Nigeria is the sixth largest producer of oil and gas in the world, but the average Nigerian on the
street is poor and there is poor infrastructure like power supply, roads, hospitals etc. This study
examines the management of public funds in terms of how public office holders give
accountability report of their stewardship. Data on total federal government revenue and
expenditure, state governments' revenue and expenditure were collected from Statistical
bulletin from the Central Bank of Nigeria from 1961-2008. The results were analysed using
relevant statistical tools. The findings reveals that the level of accountability is very poor in
Nigeria because the attributes of accessibility, comprehensiveness, relevance, quality, reliability
and timely disclosure of economic, social and political information about government activities
are completely non available or partially available for the citizens to assess the performance of
public officers mostly the political office holders. On the basis of these, the paper recommends
among others that for accountability to be successful in the management of public funds in
Nigeria there must be a reduction in the level of corruption, improving public sector accounting
and auditing standards, legislators as champions of accountability and restructure the public
accounts committees and the value of money must be applied in the conduct of government
business.

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