The role of Blockchain technology in enhancing transparency in public sector accounting in Nigeria

This study examined the role of Blockchain technology in enhancing transparency in public sector accounting in Nigeria. The persistent challenges of financial mismanagement, weak accountability mechanisms, manipulation of financial records, procurement irregularities, payroll fraud, and inadequate audit trails have continued to undermine transparency and public confidence in Nigeria's public financial management system. Against this backdrop, the study investigated the extent to which Blockchain technology can improve transparency through Blockchain-based financial record keeping, Blockchain-enabled procurement management, and Blockchain-driven payroll and revenue management. The study was anchored on the agency theory and the technology acceptance model. Data were collected through a structured questionnaire developed by the researcher and analyzed using descriptive statistics, including frequencies, percentages, means, and standard deviations, while the formulated hypotheses were tested using multiple regression analysis at the 0.05 level of significance. The findings revealed that Blockchain-based financial record keeping has a significant positive effect on transparency. The study further established that blockchain-enabled procurement management enhances transparency in public procurement processes. In addition, the findings showed that Blockchain-driven payroll and revenue management significantly improve transparency through real-time transaction verification, elimination of ghost workers, improved revenue monitoring, and reduction of financial leakages. The study concluded that Blockchain technology has considerable potential to transform public sector accounting by promoting transparency, accountability, efficiency, and public trust in government financial management. It recommended that the Federal Government should develop a comprehensive Blockchain implementation framework for public financial management, invest in digital infrastructure, strengthen the regulatory environment, provide continuous capacity building for public sector employees, and implement pilot Blockchain projects across selected government institutions before nationwide deployment.