Impact of Federal Government Regulations on Fraud prevention in Nigeria's Federal Ministries
DOI:
https://doi.org/10.33003/fujafr-2023.v1i1.5.27-48Keywords:
Financial regulations, Fraud prevention, Maintenance of accounting, Nigeria’s federal ministries.Abstract
The study examined the impact of financial regulations on fraud Prevention in Nigeria’s Federal Ministries. It investigates how financial regulations affect fraud prevention in Nigerian federal ministries. Investigating the efficacy of current financial legislation in preventing fraud and protecting public monies is essential given the trend in fraudulent activity reported within government agencies. The study uses a survey research design and relies on documentary analysis to obtain secondary data. The findings revealed that Nigeria’s Federal Ministries tried to adhered to financial regulation which has minimized the incident of fraud. The finding also revealed that maintaining Accounting records has minimized fraud in Nigeria’ Federal Ministries, meaning that, majority of the Ministries in Nigeria have been maintaining proper record of their financial transaction. They adheres with financial regulation which stated that, Accounting Officer on all financial matters shall maintain proper accounting records of books of accounts . The study recommends that Federal Government should strengthen financial regulations. They should enhance existing financial regulations to address emerging fraud risks. There should be regular review and update of these regulations to ensure they remain effective in combating evolving fraudulent activities. Federal Government should enforce robust internal control systems within federal ministries. This includes segregation of duties, proper authorization, approval processes, regular internal audits, and effective risk management practices. Federal Government should provide comprehensive training programs on fraud prevention and financial regulations to employees within federal ministries. Raise awareness about the consequences of fraudulent activities and the importance of adhering to established financial regulations.
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