Effect of Bank Verification Number (BVN) on Deterring Corrupt Practices in the Public Sector of Nigeria
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Date
2021
Authors
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Journal ISSN
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Publisher
fuoye.edu.ng
Abstract
Nigeria has introduced the Bank Verification Number its public service financial
management. The study examined the effect of accounting and financial systems aspects of
the reform on deterring corrupt practices in the Public Sector of Nigeria. The study
employed survey research design with a population of 600 from the Federal University of
Agriculture Abeokuta, Ogun-Osun River Basin Authority, Abeokuta, Federal College of
Education, Abeokuta and Federal Medical Centre, Abeokuta which consist of Accountants,
Auditors and Accounting Lecturers who are staff of these organizations. Primary data was
extracted through the questionnaire using 5 point Likert Scale. The study employed
ordinary least square and regression statistics to analyze the data through the SPSS.
Findings of this study indicate that Bank Verification Number (BVN) has a major positive
impact on deterring corrupt practices in the Public Sector in Nigeria with the coefficient of
correlation, R of .973 and coefficient of determination R2 of 0.947. The overall significance
of the model Prob< .000 was statistically significant at 5% level. The study concluded that
the Government of Nigeria should implement BVN to its fullest in order to derive
maximum potential benefit of deterring corruption in the country’s public sector. It
recommended that legal backing should be instituted on all the reform policies.
Description
Keywords
Bank Verification Number,, Treasury Single Account,, International Public Sector Accounting Standards.