EFFECT OF FINANCIAL CONTROL MECHANISM AND MANAGEMENT OF PUBLIC FUNDS IN FEDERAL POLYTECHNIC BIDA, NIGER STATE

ABSTRACT This study examines the effect of financial control mechanisms on the management of public funds at Federal Polytechnic Bida, Niger State, grounded in the Public Financial Management Theory, which advocates for the efficient allocation of financial resources for the benefit of citizens. Employing a descriptive survey research design, the study systematically collected data through questionnaires administered to staff across relevant departments. The target population included 35 individuals, encompassing the Bursary and Internal Audit Departments. Data analysis was performed using simple percentages and chi-square tests to evaluate the mechanisms' role in preventing fraud and mismanagement. Findings indicate a strong perception of financial controls in deterring fraudulent activities, with a notable emphasis on accountability and regular audits. However, many respondents expressed concerns regarding optimal resource utilization, highlighting areas needing improvement. While the cost-effectiveness of financial controls was generally acknowledged, some skepticism remains regarding whether the benefits justify their costs. The study recommends comprehensive training for staff on financial control procedures, the establishment of a robust accountability framework, and regular evaluations of financial control mechanisms to enhance their effectiveness and ensure optimal resource management. This research contributes to understanding the dynamics of financial management within public institutions and offers actionable insights for improving financial governance.