ABSTRACT
Monetization policy was introduced recently in 2004 at the different ministries of government in line with her agenda to achieve their objectives of getting the picture of her expenditure on public servant and political office holders and therefore, leading to more realistic budgeting and budget implementation. This project report seek to know the level of job satisfaction in the public sector with regard to the process of transforming fringe benefit of public servants and political office holders by government to monetary benefits. Being an investigation study, the survey research, secondary and primary data were used as a method of data collection, with regard to large size of public sector in Nigeria, it become imperative for some proportion of the population to be selected to represent the overall population of the sector, in the regard, power holding company of Nigeria (PHCN) was selected which makes up the sample size.
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CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Monetization policy was first introduced during the Obasanjo’s Regime in 2004 to enable the government get true picture of what it cost to maintain a political office holder. And public servants in the office. This was to enable the government realistic budgeting and budget implementation. It is the most transparent mean of disturbing government Remuneration and fringe benefits to political office holders and public officer. This would enable the government utilize and equitably assess the scarce resources efficiently and effectively (Obinna 2006).
The Obasanjo administration adopted the monetization policy (programmed) following string representation by the revenue mobilization allocation and fiscal commission (2004) and after an intensive debate by the national assembly devoting over 60% of it revenue to sustaining recurrent overheads to the detriment of capital/infrastructural development. Before the inception of this policy fringe benefits and allocation were integral part of remuneration officers in the Nigeria Public service. Right from the colonial period fringe depending on the circumstances fringe benefits in the past had undergone review for example 1974 under the Udorji commission several fringes benefits of public servants were mentioned by the commission.
This, the impact of monetization policy to reduce government expenditure on public servant and to effectively and efficiently utilize government seared resources.
1.2 STATEMENT OF THE PROBLEM
The introduction of the monetization policy in Nigeria public sector ushered a change in the attribute or workers behavior. The monetization was introduced perception of the policy on government remuneration. This study proposed to investigate the effect of monetization policy on Nigeria workers and also document its impact on the productivity or Power Holding Company of Nigeria (PHCN).
1.3 RESEARCH QUESTION
The following are the research question:
- What is the relationship between monetization of worker remuneration and other satisfaction?
- How much has the monetization and policy reduced government budget?
1.4 STATEMENT OF HYPOTHESIS
The following hypothesis shall be treated to empirically determine either the justification the inception of monetization policy on the public sector has anything to do with job satisfaction
1.5 HYPOTHESIS
HO: the monetization policy has not contributed in significantly measurable increase in the workers satisfaction.
Hi: the monetization policy has contributed in significantly measurable increased in workers satisfaction.
SECOND HYPOTHESIS
H20: the monetization policy has not resulted in significant increase in efficient use of government resources.
H2A: the monetization policy has resulted in significant increase in efficient use of government resources.
1.6 OBJECTIVES OF THE STUDY
The study is concerned with the impact of monetization policy on civil servants. The objective of the study are as follows:
- To help the government get a true picture of what it cost to maintain a political office holder and public servants and consequently a more realistic budgeting and budget implementation.
- To identify the areas of wasteful spending of government scarce resources.
- Identify enabling environment to achieve government objectives for workers.
1.7 SIGNIFICANCE OF THE STUDY
The focus of this research is on the monetization policy as it affects the public sector.
This research will be a pointer to progenitor, scholars, social cities, policy analysts, motivational analysis including our elite and bureaucrats will help to know how the monetization policy has job satisfaction in the public sector.
1.8 SCOPE OF THE STUDY
One can trace the introduction of monetization from 2004 to the present.
However, attempt will be made to trace the impact of monetization policy in the public sector from the Udorji commission of 1997 and the recommendation by the revenue mobilization/allocation and fiscal commission in 2002.
This study will also explore some government institution or parastatals in Imo State to assess the level of job satisfaction in these particular institutions.
1.9 LIMITATION OF THE STUDY
During the cause of this research work certain problem were uncounted by the researcher which were beyond the researcher reach, such problem are as follows:
- TIME BOUND/FRAME: This research work require a lot of time for efficient and effective collection, comprehensive presentation and analysis of data collection, unfortunately, the time limit within the research work to be completed is not quite sufficient .
- INADEQUATE FUND: they were not enough cash to carry out these research work fully and with these it influence the work negatively because cash is very much needed.
1.10 DEFINITION OF TERMS
- ADMINISTRATION: This is the act of administering; government of public affairs the service rendered, or duties assumed, in conducting of any office or employment direction, management. And it can also seen as the act of administering, or tendering something to another, dispensation; as, the administration of a medicine of an oath, of justice or if the sacrament.
- DECISION MAKING: Can be regarded as the mental process (cognitive process resulting in the selection of a course action among numerous alternative scenarios. Every decision making process produces a final choice the output can be an action or an opinion of choice.
- MONETIZATION: Is the process of converting or establishing something into legal tender. It usually refers the coming of currency or the pointing of banknotes by central banks, things such as gold, demand and emeralds generally do have intrinsic value based on their verity or quality and thus provide a premium not associated with flat currency is “promissory” that is the currency promises to deliver a given amount of a recognized commodity of a universally (globally) agreed to verity and value, providing the currency with the foundation of legitimacy or value.
- JOB SATISFACTION: it is a contentment (or lack of it) arising out of interplay of employee’s positive and negative peeling towards his or her work.
- OFFICE HOLDER: someone who is appointed or selected to an office and who hold a position of trust. He is an officer of the court, the club elected its officer for the coming year.
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