CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The Nigeria Railway corporation (NRC) has been in existence for decides. It is regarded as the largest transport corporation in Nigeria and has a high network operations. It is alms are spread to the six geo political zones in Nigeria. The Nigeria railway corporation that looks like an old man today was as old as a day old body far decades ago. It had her birth in 1898, that is, one hundred and seven years ago. This happened in Lagos due to the approval by the Lagos Government. Today, the existence and services of Nigeria railway corporation Eastern Division is one of the division In Nigeria. This Division covers the entire Eastern part of Nigeria. The corporation camer initial existence in the Eastern part of Nigeria in the year 1913. Thee initial place was harbour that is now called port-Harcourt in 1915 and ran a new railway to the near by coal mines. The discovery of coal ion Enugu and a potential deep water harbour found 64km from the sea, up the harbour bonny river led to the extension of Nigerian railway corporation into Enugu. The eastern line was extended north wards in 1924. The line from Kaduna joined that from Enugu near Kafarchan in 1926. The 910.4 km line (the line that run from the East to the Northern part of Nigeria was opened to traic in 1927. The Marudai bridge was completed in 1923. A rail of 100.8km was built to js, on the Bauchi, plateau. North west Gusau was connected with Zaria and an extension to kauna Namoda in 190. By 1954 the railway density of 9.0-44.8km per thousand. The system was a single track of 3 feet 6 in changuag, except for the Bauchi light railway, which was 2 feet, 6 inches Guage. During the above stated periods, the Nigerian railway corporation held a premier position in the transportation industry in Nigeria, carrying almost all traic for exports from the hinter lands to the coasts and imported manufactured goods coming into Nigeria. The Railway was commanding sixty six percent of the transportation in the transport industry in 19388- 19398, sixty three percent in 1948- 49 and sixty one percent in 1952 – 1953. Ever since 1898, the Nigeria railway corporation has contributed immenably towards the improvement of social life and the development of the national economy. This is through to be extended to every part of the country that is the advantages which would lead to permanent prosperity confident was such an ultimat5e triumph of the railways. However, regardless of the huge success made by the corporation, it is facing a hard time.
1.2 STATEMENT OF THE PROBLEM
Nigerian railway corporation which dominated the transport sector of the economy in the sixties is presently being delegated by other means of transport such as road; sea; etc. transport. The corporation has lost her passengers and freight mainly to road transport. This is as a result of the inability of the corporation to compete effectively in order to meet the age-longed challenges. Ordinarily, there should have been an even growth in both road and railway transport; but the rail transport seems neglected. The truth of the matter is not neglect par se, but a problem of cash flow difficulty and management. These act the purchase of spare par; repairs, payment of salaries, inadequate infrastructure support and enhance services rendering. Given the above condition of the Nigerian Railway Corporation in the nations transport industry, the problem which look for detailed analysis and solution includes the following questions;
1.is the accounting information used in the corporation adequate for management’s short and long term plans? 2. Have the accounting officers in the corporation the needed professional skill to cope with demands of their job?
3.is there any serious eort made by the corporation to boost operation?
4.Do the accounting officers perform their duties without the interference of the management?
5.What is the mode of appointing the chief accounting f the corporation?
Answers to these problems or questions above constitutes the basic problem of the researchers work.