EXPLORING THE BASIC FACTORS OF FINANCIAL MISMANAGEMENT IN NIGERIAN PUBLIC SCHOOLS: INSIGHTS FROM KEY STAKEHOLDERS

Abstract

This study explored the basic factors of financial mismanagement in Nigerian public schools, focusing specifically on the perspectives of different individuals involved in the Calabar Education Zone. This article presents qualitative research aimed at attaining a comprehensive comprehension of the factors contributing to financial mismanagement in specific educational institutions. To achieve this objective, data was gathered through semi-structured interviews conducted with principals, financial officers, and departmental officials. Subsequently, a thematic analysis was performed on the collected data. The outcomes of the analysis highlighted several factors, including incompetency lack of financial policies within schools, temptations, inadequate oversight and regulation of funds, lack of legal awareness, negligence of principals and departmental officials in addressing financial mismanagement, dishonesty, and transparency deficiency. In response to these findings, the article suggests potential solutions that could help align financial management practices within public schools with the principles of good governance.