The Effectiveness of IPSAS in Enhancing Fiscal Transparency in Nigerian Public Institutions: A Case Study of the Federal Ministry of Finance
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Background of the Study
Fiscal transparency is essential for building trust and accountability in public financial management. The adoption of IPSAS is a critical step toward achieving fiscal transparency in Nigerian public institutions, as it provides a standardized framework for financial reporting and disclosure (IMF, 2024).
The Federal Ministry of Finance plays a pivotal role in implementing IPSAS at the federal level, ensuring that public financial reports adhere to international standards. This initiative aims to improve budgetary transparency, resource allocation, and public trust in government institutions. However, challenges such as resistance to change, inadequate capacity, and infrastructural deficits have impeded the full realization of IPSAS's benefits (Adegoke & Lawal, 2025).
This study evaluates the effectiveness of IPSAS in enhancing fiscal transparency within the Federal Ministry of Finance, focusing on the successes and challenges encountered.
Statement of the Problem
Despite adopting IPSAS to enhance fiscal transparency, Nigerian public institutions, including the Federal Ministry of Finance, continue to face significant challenges in achieving this goal. Issues such as inconsistent implementation, lack of technical expertise, and limited stakeholder awareness undermine the effectiveness of IPSAS in promoting fiscal transparency (Okeke & Musa, 2024).
This study examines the extent to which IPSAS has enhanced fiscal transparency in the Federal Ministry of Finance and identifies strategies for addressing the challenges encountered.
Objectives of the Study
- To evaluate the effectiveness of IPSAS in enhancing fiscal transparency within the Federal Ministry of Finance.
- To identify challenges in implementing IPSAS in the Federal Ministry of Finance.
- To propose strategies for improving IPSAS implementation to enhance fiscal transparency.
Research Questions
- How effective is IPSAS in enhancing fiscal transparency within the Federal Ministry of Finance?
- What challenges hinder the implementation of IPSAS in the Federal Ministry of Finance?
- What strategies can improve IPSAS implementation to enhance fiscal transparency?
Research Hypotheses
- IPSAS significantly enhances fiscal transparency in the Federal Ministry of Finance.
- Challenges such as technical and capacity gaps hinder the effective implementation of IPSAS.
- Strengthening institutional frameworks improves the effectiveness of IPSAS in enhancing fiscal transparency.
Scope and Limitations of the Study
The study focuses on evaluating the effectiveness of IPSAS in enhancing fiscal transparency in the Federal Ministry of Finance. Limitations include restricted access to financial records and potential biases in stakeholder responses.
Definitions of Terms
- IPSAS: Standards for improving transparency and comparability in public sector financial reporting.
- Fiscal Transparency: The clarity and accessibility of information about government financial activities.
- Federal Ministry of Finance: The government institution responsible for managing Nigeria's public finances.
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