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Examining the progress of treasury single account in preventing financial leakages in public offices in Nigeria
1 Department of Banking and Finance, Caritas University Enugu, Nigeria.
2 Department of Accountancy, Caritas University Enugu, Nigeria.
Review
International Journal of Science and Research Archive, 2024, 11(01), 791–797.
Article DOI: 10.30574/ijsra.2024.11.1.1069
Publication history:
Received on 05 November 2023; revised on 26 January 2024; accepted on 29 January 2024
Abstract:
This research aims to assess the effectiveness of the Treasury Single Account (TSA) in curbing financial leakages within Nigerian public offices. The TSA, a government policy, seeks to enhance payment and revenue collection systems by consolidating government bank account balances for better oversight of public funds. The lack of transparency in fund management prompted the introduction of TSA to prevent the misuse of public funds, consequently hindering the nation's development due to the depletion of necessary resources. Despite its potential, the success of TSA in public fund management requires a comprehensive approach, addressing corruption and establishing the essential infrastructure for its optimal implementation. In Nigeria, the adoption of TSA for fund management is still in its early stages. The study underscores the imperative for a robust TSA implementation and highlights its significance in enhancing public financial management. Ultimately, the research concludes that embracing TSA is integral to establishing an efficient and effective public financial management system, aiding the government in identifying idle cash balances across federal Ministries, Departments, and Agencies accounts.
Keywords:
TSA; Fund management; Financial leakages; MDAs
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
