STRATEGIES OF BLOCKING FINANCIAL LEAKAGES IN THE MANAGEMENT OF UNIVERSITIES IN BAYELSA STATE

Abstract

Financial leakage refers to the loss or wastage of funds within an economic system or organization. It occurs when money is spent or lost unnecessarily, inefficiently, or without generating any value in return. Reducing financial leakage requires organizations to implement effective financial management practices, improve transparency and accountability, streamline processes, and identify areas where funds are being wasted or mismanaged. By addressing these issues, organizations can minimize financial leakage and improve overall financial performance. The study examined strategies of blocking financial leakages in the management of universities in Bayelsa State. The study concludes accountability, budgeting and regular auditing and evaluation as well utilization of financial accounting softwares in payment and registration of students are effective strategies to tame and control financial leakages in the university management system.