Abstract
Corruption within Nigeria’s public finance system continues to undermine economic growth, weaken institutions, and erode public trust. Despite interventions such as the Treasury Single Account (TSA), the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices Commission (ICPC), fiscal irregularities persist due to limited transparency, weak oversight, and manual record-keeping. This study investigates how blockchain technology, with its features of decentralisation, transparency, immutability, and cryptographic security, can enhance accountability in Nigeria’s public financial management. Using a Systematic Literature Review (SLR) guided by the PRISMA 2020 protocol, the research synthesised 45 peer-reviewed studies published between 2012 and 2024. Data were analysed thematically using NVivo, identifying four dominant themes: transparency and traceability, automation through smart contracts, identity integrity, and tokenisation. The findings reveal that blockchain mitigates corruption by providing tamper-proof records, automating compliance, and reducing information asymmetry in fiscal transactions. However, implementation barriers such as weak regulatory frameworks, inadequate technical skills, and fragmented governance must be addressed. Drawing on Principal–Agent and Institutional Theories, the study proposes a Blockchain-for-Accountability Framework tailored to Nigeria’s fiscal governance systems (TSA, GIFMIS, IPPIS). The framework demonstrates how blockchain can function as both a technological and institutional reform mechanism to promote transparency, efficiency, and trust in public finance. Policy recommendations include developing a national blockchain strategy, enacting legal frameworks for smart contracts, and strengthening institutional capacity for phased implementation.
Keywords
Systematic Review, Blockchain for Accountability, Anti-Corruption Mechanisms, Public Finance Management, Smart Contracts
Full Text
Corruption within Nigeria’s public finance system continues to undermine economic growth, weaken institutions, and erode public trust. Despite interventions such as the Treasury Single Account (TSA), the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices Commission (ICPC), fiscal irregularities persist due to limited transparency, weak oversight, and manual record-keeping. This study investigates how blockchain technology, with its features of decentralisation, transparency, immutability, and cryptographic security, can enhance accountability in Nigeria’s public financial management. Using a Systematic Literature Review (SLR) guided by the PRISMA 2020 protocol, the research synthesised 45 peer-reviewed studies published between 2012 and 2024. Data were analysed thematically using NVivo, identifying four dominant themes: transparency and traceability, automation through smart contracts, identity integrity, and tokenisation. The findings reveal that blockchain mitigates corruption by providing tamper-proof records, automating compliance, and reducing information asymmetry in fiscal transactions. However, implementation barriers such as weak regulatory frameworks, inadequate technical skills, and fragmented governance must be addressed. Drawing on Principal–Agent and Institutional Theories, the study proposes a Blockchain-for-Accountability Framework tailored to Nigeria’s fiscal governance systems (TSA, GIFMIS, IPPIS). The framework demonstrates how blockchain can function as both a technological and institutional reform mechanism to promote transparency, efficiency, and trust in public finance. Policy recommendations include developing a national blockchain strategy, enacting legal frameworks for smart contracts, and strengthening institutional capacity for phased implementation.