EFFECTS OF PUBLIC SECTOR FUND MANAGEMENT PRACTICES ON FRAUD PREVENTION AND DETENTION: EVIDENCE FROM KWARA STATE, NIGERIA

Abstract

The survival and growth of domestic and international economic systems rely fundamentally on effective public sector fund management. But the incessant abuse or misuse of public fund management has been a great concern across the globe in the last decade. Sequel to this, this study examines the effects of public fund management practices on fraud prevention and detection in Kwara State, Nigeria. The study employed both descriptive and inferential statistics to analyze the data collected through questionnaire. The findings revealed significant positive relationship between unification of government accounts and fraud prevention and detection (? = 0.513, t = 5.824, p < 0.0001). Furthermore, result showed a significant positive relationship between cash consolidation and fraud prevention and detection (? = 0.203, t = 3.465, p < 0.001). The study recommends that unified arrangement of government bank accounts will enhance the fungibility of the government’s cash resources and consequently block revenue leakages and idle cash balances. By implication, no other government agencies should be allowed to operate bank accounts without the oversight of the treasury and encompassing all government cash, budgetary and extra-budgetary activities in the government.