Browsing by Author "OLUWAFISAYO OLAMIPOSI FALOWO"

Now showing 1 - 1 of 1
  • Thumbnail Image
    Item
    IMPLEMENTATION OF MONETISATION POLICY IN SELECTED FEDERAL MINISTRIES AND PARASTATALS IN NIGERIA
    (2021) OLUWAFISAYO OLAMIPOSI FALOWO
    The study investigated the strategies put in place for the implementation of monetisation policy in selected Federal Ministries and Parastatals in Nigeria. It examined the extent of implementation of monetisation policy and the effect of the implementation of the monetisation policy on staff productivity in the selected Federal Ministries and Parastatals. Lastly, it analysed the challenges confronting the implementation of monetisation policy in the study area. These were with a view to providing information on the implementation of monetisation policy in selected Federal Ministries and Parastatals in Nigeria. The study adopted a descriptive survey research design. Primary and secondary data were used for the study. Primary data were collected through the administration of questionnaire and conduct of interviews. The study population comprised 2,286 staffsfrom Ministries of Finance, Communications, and Science and Technology; and their affiliated Parastatals, such as the Central Bank of Nigeria, Nigerian Communications Commission and National Centre for Technology Management. Simple random sampling technique was used to select a sample size of 458 respondents, representing 20% of the study population. Interview was conducted with 12 Directors, two from each Ministry and Parastatal. The data collected were analysed using percentages, mean and content analysis. The results showed that strategies put in place for the implementation of monetisation policy included setting up committees on the implementation of monetisation policy (78%), substitutition of fringe benefits with financial benefits (80%) and offsetting financial requirements through instalmental payments (75%). The monetisation policy has been implemented in the Federal Ministries and Parastatals which was evident in the consolidated salary structure (80%). The implementation of monetisation policy has not positively affected staff productivity in the Federal Ministries. The influence of monetisation policy on the following included: high quality work outcome (3.95), large amount of work (4.0) and timely submission of reports (3.96). The findings further showed that monetisation policy has positively affected staff productivity in the Federal Parastatals. The respondents agreed with the influence of monetisation policy on the following indicators: high quality work outcome (2.0%), large amount of work done (2.4) and timely submission of reports (2.0). The findings showed that the challenges confronting the implementation of monetisation policy in the Federal Ministries and Parastatals included insincerity on the part of government (70%), inadequate funding (75%), lack of proper consultation in the formulation of the policy (78%), management of the policy within the tax structure (68%) and inadequate funding (73%). The study concluded that the implementation of monetisation policy was partially successful in the Federal Ministries, while it was more successful in Federal Parastatals in Nigeria.