Forfeiture and refund on public expenditure: A model for effective financial management in Nigeria

Abstract

The study examined forfeiture and refund on public expenditure: A model for effective financial management in Nigeria. the specific objectives of the study were to: establish the effect of forfeiture and refund in improving actual revenue collected, examine the effect of forfeiture and refund in improving actual public expenditure and determine the effect of forfeiture and refund in improving public borrowing in Nigeria. Three research questions guided the study. It employed a documentary research design. The finding showed that forfeiture and refunds in improved actual revenue collected, that forfeiture and refunds in improved actual public expenditure and that forfeiture and refunds will reduce public borrowing in Nigeria. The study concluded that forfeiture and refund on public expenditure is a good model for effective financial management in Nigeria. Forfeiture and recovery of proceeds of corruption are vital aspects of the anticorruption efforts of the present government in Nigeria. The study among others recommended that Building anti-corruption agencies' capacities through continuous training and re-training programs and international cooperation will block a haven to corruption and its assets, and it will enhance global combat against corruption. The effectiveness of any recovery, confiscation and asset forfeiture legal regime depends on institutional capacity and funding.