Investigating the Effectiveness of TSA in Blocking Public Funds Leakages in Nigeria

Abstract

This study determined the extent to which TSA can block financial leakages in public funds management. The study adopted judgemental method of sampling to select forty workers from a total population of one hundred and fifty eight staff of the Federal Polytechnic, Federal Pay Office, Corporate Affairs Commission and Nigeria Security and Civil Defence Corps Ado Ekiti, Ekiti State Nigeria. Descriptive statistics of percentages, average and standard deviation were used to analyze the respondents’ opinions to the questionnaire. Reactions were allocated weights of 0 to 4 on Likert scale according to the degree of disagreement/agreement with each statement. An overall average mean score of 2.60 indicate that respondents agree that TSA block financial leakages in public fund management. Regression analysis result confirmed that TSA is significant in financial leakage blockages (t value =28.04, p = 0.00), thus indicating the effectiveness of TSA policy operations in blocking financial leakages in public funds management in Nigeria. It was recommended that central bank should improve on the statements of accounts dispatch to real time gross settlement systems and automated clearing house (ACH) to avail them of all transactions details using automated processes on a daily basis. Government should improve on central bank oversight functions on payment and settlement by using automated processes and promote education and training of staff on TSA operations to avert sabotage of the policy.