ABSTRACT

Stock like the human beings are important elements of an organization. As such, effective and efficient store record system is necessary for good management and administration of stocks in the organization. In the face of a weak private sector driven economy, the government have decided to provide for majority of the amenities, facilities and development needed to keep the economy growing. These in return have made the government to be involved in Business even when governments have no Biz in Biz. In order to be a good business man, there is need for transparency and accountability in the management of government transaction including its stocks and stores. In Essence, this research work is aimed at examining and assessing the need for effective store records in the public sector using Owerri Municipal Council as a case study. The project work will further examine the various purchasing policies in the public sector. Various types of store records and their functions will be assessed.

CHAPTER ONE

1.0 INTRODUCTION 
1.1 BACKGROUND OF THE STUDY
As personnel is seen as a life wire of an organization, so also are stock records of paramount important for proper running of any organization be it public or private. 
Effective stock systems is required for actualization of organizational goals and objectives. Stock Record are forms of clerical records designed to provide on the spot information about all items of stock held within the stores organization whether public or private. The range of this information will depend upon the system employed and the scope of the operations of the organization. However, their basic functions which stock record system should able to cover in any organization especially in the public sector.
The public services which is sometimes closely called the public sector, exist for smooth running of the states and its affairs, through the execution, implementation and translating of government proposals, policies and programmes into actions. When policies are formulated, approved through legislative processes and enacted as laws, corresponding programmes are put in place for the full implementation of these policy statement. In most cases existing institution are used for the implementation of the programmes of these policies, while in other cases, new agencies/institution are put in place for it implementation. The outcome of this policies are usually through execution of project that are immense benefit to the welfare of the general public or a segment of the society. 
Essencially, the execution of project involve the effective management and administration of both human and material resources in other to achieve set goals. This means that materials and other stock are used in public sector in the execution of the affairs of the government. Hence, the main thrust of this research work is to study the need for effective store records in public service specially in Owerri Municipal Council.
Owerri Municipal Council was created in December 5, 1996 during the local government review headed by Chief Arthur Mbanefo during the Abacha regim. The council comprises of the following area/villiages as worlds Umuororonjo, Amawom Umuonyeche, Umuodu and Ummonyima popularly called Owerri Nchi-ise. 
Owerri municipality assumes the regional headquarter of the Eastern region, with the federal government locating most of its zonal offices in Owerri. The private sector equally followed suite because of its strategic location in the heart of Imo State. Owerri Municipal Council has a landmass of about 24.88km square. 
In recognition of the important of the store record function in the public sector store management, the federal government of Nigeria recently reviewed and update store record for effective management and control of scare resources-stores. The regulation are meant to insure that effective store procedures and strategies are adopted and also it covers procurement procedure and store procedure (How to manage material and stock in government stores). This regulation are contain in federal government financial regulation. 
Owerri Municipal Council, in it effort to ensure effective store practice are streamlined and outlined various strategies that will help to ensure that there is proper store record in place in the council.

1.2 STATEMENT OF PROBLEMS
Effective store recording system is indispensable for accountability and audit purpose in public sector. Thus, the quality of stock record to a larger extent determine and influence stock system in public services. 
Hence, Owerri Municipal Council have made tremendous efforts to ensure that proper stock recording system are in place in the council. Despite this effort, the problems of stock recording and it lingering implication and consequences on the store and accounting system of Owerri Municipal Council have been identified as being enormous and complex. These problems ranges from loss of stock item, shortage of stored goods, poor storage of goods, improper stock recording loss of stock report and other stock practices in the council. It was also observed that as a result of poor storage of stock item, most store materials have become obsolete and some other out used/outdated. Another basic problem identified is that out dated and obsolete stock are not properly disposed or removed from the store following the necessary procedures for such goods/stocks.
In view of these identified problems, these research work on the need for effective store record in Owerri Municipal Council is aimed at identifying the following:
i. Are there functional stock recording procedure in Owerri Municipal Council?
ii. Are there periodic stock taking/counting in Owerri Municipal Council?
iii. Are there qualified store personnel in Owerri Municipal Council?
iv. Do personnel in Owerri Municipal Council steal goods/stock from the store?
v. Are store recording activities done in accordance with existing stock recording laws and financial regulation?
vi. What are the various strategies of stock recording in Owerri Municipal Council?
vii. Are there necessary machinery put in place for effective store recording in Owerri Municipal Council?
viii. Are there ways of reconciling stock discrepancy in Owerri Municipal Council?

1.3 OBJECTIVES OF STUDY 
Based on the identified problem, these research work is aim at achieving the following;
i. To examine if there are functional stock recording procedure in Owerri Municipal Council.
ii. To ascertain if there are periodic stock taking/counting in Owerri Municipal Council.
iii. To find out if there are qualified store personnel in Owerri Municipal Council.
iv. To know if personnel in Owerri Municipal Council steal goods/stock from the store. 
v. To ascertain if the stock recording activities is done in accordance with existing stock recording laws and financial regulations. 
vi. To examine the various strategies of stock recording in Owerri Municipal Council. 
vii. To know if the necessary machinery put in place are effective in stock recording in Owerri Municipal Council. 
viii. To ascertain the various ways of reconciling stock discrepancy in Owerri Municipal Council.

1.4 THE SIGNIFICANT OF THE STUDY
Apart from being a partial fulfillment for the award of National Diploma, these project will also be relevant and significant to scholar, students and even Owerri Municipal Council store department. 
This study is relevant in that, it will help the researcher to conduct a practical investigation on the importance and need of store record in public sector management. 
When this project work is completed, it will provide useful information to public sector management and establishment that make use of store record especially in Owerri Municipal Council. 
This research work will also provide useful information on store records and store record procedure in public sector for students and other researchers who might be interested in carrying out various research of the subject matter.

1.5 RESEARCH QUESTIONS 
For the purpose of this research work, research question are as follows:
i. Are there functional stock recording procedure in Owerri Municipal Council?
ii. Are there periodic stock taking/counting in Owerri Municipal Council?
iii. Are there qualified store personnel in Owerri Municipal Council?
iv. Do personnel in Owerri Municipal Council steal goods/stock from the store?
v. Are store recording activities done in accordance with existing stock recording laws and financial regulations?
vi. What are the various strategies of stock recording in Owerri Municipal Council?
vii. Are there necessary machinery put in place for effective store recording in Owerri Municipal Council?
viii. Are there ways of reconciling stock discrepancy in Owerri Municipal Council?

1.6 SCOPE OF STUDY
This research work revolves around public sector of the economy but it’s limited to a certain component of the public sector-Owerri Municipal Council due to the verseness of the entire public sector service in Nigeria. This is to enable the researcher to carry out detailed investigation into the importance of store records in efficient and effective store recording system as it regard to public sector. 
The choice of this subject matter of study is also limited to the importance of store record in the management and administration of public sector recording. Although, the research work also delve a little into other component of the public such as the ministries, department and some other government agencies.

1.7 LIMITATION OF STUDY
This research work and it’s success suffered some set backs which stood as impediment, thus, resulted to it untimely conclusion, such as shortage of relevance text books and other materials limiting to store records in the public sector. 
Other limitation to this research work include financial constrain/shortage of fund, accedemic work load, security of needed information like personnel of Owerri Municipal Council and inadequate time.

1.8 DEFINITION OF TERMS 
PURCHASING: An executive function responsible for obtaining or acquiring by purchase, lease or by any other legal means, equipment material, supplies and service required by an organization for use in production and other related operations.
STORE RECORD: This is an act of keeping memory of the past event in the store or it can be the way by which things can be easily locate in the store.
INVESTIGATION: A process in which you examine all the facts connected with an event, situation, or allegation in order to discover the truth.
CONSTRAINTS: Constraint is something that limit or controls the way you behave or is control over the way you behave which prevents you from doing what you want to do.
STATIONERY: It is a paper, envelopes and writing equipment. It can also be used to refer a paper for writing letters that has been specially printed with a company, hotel, or manufacturer’s name.
SCARCE RESOURCES: It is insufficient resources in material and equipments to the use of the management. 
PROCUREMENT: Is the act of buying or obtaining something, especially supplies for a large organization. 
CORRUPTION: Is dishonesty and illegal behavior by people in positions of authority or power. 
ADMINISTRATION: Is the range of activities connected with the organization or supervision of a company, institution, or country. 
COMPLEX: Is a group of many things which are connected with each other in a complicated way.
PUBLIC SECTOR: Is the part of country’s economy which is controlled or supported financially by the government. 
PUBLIC SERVICE: Is the institution of government that implement and execute government policies, programmes and project for the benefit of the general public.