Abstract:
The study explored the relationship between value for money audit and public sector accountability in Nigeria from 2011 to 2021. The study used dependent variable (Public Sector performance (PSP) measured with Return On Assets (ROA), Independent Variable Fund Optimality- measured with Operating Cost Efficiency (OCE), Resource Cost Efficiency (RCE) and Economic Efficiency (ECE) in relationship with PSP in Nigeria. Data for the study was sourced from KPM6 Annual Public Sector Rating Scale of 1 to 10 in Nigeria. The data used were secondary time series sourced. The study made use of diagnostic test which has the capability of testing the Heteroskadisity test, the functional test, normality test and serial correlation test. The study also ran a pretest (unit root test) for the orderliness of the series. Finally, regression analysis E-view version 9.0 was used to ascertain the magnitude and significance of the relationship. The findings affirmed that Operating Cost Efficiency (OCE) and Economy Efficiency (ECE) have negative relationship and not significant to the public sector performance while Resource Cost Efficiency (RCE) has positive relation and also significant to public sector performance in Nigeria. We thereby conclude that fund optimality has a significant impact on public sector in Nigeria, therefore we recommended a good accounting system that is functionable in Nigeria.
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