Financial Management Strategies in the Management of Public Enterprises in the Ekiti

ABSTRACT
The study examines the impact of financial management strategies on the performance of public enterprises in Ekiti State, Nigeria. Public enterprises play a critical role in socio-economic development by providing essential services such as healthcare, education, and infrastructure. However, financial mismanagement, inadequate funding, and inefficiencies hinder their performance. The study investigates the financial management strategies employed by public enterprises in Ekiti State, the challenges affecting their implementation, and their impact on organizational performance. The objectives of the study include: (1) identifying the financial management strategies employed by public enterprises, (2) analyzing the challenges hindering their implementation, and (3) assessing the impact of these strategies on the performance of public enterprises in Ekiti State. The study adopts a descriptive research design and utilizes both primary and secondary data. Primary data was collected through structured questionnaires distributed to financial managers and key personnel in selected ministries, departments, and agencies (MDAs) in Ekiti State. A total of 185 respondents participated in the survey. The data was analyzed using descriptive statistics, correlation analysis, and regression models to determine the relationship between financial management strategies and the performance of public enterprises. The findings of the study reveal that budgeting, cost control, financial reporting, and cash flow management are the predominant financial management strategies used in public enterprises. However, the study identifies several challenges, including inadequate funding, poor financial reporting systems, bureaucratic inefficiencies, and lack of transparency and accountability. The regression analysis shows a significant positive relationship between financial management strategies and public enterprise performance, indicating that the effective implementation of these strategies improves financial stability and service delivery. Based on the findings, the study recommends that public enterprises in Ekiti State adopt modern financial management tools and technologies to enhance efficiency. Government agencies should implement stricter financial reporting regulations and improve budgetary allocations to address funding gaps. Additionally, capacity-building programs should be introduced to improve financial literacy and managerial expertise among public sector financial officers.