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Reducing Financial Leakages Through Effective Transparency and Accountability Mechanism: A Necessary Tool to Accelerate Sustainable Economic Development

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Reducing Financial Leakages Through Effective Transparency and Accountability Mechanism: A Necessary Tool to Accelerate Sustainable Economic Development


Adekunle, Dada Surajudeen | Odutola, Oluyemi Akanbi | Akomolafe, Johnson Adewale | Adegbite, G. Adewale

https://doi.org/10.31142/ijtsrd16990



Adekunle, Dada Surajudeen | Odutola, Oluyemi Akanbi | Akomolafe, Johnson Adewale | Adegbite, G. Adewale "Reducing Financial Leakages Through Effective Transparency and Accountability Mechanism: A Necessary Tool to Accelerate Sustainable Economic Development" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-5, August 2018, pp.884-890, URL: https://www.ijtsrd.com/papers/ijtsrd16990.pdf

Nigeria as a nation is bedevilled with underdevelopment making it being referred to as either developing or under-developed nation despite huge revenue made from oil, tax and other revenue sources. The underdevelopment is blamed largely on lack of adequate financial resources to execute projects included in annual budget. However, financial experts and economists have maintained that Nigeria is blessed with enough resources to develop the nation only that the resources are being diverted to unauthorized routes or misappropriated by dubious public servants in collaboration with corrupt politicians due to financial accountability and transparency loopholes in the public financial management system of the nation. This view is as a result of unprecedented developmental projects embarked upon by the current administration despite financial leakages discovered in the system. The question remains that could entrenchment of effective accountability and transparency continue for a long while in public service to ensure sustainable economic development? The study is therefore embarked upon to identify how reducing financial leakages through effective transparency and accountability mechanism in Nigeria is possible to accelerate sustainable economic development. This is followed by review of relevant literature especially on public financial management theories relating to accountability/transparency and economic development. The data were then collected using secondary source and presented in frequency table showing various variables and their corresponding figures. The data were extracted from the Bulletins of Federal Ministry of Finance, Central Bank of Nigeria and national Bureau of Statistics (NBS).The data were then subjected to analytical processing using regression analysis through Statistical Package for Social Sciences (SPSS). The study findings show that various strategies put in place by the current administration blocking financial leakages in the country have been able to ensure and accelerate economic development in the country while extending same to states and local governments including agencies which are yet to key-in to the policies would ensure sustainable economic development and restore the lost glory of the Country.

financial leakages, transparency, accountability, economic development


IJTSRD16990
Volume-2 | Issue-5, August 2018
884-890
IJTSRD | www.ijtsrd.com | E-ISSN 2456-6470
Copyright © 2019 by author(s) and International Journal of Trend in Scientific Research and Development Journal. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0) (http://creativecommons.org/licenses/by/4.0)

International Journal of Trend in Scientific Research and Development - IJTSRD having online ISSN 2456-6470. IJTSRD is a leading Open Access, Peer-Reviewed International Journal which provides rapid publication of your research articles and aims to promote the theory and practice along with knowledge sharing between researchers, developers, engineers, students, and practitioners working in and around the world in many areas like Sciences, Technology, Innovation, Engineering, Agriculture, Management and many more and it is recommended by all Universities, review articles and short communications in all subjects. IJTSRD running an International Journal who are proving quality publication of peer reviewed and refereed international journals from diverse fields that emphasizes new research, development and their applications. IJTSRD provides an online access to exchange your research work, technical notes & surveying results among professionals throughout the world in e-journals. IJTSRD is a fastest growing and dynamic professional organization. The aim of this organization is to provide access not only to world class research resources, but through its professionals aim to bring in a significant transformation in the real of open access journals and online publishing.

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