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An Evaluation of Financial Transparency in Nigerian Government Institutions: A Case Study of the Ministry of Finance, Abuja

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Background of the Study

Financial transparency is a cornerstone of good governance, ensuring accountability, efficiency, and trust in government operations. In Nigeria, the Ministry of Finance plays a pivotal role in managing the nation’s financial resources, making its level of transparency critical to achieving sustainable development. Financial transparency involves clear, accessible, and accurate financial reporting, budget disclosure, and the effective monitoring of public funds.

The Nigerian government has implemented several initiatives, such as the Treasury Single Account (TSA) and the Open Treasury Portal, to enhance transparency. However, challenges persist, including inadequate compliance with reporting standards, corruption, and weak enforcement mechanisms (IMF, 2024).

This study evaluates the effectiveness of financial transparency practices in the Ministry of Finance, Abuja, providing insights into the challenges and opportunities for improvement.

Statement of the Problem

Despite efforts to promote financial transparency, Nigeria continues to grapple with issues such as financial mismanagement, corruption, and lack of accountability. The Ministry of Finance, a key institution in the management of public funds, faces scrutiny over its financial reporting practices and compliance with international standards.

The limited empirical research on the financial transparency of government institutions, particularly the Ministry of Finance, hinders the development of effective policies. This study seeks to address this gap by assessing the ministry’s transparency practices and their impact on governance.

Objectives of the Study

  1. To evaluate the financial transparency practices of the Ministry of Finance, Abuja.
  2. To identify challenges hindering effective financial transparency in the ministry.
  3. To propose strategies for improving financial transparency in Nigerian government institutions.

Research Questions

  1. What financial transparency practices are implemented by the Ministry of Finance, Abuja?
  2. What challenges hinder financial transparency in the Ministry of Finance?
  3. What strategies can enhance financial transparency in Nigerian government institutions?

Research Hypotheses

  1. Financial transparency practices in the Ministry of Finance do not significantly meet international standards.
  2. Challenges in financial transparency do not significantly affect the ministry’s governance.
  3. Strategies to enhance financial transparency do not significantly improve accountability in the ministry.

Scope and Limitations of the Study

The study focuses on the financial transparency practices of the Ministry of Finance, Abuja, from 2015 to 2025. Limitations include restricted access to confidential government data and the influence of political factors on transparency.

Definitions of Terms

  • Financial Transparency: The clarity, accessibility, and accuracy of financial reports and disclosures.
  • Treasury Single Account (TSA): A unified structure of government bank accounts aimed at consolidating and managing public funds.
  • Public Funds: Financial resources generated by or allocated for government use.




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