ECONOMIC IMPACT OF LOCAL GOVERNMENT AUTONOMY AND FUND MANAGEMENT

ABSTRACT: The objective of this study is focused on economic impact of local government autonomy and fund  management. The study specifically determine if Nigeria federal statutory allocations revenue to local government is sufficient to effectively and efficiently achieve the local councils statutory functions and responsibilities to the rural people, found out whether local government area are adequately funded in the present dispensation to tackle their statutory function and responsibilities to the rural people and determine the effect of the autonomy on the local government financial base. Survey research design was adopted for the study and with the aid of convenient sampling method, the researcher selected One hundred and fifty participant who are staff of Onitsha  Local Government Area  Council in Anambra State as the respondent of the study. Well structured questionnaire was issued to the 147 respondent of which total of 141 responses were retrieved  and validated for the study. Data was analyzed in frequencies and tables using  simple percentage, mean and standard deviation. Hypothesis test was  conducted using Chi-Square statistical tool. Base on findings, the study concludes that the economic impact of local government autonomy on its financial base includes that the financial autonomy of local government gives it the freedom to impose local taxation, enables her generate revenue within its assigned sources, aids her allocate its financial and material resources, helps determine and authorize its annual budget without external interference. The study among others recommends  that the quest for autonomy therefore should be related to financial viability. Audit alarm should be given its proper place in the local government settings. Any acts or commissions of fraud should be exposed immediately a whistle is blown in that direction. Accounts books must be well secured and properly kept. Any attempt to print and issue fake receipts should be nipped in the bud.