Treasury Single Account: A Nudge towards Public Sector Accountability in Nigeria

Akinleye G T,Owoniya B O,Fajuyagbe S B

doi:10.22610/jebs.v10i6(j).2610

Akinleye G T, Owoniya B O + Show 1 more

Open Access

https://doi.org/10.22610/jebs.v10i6(j).2610

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Abstract

This study examined treasury single account, as a nudge towards public sector accountability in Nigeria. Specifically, the study analyzed the influence of adoption of treasury single account on the effectiveness of cash management, reduction of fraudulent activities and improvement in the level of accountability in the Nigerian public sector. The study made use of primary data collected through the use of a questionnaire, based on a sample of 400 respondents randomly selected from government parastatals, departments, institutions and ministries, across the six southwest states in Nigeria. Data collected were analyzed with frequency and percentage response analysis. The result showed that adoption of treasury single account provoked effective management of cash, sustained a considerable reduction in the level of fraudulent activities and aided improved level of accountability in the Nigerian public sector. Thus, there is no doubt that treasury single account is a nudge towards public sector accountability in Nigeria. Therefore, the government can further harness the potency of centralize control of public resources to birth a corrupt free society, where utmost accountability and transparency of resources mobilization and management can be attained.

Highlights

Resources management among government ministries, departments and agencies are fundamental towards maintaining effective and efficient resources mobilization, and disbursement
The study made use of structured questionnaire designed in two sections, which captures respondent’s details, and responses to questions related to the contribution of Treasury Single Account (TSA) adoption to effective cash management, reduction of fraudulent activities and improvement in the level of accountability in selected parastatals, agencies and ministries
The analysis presented in table 3 and figure 2 reflects that adoption of treasury single account has led to considerable reduction of fraudulent activities in Nigeria public sector

Summary

Introduction

Resources management among government ministries, departments and agencies are fundamental towards maintaining effective and efficient resources mobilization, and disbursement. Success of treasury single account in its achievement of efficient management of fund primarily in the public sector necessitated the need for a total collaboration of the stakeholders (Central Bank of Nigeria (CBN), Federal and State Accountants-General, Ministries, Departments and Agencies (MDAs), and the Deposit Money Banks) during the pre-implementation, implementation and post-implementation stages of the development (CBN, 2015). The study analysed the impact of federal government treasury single account deposit on bank performance. The study analysed the degree of influence of treasury single account on financial leakage reduction and the promotion of accountability and transparency in public sector financial management. The study examined the extent of the impact of TSA on corruption, financial leakages, accountability and transparency in the public sector financial management. The study revealed that treasury single account has reduced corruption, blocked financial leakages and promote accountability and transparency in public sector financial management to a large extent. The study discovered that the effect of deposit with CBN on the gross domestic product was insignificant

Methodology

Result and Discussion

Conclusion and Recommendation