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ASSESSING THE IMPLEMENTATION OF MONETIZATION POLICY IN FEDERAL GOVERNMENT AGENCIES

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ASSESSING THE IMPLEMENTATION OF MONETIZATION POLICY IN FEDERAL GOVERNMENT AGENCIES

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

In recent times, governments globally have been endeavoring to implement strategies aimed at enhancing the allocation and utilization of resources. In Nigerian federal government agencies, the adoption of the monetization policy has emerged as a strategic method to streamline the administration of assets, including vehicles, buildings, and other non-essential resources. Through the monetization of such assets, governments seek to lower operational expenses, generate income, and enhance service provision to the public. Monetisation entails the conversion of non-monetary benefits, such as housing and vehicles, into cash payments for government employees. Its aim is to enhance transparency and reduce inefficiency in government expenditure, as well as diminish the dependency syndrome among public servants, preparing them for life after retirement. While some civil servants have utilized this policy to acquire official accommodations and vehicles, it has also led to certain challenges.

Moreover, according to Fayomi (2018), the implementation of the monetisation policy in Nigeria has led to inflation, diminishing the purchasing power and living standards of civil servants, particularly in ministries. Fayomi also notes that the policy has engendered a negative work ethos within the federal government agencies due to discrepancies in the implementation of monetisation packages among employees across various government agencies and departments.

Furthermore, the introduction of the monetisation policy aimed to improve resource allocation efficiency, reduce waste and misuse of public assets, cut down on capital, maintenance, and operational costs, combat corruption, foster a culture of maintenance, and enhance accountability and transparency in government operations. These objectives are geared towards promoting efficiency and effectiveness in the public service, ultimately translating to higher productivity.

According to Anas (2019), implementation of monetization policies involves various stages, including policy formulation, stakeholder engagement, asset valuation, monetization strategy development, and monitoring and evaluation. Each stage presents its unique challenges and opportunities, requiring careful consideration to ensure successful implementation. Furthermore, government implemented the monetization programs with the belief that they will significantly diminish negative fiscal behaviors such as the misuse and wastage of public resources. For instance, considerable funds were expended by the government on constructing, purchasing, or renting residential accommodations for public servants. Additionally, substantial resources were allocated to renovate, maintain, and furnish such accommodations, along with the procurement, fueling, and upkeep of official vehicles for public servants. It is well-documented that many public servants possessed multiple official vehicles for use both at their workplaces and residences. Similarly, utility services like telephone and electricity in government-maintained official quarters were susceptible to various forms of misuse and abuse (Egeonu et al., 2021). A primary motive behind the adoption of the monetization policy is to alleviate the strain on public finances caused by the government's direct provision of fringe benefits. Against this backdrop, there is a need for comprehensive research to assess the implementation of the monetization policy in federal government agencies.

1.2 Statement of the Problem

The government has implemented monetization programs with the belief that they will significantly diminish negative fiscal behaviors such as the misuse and wastage of public resources. For instance, considerable funds were expended by the government on constructing, purchasing, or renting residential accommodations for public servants. Additionally, substantial resources were allocated to renovate, maintain, and furnish such accommodations, along with the procurement, fueling, and upkeep of official vehicles for public servants. It is well-documented that many public servants possessed multiple official vehicles for use both at their workplaces and residences (Ihemereze et al., 2021). Similarly, utility services like telephone and electricity in government-maintained official quarters were susceptible to various forms of misuse and abuse. Despite the primary motive behind the adoption of the monetization policy to alleviate the strain on public finances caused by the government's direct provision of fringe benefits. However, the implementation policies to pay certain allowances, like housing and furniture, in installments was one strategy devised. Also, the current situation has compelled the government to further enact policies aimed at reducing the take-home pay of high-ranking public officials and political office holders (Osafo-Kwaoko, 2018). Many public servants are feeling disillusioned with the monetization process. However, several factors contribute to this frustration. Firstly, there was a significant expectation of increased take-home pay within the system, but this expectation has only materialized on paper. Moreover, as the information regarding the anticipated increase in income has become public knowledge, market prices have risen. In Nigeria, it is commonly observed that once the prices of goods and services escalate, they rarely decrease (Adeleke, 2020). Consequently, both middle and low-income public servants are adversely affected from both earning and spending perspectives. Secondly, while the government has swiftly and effectively revoked traditional privileges enjoyed by public servants, it has been sluggish in sourcing funds to pay the allowances meant to compensate for these losses (Bakare, 2019). Another challenge arising from the implementation of this policy is the widely held belief among public servants that their jobs are now precarious. The ongoing termination of excess drivers is perceived as an ominous indicator of potential job cuts for other staff in lower ranks (Okoye et al., 2022). As per existing regulations, a public servant who adheres to the rules of the public service can anticipate retaining their job until they reach the age of sixty or complete thirty-five years of service. It is in the light of these that the study seeks to assess the implementation of the monetization policy in federal government agencies.

1.3 Objectives of the Study

The main purpose of this study is to assess the implementation of the monetization policy in federal government agencies. Specifically, the study will;

1.Find out the extent monetization policy is implemented in federal government agencies.

2.Find out whether monetization provisions are adequately made available to all categories of workers in federal government agencies.

3.Find out the factors affecting the effective implementation monetization policy in federal government agencies.

4.Find out the various ways to improve the implementation of monetization policy in federal government agencies.

1.4 Research Questions

The following questions have been prepared for the study:

To what extent has the monetization policy been implemented in federal government agencies?

Are monetization provisions adequately accessible to all categories of workers within federal government agencies?

What are the factors that influence the effective implementation of the monetization policy in federal government agencies?

What are some potential strategies to enhance the implementation of the monetization policy within federal government agencies?

1.5 Research Hypotheses

Ho: There is no significant relationship between the factors affecting the effective implementation of the monetization policy in federal government agencies.

Ha: There is no significant relationship between the factors affecting the effective implementation of the monetization policy in federal government agencies.

1.6 Significance of the Study

The success of any research endeavor is evaluated based on its contribution to existing knowledge and its ability to address gaps in the literature concerning the subject under examination. This study demonstrates a positive outlook in this aspect, as it acknowledges the correlation between the implementation of the monetization policy and the enhancement of work attitude and performance within the Nigerian Civil Service. Moreover, the study's findings will foster a deeper understanding of the monetization policy among Nigerian civil servants, providing insights into its effects on them. Additionally, the study will bring attention to all aspects of the monetization policy, equipping the general public with the necessary information to critique the policy constructively. Furthermore, other students who may decide to conduct studies in this area will have the opportunity to use this study as available literature that can be subjected to critical review. Invariably, the result of the study contributes immensely to the body of academic knowledge with regard to the implementation of the monetization policy in federal government agencies.

1.7 Scope of the study

The scope of this study is boarded on the implementation of the monetization policy in federal government agencies. Empirically, this study will find out the extent monetization policy is implemented in federal government agencies, whether monetization provisions are adequately made available to all categories of workers in federal government agencies, the factors affecting the effective implementation monetization policy in federal government agencies and the various ways to improve the implementation of monetization policy in federal government agencies.

Geographically, the study will be delimited to staff in the Nigerian civil servants in FCT, Abuja, Nigeria. 

1.8 Limitation of the study

In the course of carrying out this study, the researcher experienced some constraints, which included time constraints, financial constraints, language barriers, and the attitude of the respondents. In addition, there was the element of researcher bias. Here, the researcher possessed some biases that may have been reflected in the way the data was collected, the type of people interviewed or sampled, and how the data gathered was interpreted thereafter. The potential for all this to influence the findings and conclusions could not be downplayed. 

More so, the findings of this study are limited to the sample population in the study area, hence they may not be suitable for use in comparison to other schools, local governments, states, and other countries in the world.

1.9 Definition of Terms

Monetization: is the process of converting non-monetary benefits, such as healthcare plans, housing allowances, or transportation subsidies, into cash equivalents.

Policy: A plan of action agreed or chosen by a political party, a business, etc. (Hornby, 2018)


This material content is developed to serve as a GUIDE for students to conduct academic research



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  • Methodology: Yes available


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