Abstract
This paper examined the implementation of Treasury Single Account (TSA) on federally collected non-oil tax revenue and national economic performance in Nigeria, via an inter-period comparative milieu. This study was stimulated by the divergent opinion amongst stakeholders on the justification and efficacy of the TSA model. The study was underpinned by the stakeholder and public finance management theories. Mulled after the ex post facto research template, before (pre) and after (post) implementation data of the corresponding periods were obtained from the annual bulletins/reports of Federal Inland Revenue Service (FIRS), Central Bank of Nigeria (CBN) and Nigerian Bureau of Statistics (FBS). While, actual reported tax revenue for the corresponding periods were obtained, gross domestic product was deployed to proxy national economic performance. Paired sample t-test was used to process the data on the Statistical Package for Social Sciences (SPSS) template. The results revealed that, in gross terms more revenue was collected pre-TSA. However, a significant increase in federally collected revenue post TSA implementation was achieved, granted that the economy slipped into recession from the third quarter of 2015, also a considerable growth in GDP. In essence, both measures performed better in the post implementation period from a comparative strand. This implies that, the TSA policy has a positive bearing on both non-oil tax revenue generation and economic performance. Following, it is recommended that government should improve on the existing TSA framework by incorporating complementary, supportive control and monitoring measures to perfect the operation of the system, and to escalate the system further towards monitoring outflows (expenditure),
Highlights
The pursuit of economic performance resonates around all nations of the globe
This was stylized via a comparative analytical milieu of pre and post implementation corresponding years of the Treasury Single Account (TSA) policy
Contingent on the foregoing, it is concluded that the TSA banking system has considerably harnessed government non-oil tax revenue, and improved the economic performance of Nigeria
Summary
The pursuit of economic performance resonates around all nations of the globe. Nations at all strata of the economic performance index, continue to pursue strategic objects designated by their various levels of their ranking. The objects of the pursuit range from growth aspirations, for those on the lower and middle strata, to performance sustainability for those considered as developed nations. Gleaned from the paradigm of experiential learning and adaption, economic performance models have been handed down to those on the lower strings of the economic growth ladder, by the global financial institutions. These have come with strings of policy dynamics, that have been recommended as tell-tale steps to economic growth
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