Effect of Bank Verification Number (BVN) on Deterring Corrupt Practices in the Public Sector of Nigeria
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Date
2021
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Fuoye Journal of Accounting and Management
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.
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Sanni M.R,Wahab O ,O, Mofoluwaso I& Ayodele T.D (2021) Effect of Bank Verification Number on deterring corrupt practices in the Public Sector of Nigeria. Fuoye Journal of Accounting and Management, 4(1), 155 – 167