Connecting cost of governance with the politics of self-accounting in Nigeria: what has monetization of fringe benefits offered?

Abstract

Over a decade plus, the Nigerian government introduced a policy on the monetization of fringe benefits of public officers. The monetization policy sets to contribute in the politics of self-accounting with the objectives of reducing waste, corruption and high cost of governance in running government affairs. The self-accounting is a public governance mechanism and practice that allows for monetization of fringe benefits in public service. The monetized benefits within this practice are referred as fringe benefits.. By this practice, governments pay the cash equivalent of what were earlier provided to public servants such as; accommodation, furniture, medical, utility allowances, telephone bills etc It is within this purview that this study assesses the implementation and compliance of the policy within the lens and theoretical perspective of new public management. The paper notes that monetization has to great extent achieved its purpose especially in waste and cost of service delivery. However corruption still pervades given that some public officials engage in manipulations of procedure for their advantage. This therefore accounts for what is described as "monetization by trading " that is, a process that allows government to procure such fringe benefits as cars at high cost and supply same to the beneficiary who at end of service repays less the cost to government. The study concludes that monetization of fringe benefits at the level of political appointees and civil servants can reduce waste and cost of governance if there is credible commitment and inspiring leadership and discriminatory practices especially at local government and state governments.