits in governance.
One of the central concerns of contemporary governance is the reduced or complete lack of accountability among public officials and institutions when rendering public services. In the absence of accountability, incidents of corruption often occur. In order to show the relevance and the methods that would help in mitigating the effects related to lack of accountability in the system, the following definitions would help us pin point and understand the usefulness and relevance of accountability in the public sector and as such, they are given as follows;
Meaning and Nature of Accountability:
Accountability is all about being answerable to those who have invested their trust, faith, and resources to you. Adegite (2010) defined accountability as the obligation to demonstrate that work has been conducted in accordance with agreed rules and standards and the officer reports fairly and accurately on performance results vis-à-vis mandated roles and or/plans. It means doing things transparently in line with due process and the provision of feedback.
Johnson (2004) also stated that public accountability is an essential component for the functioning of our political system, as accountability means that those who are charged with drafting and/or carrying out policy should be obliged to give an explanation of their actions to their electorate.
Premchand (1999) observed that the capacity to achieve
MEANING AND NATURE OF ACCOUNTABILITY:
Introduction:
Incidents of a lack of accountability, often associated with an element of corruption, among public officials and institutions when rendering public services, is a worldwide occurrence. In an attempt to address this governance tendency, governments increasingly look towards more sophisticated managerial methods such as improved monitoring and evaluation systems, and performance management systems, to address accountability deficits in governance.
One of the central concerns of contemporary governance is the reduced or complete lack of accountability among public officials and institutions when rendering public services. In the absence of accountability, incidents of corruption often occur. In order to show the relevance and the methods that would help in mitigating the effects related to lack of accountability in the system, the following definitions would help us pin point and understand the usefulness and relevance of accountability in the public sector and as such, they are given as follows;
Meaning and Nature of Accountability:
Accountability is all about being answerable to those who have invested their trust, faith, and resources to you. Adegite (2010) defined accountability as the obligation to demonstrate that work has been conducted in accordance with agreed rules and standards and the officer reports fairly and accurately on performance results vis-à-vis mandated roles and or/plans. It means doing things transparently in line with due process and the provision of feedback.
Johnson (2004) also stated that public accountability is an essential component for the functioning of our political system, as accountability means that those who are charged with drafting and/or carrying out policy should be obliged to give an explanation of their actions to their electorate.
Premchand (1999) observed that the capacity to achieve