FINANCIAL MANAGEMENT PRACTICES AND ORGANISATIONAL PERFORMANCE IN A NIGERIAN PUBLIC TERTIARY INSTITUTION
Keywords:
Budgeting Practices, Internal Control Systems, Organisational Performance, Public Sector Accountability, NigeriaAbstract
Financial management practices are essential for ensuring accountability, transparency, and sustainability in public educational institutions. This study examined the effect of financial management practices on organisational performance at the Federal Polytechnic of Oil and Gas, Bonny, Rivers State. The study was anchored on Agency Theory and supported by Stakeholder Theory. A descriptive survey research design was adopted. Data were collected through structured questionnaires administered to 220 academic and non-academic staff selected from a population of 486 employees using the Taro Yamane sampling technique. Data were analysed using descriptive statistics, Pearson Product Moment Correlation, and Multiple Regression Analysis with the aid of SPSS version 25. The results revealed that budgeting practices (β = 0.372, p < .05), cash management practices (β = 0.248, p < .05), and internal control practices (β = 0.197, p < .05) significantly and positively influenced organisational performance. Budgeting practices emerged as the strongest predictor of organisational performance. The regression model explained 49.8% of the variation in organisational performance. The study concludes that effective financial management practices significantly enhance accountability, operational efficiency, and institutional sustainability in public tertiary institutions. The study recommended stronger budgeting, cash management and internal control systems to enhances institutional performance.
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