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IMPACT OF MONETIZATION
ON EMPLOYEES PERFORMANCE IN PUBLIC SECTOR
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
Monetization policy is a new approach to the remuneration of
public officers in Nigeria which was given effect through the passage of
certain Political and Judicial Office Holders. Acts 2002 which provided the
reference point for monetization of the salaries and allowances of all
categories of Federal Public Servants stipulated that the fringe benefits which
were formally paid in kinds be converted to cash by the salary and wage
commission. The policy however involves a systematic cash payment. Under the
scheme, the government’s houses, cars, furniture etc which were for the use of
bureaucrats and other Political Office Holders were to be converted into
private property (Jimoh, 2007).
It is clear from the various definitions and explanations
that the concept of monetization is an extreme broad one that encapsulate
virtually every payment other than the basic pay, basic wage, or basic salary
of an employee and could therefore vary in nature form one country to the
other.
The policy makers believed that the scheme will encourage
private initiatives and facilitate creativity and motivation and most
importantly, improve the service of quality delivery, promote patriotism and
efficiency among civil servants. Another added advantage of the policy is that
the scheme may act as an incentive to the employees to work harder. For
example, with regards to accommodation, it may be necessary for the employee to
reside in better accommodation to enable him perform his functions effectively.
Thus, the economic effect of monetization on development cannot be over
emphasized. The policy if well implemented will upgrade the living standard of
the public workers and minimized poverty, inflation, wastage, slow economic
growth, unemployment and underemployment (Adeyemo and Aremu, 1999).
Since 1986 when Nigeria first launches its structural
adjustment programme, a good number of public reforms have been implemented.
One of such reforms is monetization of the fringe benefits of the public
servants. This reform took its root from the growth of public sector which put
greater strain and stress on government budgets as the number of public
officers who were entitled to fringe benefits escalated. This, no doubt, had
direct impact on government recurrent expenditures which necessarily increases
as the public service increases. The first critique of the Keynesian economic
model, therefore, lent its support for big government which has been found to
be inefficient and wasteful. An effort to extricate Nigeria from the
inefficiency of the welfares’ state, therefore, led to the monetization of the
fringe benefits of the public servants. This policy was based upon the formal
analysis of the marginal cost of public funds analyzed by Pigou (1928).
Although workers morale such as satisfaction are not a major
determinant of monetization, they are nonetheless important. They contribute to
(or discourage) absenteeism and affect turnover, and they help establish the
culture of the organization.
According to Edward (1999), there are four major generalizations
about workers morale. First, employee satisfaction is influenced by how much is
received and how much the individual thinks should be received. Second,
employee satisfaction is affected by comparisons with what happens to others.
Third, employees often misperceive the incentives of others.
When an employee believes that someone else is making more money than that
person really makes the potential for dissatisfaction increases. Fourth,
overall job satisfaction is affected by how satisfied employees are with both
the extrinsic and the intrinsic rewards they derive from their jobs. Drawing
from the content theories and expectancy theory, this conclusion suggests that
several needs may cause behavior and that behavior may be channeled toward
various goals.
Pigou (1928) noted that public expenditure “ought plainly to
be regulated with some reference to the burden involved in raising funds to
finance them”. In a famous quotation, very much in the utilitarian spirit, he
went on to say that: “If a community were literally a unitary being, with the
government as its brain, expenditure should be pushed in all directions up to
the point at which the satisfaction obtained from the last naira expended is
equal to the satisfaction lost in respect to the last naira called up on
government service”. Of course, as Pigou recognized, no community is a unitary
being in this sense. The governments must thus in practice pursue a policy
capable of minimizing inefficiency and wastages. The costs of doing so—both the
administrative and compliance costs and the excess burden or deadweight loss of
taxation— ought, he argued, to be taken explicitly into account in determining
the appropriate level of public expenditure (Alkali, Sambo & Musa, 2005).
According to Mimiko (2003) monetization of fringe benefits is
“a precipitate of government concern with the continued escalation of cost of
running the machinery of government as a result of the huge bureaucracy with
which the economy is delivered”. It has thus long been clearly understood that
whether or not a particular expenditure is worthwhile depends to some extent
upon how it is financed. Monetization of fringe benefits of the public servants
is a right step in this direction.
1.2 Statement of the Problem
Nigeria is faced with several problems such as
socio-political and economic problems, high cost of governance, inefficiency in
the public service, inefficient use of public facilities etc.
The monetization policy has also generated some problems such
as retrenchment of workers, apprehension of the civil servants as to whether it
will lead to further retrenchment, inability of the workers to save enough
money to buy their own houses due to the payment of the benefits in
installments.
There was an unbridled waste in the public service as a
result of the mismanagement of public property such as houses, vehicles,
furniture and several other assets. It was expected that when fully
implemented, monetization policy will minimize the waste and the abuse of
public fund and facilitates; encourage public servants to own personal houses;
enable public servants to plan for a more comfortable post service life; reduce
capital cost and reduce rent as public servants who constitute majority of
tenants in the urban centres will have developed their personal houses.
Finally, the reversal
of the policy especially as regards the sold government properties shows that
there is confusion in the implementation of the policy. By implication, many
civil servants especially the middle and low-income earners were not likely to
be a benefactor.
1.3 Aims and Objectives of the Study
This research work examines the monetization policy on the
morale of Nigeria workers and the objectives of this study include:
To know whether monetization of policy has reduced running
cost of government.
To investigate the effect of monetization on the morale of
civil servants.
3. To find out the
benefit of monetization policy on Nigeria Workers.
4. To identify the problems hindering effective implementation
of the monetization policy.
1.4 Relevant Research
Questions
Does monetization policy reduce running cost of government
expenditure?
How effective is the policy of monetization on the morale of
civil servants?
3. What are the
benefits of monetization on Nigeria workers?
4. What are problems hindering the effective implementation
of monetization policy?
1.5 Relevant Research Hypotheses
The following hypotheses were developed for the study:
Ho: There is no significant relationship between monetization
policy and the morale of Nigeria workers.
H1: There is significant relationship between monetization
policy and the morale of Nigeria workers.
Ho: Monetization policy has not reduced the running cost of
government expenditure
H1: Monetization
policy has reduced the running cost of government expenditure
1.6 Scope and
Limitation of the Study
The work examines “Effect of Monetization Policy on the
Morale of Nigeria Workers” with a view to explore The Federal Ministry of
Works, Lagos. In addition, the study covers the roles of monetization policy,
its components, functions, objectives as well as how it affects civil servants.
Some perceived
constraints may be encounter by the researcher in the course of carrying out
the research work. The limitations are as follows:
Inadequate material: Inadequate material constituted one of
the limitations of the research work. The non-availability of materials like
journals, textbooks etc the research study.
Finance: The researcher also may encounter some financial
constraints which will contribute in limiting the work in the sense that fund
available was not enough to carry out the research to a logical conclusion.
3. Time: Time is also another factor or limitation that may
affect the research work. The limited time may not give the researcher enough
opportunity to do more rigorous work.
1.7 Significance of the Study
It is hoped that the findings and recommendations of the
study will be of great benefit through the following ways:
The study will broaden students understanding about the
relevance of monetization policy on the morale of Nigeria workers and it effect
on their performance
To this end it will therefore serve as a benchmark for
financial researchers to further evaluate the efficient allocation of resources
and equity in the provision of amenities for public officers.
Consequentially, it aids the Government, policy makers and
stakeholders to properly articulate critical areas when allocating resources
and equity for public officers.
The knowledge derived from the study will help the policy
makers to stop the culture of waste in the guise of maintaining the government
housing estate.
1.8 Definition of
Terms
Monetization: Monetization is the process of converting or
establishing something into legal tender. It usually refers to the coining of
currency or the printing of banknotes by central banks.
Morale: the confidence, enthusiasm, and discipline of a
person or group at a particular time.
Workers: An employee, especially one who does manual or
non-executive work.
Incentive: A thing
that motivates or encourages someone to do something.
Organization: An organized group of people with a particular
purpose, such as a business or government department.
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