The Role of Financial Reporting in Reducing Corruption in the Nigerian Public Sector: A Case Study of EFCC
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Background of the Study
Financial reporting is a key tool for promoting accountability and transparency in the public sector, thereby reducing opportunities for corruption. In Nigeria, institutions such as the Economic and Financial Crimes Commission (EFCC) play a critical role in combating corruption by enforcing compliance with financial reporting standards and investigating financial crimes.
Despite efforts to enhance financial reporting practices, corruption remains a significant challenge in Nigeria, undermining public trust and economic development. The introduction of measures such as IPSAS and regular audit processes aims to address these issues by ensuring that financial transactions are accurately documented and accessible (Transparency International, 2024).
This study examines the role of financial reporting in reducing corruption within the Nigerian public sector, focusing on the EFCC as a case study.
Statement of the Problem
Corruption in the Nigerian public sector persists despite the adoption of financial reporting standards and anti-corruption measures. Weaknesses in financial reporting practices, such as inadequate disclosures and lack of enforcement, contribute to the problem.
Existing research often focuses on corruption without linking it explicitly to the effectiveness of financial reporting. This study seeks to address this gap by evaluating the role of financial reporting in mitigating corruption through the lens of the EFCC’s activities.
Objectives of the Study
- To assess the relationship between financial reporting and corruption reduction in the Nigerian public sector.
- To evaluate the effectiveness of the EFCC in promoting compliance with financial reporting standards.
- To identify challenges faced by the EFCC in enforcing financial transparency.
Research Questions
- What is the relationship between financial reporting and corruption reduction in the Nigerian public sector?
- How effective is the EFCC in promoting compliance with financial reporting standards?
- What challenges does the EFCC face in enforcing financial transparency?
Research Hypotheses
- Financial reporting does not significantly influence corruption reduction in the Nigerian public sector.
- The EFCC is not effective in promoting compliance with financial reporting standards.
- Challenges such as lack of resources do not significantly affect the EFCC’s enforcement of financial transparency.
Scope and Limitations of the Study
The study focuses on the role of financial reporting in reducing corruption, with specific attention to the EFCC’s activities from 2018 to 2025. Limitations include reliance on secondary data and challenges in obtaining detailed corruption-related financial reports.
Definitions of Terms
- Financial Reporting: The process of disclosing financial information to stakeholders in compliance with regulatory standards.
- Corruption: The abuse of public office for private gain, including embezzlement and bribery.
- EFCC: The Economic and Financial Crimes Commission, Nigeria’s primary anti-corruption agency.
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