Monetization in the Nigerian public service: issues, challenges and the way forward
This study evaluates the introduction of monetization of fringe benefits enshrined by government in 2003 as a panacea to enhance efficiency and effectiveness in the Nigerian public sector. The twin issue of efficiency and effectiveness has been a growing concern in the Nigerian public service which has led to monetization. The work is carried out using a qualitative approach through the use of secondary data. Elite theory is used to underpin the study because the philosophical disposition of the policy is elitist in nature. The paper revealed that monetization has reduced the running cost of government and also increased workers‘ social status and national productivity. Conversely, the policy is skewed to favour the ruling aristocrats. There are observed some unplanned consequences due to the reversal of some aspects during implementation and also inconsistency of the policy is evident. It is recommended that monetization should be implemented across board and to affect all interest groups. Arrangements should be made to cushion the effect of workers who were dismissed from the service occasioned by the policy.
Keywords: Monetization, Efficiency, Effectiveness, Performance, Fringe benefits.