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Gearing and Performance of Selected Listed Companies in Nigeria 1. Introduction Gearing represents the amount of long-term debt used to finance a company's assets as distinct from shareholder's equity (Glautier, underdown and Morris, 2016). Jeleel and Olayiwola (2017) while describing gearing stressed that the providers of capital will have claim on the net cash flows of the business after paying the compulsory tax dues while the balance is retained for business operations. Gearing became prominent when the need for the growth and expansion of business concerns came to the front burner and therefore the need to employ the debt/equity financing as a way of oxygenating the financial capacity of concerns became profound. According to Oke and Afolabi (2011) gearing is referred to as the proportion of debt financing and equity financing that a firm employ in its capital structure. They measured gearing using debenture and ordinary share value of selected firms in Nigeria. They further stressed that if firm is wholly equity financed all the after-tax operating cash flow in each period accrues as a benefit to its shareholder in form of dividend and retained earnings. On the other hand, if the firm borrowed portion of its capital, a proportion of its cash flow must be dedicated to servicing this debt element. Firm's choice of source of funds therefore determines the allocation of its operating cash flow in each period between debt and shareholders. The overall significant of the firm choice of capital structure is esoteric. It relates to splitting finance into debt and equity elements with each of these having its peculiar features, merits and demerits on firm sustainability and market value. Gearing which is also referred to as leverage is some climes is the proportion of debt to equity that a business or organization adopts as a nomenclature for their capital structure. Olowe (2016) views gearing as the use of fixed interest sources of long term funds in the capital structure of a company. He further stressed that the fixed interest sources of long term funds consist of long term debt and preference share capital. A highly levered firm is one in which the debt to equity ratio is humongous while for an unlevered firm the debt to equity ratio is infinitesimal. According to Hong (1981), gearing is often subjected to a debate that as the ratio of debt to ordinary share capital increases, the risk of inability to meet debt obligations increases. His measure of gearing was debt/equity value of selected companies at Singapore. The corollary is that the market value of the debt drops and the cost of debt increases; the risk of return to ordinary shareholders also increases yielding an increase in the expected rate of return of equity capital. Akintoye (2016) opined on debt holder versus equity holder that the equity of a firm can be viewed as a call option on the firm's total value, the value being the associated or underlying asset of the option. He elongated extensively

The paper examined the fundamentals of debts accumulation and management in Nigerian economy and the extent to how itsignificantly influenced the Gross Domestic Product (GDP) to an appreciable level. The methodology was a time series data of the gross domestic product from 1990 to 2019 on one hand and debt growth from 1990 to 2019 on the other hand. Several literatures posited that Nigeria has always been at the mercy of externaland internal creditors via incessant loans accumulation and this in return consume a chunk of the expected revenue that is meant to implement the capital project aspect of the budget. The findings revealed that there is a negative relationship between debt accumulated overtime and the GDP in successive years, meaning that debt has always increased consistently within the years but GDP has not grown reasonably to justify the debt increase. The study concluded that now that government seems to have an unquenchable thirst for debt, it is expected that more efforts should be geared towards planning to manage our debts responsibly and efficiently to the good of all.The study finally recommended on the urgent need for the Nigerian economy to be diversified aggressively to other sources of revenue like solid minerals and agriculture since it is conspicuous from the study that most of the these critical sectors might not have felt the impact of the borrowed funds. It is also important that borrowed fund be used for the purpose they are meant so that by so doing the Gross Domestic Product (GDP) would be enhanced

This study considered treasury single account compliance as an accounting practice for effective and sustainability in institutions. The general objective is on how treasury single account could plug leakages within the system, while the specific objective would be on how treasury single account could dovetail into a transparent reportage in a system. Legitimacy theory and public finance management theory adopted for the treasury single account, therefore foresees that government will implement policies to guarantee the society and that agencies are complying by disclosing all transactions in treasury single account. This study was based on the data from both primary source and empirical works of previous researchers. The questionnaires were administered to the bursary staff of The Polytechnic in Ibadan. The questions were on the five-point Likert type questions, with a choice of strongly agree to strongly disagree. The data gathered were analyzed using chi-square statistical packages for social sciences. Data were gathered from the questionnaires analyzed using chi-square in SPSS, and findings revealed that treasury single account compliance have a significant effect in the effective accounting practices and sustainability in institution. This paper concluded that loss of revenue has a multitude of collision on effects, including the fact that lower revenue means that less money will be available to provide facilities for sustainability. Therefore, this paper recommends that, the effectiveness of treasury single account compliance (TSAC) should be broadminded for the sustainability in institutions. There should be seal for both transparency and accountability to block the leakages within the system. The permissible laws should be appraised and adapted where mandatory training should be offered to appropriate bursary staff of The Polytechnic Ibadan to guarantee effective operation.

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