Effective Internal Control Mechanism and Reduction of Revenue Leakages in Nigeria Public Sectors

This study explores how to improve and reduce revenue leakages in Nigeria's public sector by improving its internal control mechanism. The study seeks to identify effective methods such as Treasury Single Account, Revenue Mobilization, and Service Delivery that can help to minimize revenue loss. It underscores the vital role of Internal Control Mechanisms in the smooth functioning of public sectors and stresses the need to implement efficient internal controls to sustain business operations. The study involved surveying of respondents comprising managers, auditors, chartered accountants, directors in accounting firms, and parastatals in Nigeria. With population of 980, using purposive sampling techniques to select 289 as respondents which is also the sample size as at 2023. questions raised in the questionnaire were streamlined to get reliable and validly measurable data, with a 5-point Likert scale method continuum. The findings suggest that effective internal control mechanisms enhance transparency and accountability of revenue to ensure the minimizing government and agency borrowing costs by reducing wastage and generating surplus funds. And also, invest in modernizing its financial management systems and implementing robust internal control measures. The study recommends the adoption of Internal Control Mechanisms to promote economic growth and development by providing resources for investment in physical and human capital, thereby stimulating public sector activity.