Principals’ Perception of Challenges of Effective Financial Management in Public Secondary Schools in North Senatorial District of Ondo State, Nigeria

The study investigated the principals’ perception of the challenges of effective financial management in Public Secondary Schools in the North Senatorial District of Ondo State, Nigeria. It used a descriptive-survey design and the ninety-one (91) Public Secondary Schools in the district as the main population, while principals of the schools were targets. One research question was raised while one hypothesis was formulated for the study. A questionnaire was designed, validated, and tested for reliability, as well as used to collect the needed data. Data were analyzed using the Statistical Package for Social Sciences (SPSS) while the hypothesis was tested using chi-square statistic. It was found among others that mismanagement of fees by the principal and bursar, lack of/inadequate experience of principal and bursar, non-payment of fees and late payment by some students, poor records-keeping and management culture by principals and bursar, were the challenges of effective financial management in the schools. No significant difference was found in the perception of male and female principals, on the challenges of effective financial management in the schools. The study recommended among others, regular organization of seminars, workshops and conferences for the school administrators, by the government; as well as regular monitoring and supervision of Account Staff in schools, for effective service delivery.