An Evaluation Of The Treasury Single Account (TSA) As An Instrument Of Financial Prudence and Management In Nigeria: Methodology Analysis  (OAGF) 2015-2024.

Sulaiman Taiwo Hassan; Iyere Samuel Iheonkhan; Ma. Viktoria Monique M. Hawod; Franchezka Nicole L. Calicdan; Pauline Kate M. Coronel

doi:10.61132/ijema.v1i4.229

Authors

Sulaiman Taiwo Hassan Universitas Mahkota
Iyere Samuel Iheonkhan Universitas Negeri Nassarawa
Ma. Viktoria Monique M. Hawod Institut Pendidikan Bisnis dan Komputasi
Franchezka Nicole L. Calicdan Institut Pendidikan Bisnis dan Komputasi
Pauline Kate M. Coronel Institut Pendidikan Bisnis dan Komputasi

DOI:

https://doi.org/10.61132/ijema.v1i4.229

Keywords:

Gini coefficient, Poverty rate, Economic development, Human development index, Treasury single account

Abstract

This paper examines the Office of the Accountant General of the Federation and the relationship between the Nigerian economy and the Treasury Single Account Policy (2015-2024). The Nigerian economy has developed slowly over the years, which has led to little to no improvement in the country's residents' standard of living. The study's overall goal was to determine how the Treasury Single Account Policy affected Nigeria's economic developments between 2015 and 2024. Its specific goals were to determine whether the human development index, Gini coefficient, and poverty rate of the country's economy differed significantly between the pre-and post-implementation periods. The research utilized the design of the quantitative study. Nigerian citizens make up the study's population, while the citizens of Nigeria for the years 2015–2024 make up the sample size. The study employed secondary data that came from the World Bank's National Accounts Data, the National Bureau of Statistics, and the Central Bank of Nigeria's Statistical Bulletin. The paired sample t-test was used to assess the data. The outcome showed that, except the variable of human development index, which showed a significant difference between the periods before and after the implementation of the treasury single account policy, economic development indicators (gini coefficient and poverty rate) did not differ significantly between the periods before and after the policy. Consequently, the analysis found that the Treasury Single Using the poverty rate and Gini coefficient as stand-ins for economic development, account policy had no discernible effect on the Nigerian economy. Additionally, it was determined that the Treasury Single Account Policy had a major influence on Nigeria's economic development using the Human Development Index as a proxy for economic progress. Therefore, it was advised that government programs for human development be maintained and improved, particularly in the fields of health and education.

Downloads

Download data is not yet available.

References

Adeolu, I. A. (2015). Business and economy: Market development understanding the treasury single account (TSA) system. John Archers Publishers.

Ajala, O. A., Adesanya, T. A., & Oyewale, T. C. (2017). Treasury single account and Nigeria public financial management. Journal of Association of Professional Bankers in Education, 1(1), 195-210.

Ajetunmobi, O. O., Adesina, K., Faboyode, S. O., & Adejana, P. B. (2017). The impact of treasury single account on the liquidity of banks in Nigeria. Journal of Accounting, Finance and Auditing Studies, 3(3), 132-143.

Central Bank of Nigeria. (2014, March 24-25). Communiqué No. 94 of the monetary policy committee meeting. Retrieved from https://www.cbn.gov.ng

Central Bank of Nigeria. (2016, February). Guidelines for the operation of treasury single account (TSA) by state governments in Nigeria. Abuja: CBN Building.

Chidioke, N. (2015, June 2). First bank under Onasanya’s leadership: An overview. The Guardian.

Chukwu, I. (2015, August 16). Can treasury single account (TSA) work in Nigeria? Vanguard Editorial Newspaper, p. 33-35.

Clark, C. (2015). Capital formation in an economy: Meaning, significance, and process. Retrieved from http://www.economicsdiscussion.net/capital-formation/capital-formation-in-an-economy-meaning-significance-and-process/12981

Dali, S. (2015). Macroeconomics and development in Nigeria: The restrained ambition of Africa’s largest economy. Retrieved from http://www.afd.fr/webdav/site/afd/Shared/PUBLICATIONS/RECHERCHE/Scientifiques/Macrodev/19-VA-Macrodev.pdf

Ejoh, N. O. (2020). Treasury single account (TSA) implications on government revenue control among federal government parastatals in Nigeria. IOSR Journal of Economics and Finance, 11(1), 18-25. Retrieved from http://www.iosrjournals.org

Ekubiat, J. U., & Ime, E. E. (2016). Adoption of treasury single account by state governments of Nigeria: Benefits, challenges, and prospects. Journal of Finance and Accounting, 4, 126-130. https://doi.org/10.11648/j.jfa.20160403.14

Erika, R. (2020, December 29). Human development index. Retrieved from http://www.investopedia.com

Eze, O. (2015, January 15). The re-emergence of TSA in public resource management in Nigeria. This Day, p. 26.

Folusho, O. I., Alani, O. E., Ayodeji, R. J., & Adeolu, D. I. (2019). Implementation effect of treasury single account on the economy of Nigeria: The perspective of the banking sector. European Journal of Accounting, Auditing and Finance Research, 7(10), 23-31.

Freeman, R. E. (2024). Strategic management: A stakeholder approach. Pitman. (Republished in 2010 by Cambridge University Press).

Gallo, C. (2022). Economic growth and income inequality: Theoretical background and empirical evidence. Retrieved from https://www.barlett.ucl.ac.uk/dpu/Publications/latest/Publications/dpu-working-papers/WP119.pdf

Grubber, J. (2005). Public finance and policy. Work Publications.

Igbokwe-Ibeto, C. J., Nkomah, B. B., Osakede, K. O., & Kinge, R. F. (2016). Treasury single account—Transparency and accountability in public finance management in Nigeria: The journey so far. Africa’s Public Service Delivery and Performance Review, 4(2), 342-359. https://doi.org/10.4102/apsdpr.v4i2.116

Iheonkhan, I. S. (2016). Liquidity management and banks’ profitability in Nigeria: An empirical analysis. Journal of Business Management and Economics, 4(7), 1-5. https://dx.doi.org/10.15520/jbme.2016.vol4.iss7.205.pp01-05

Ivungu, J. A., Ganyam, J. A., Agbo, A., & Ola, P. O. (2020). Effect of treasury single account (TSA) on corruption in the Nigerian public sector. International Journal of Academic Research in Business and Social Sciences, 10(3), 43-53.

Iwuagwu, O. (2020). Imperative of human capital development. The Nigerian Economic Summit Group, 6(3), 22.

Jat, R. B. (2016). Effect of treasury single account on the economic development of Nigeria. International Journal of Management Science Research, 1(1), 189-201. Retrieved from https://www.ijmsr.net/index.php?journal=ijo&page=article&op=view&path[]=9

Khan, A., & Pessoa, M. (2020). Conceptual design: The critical element of a government financial management information system project, technical notes, and manuals. International Monetary Fund.

Knapp, G. F. (1924). The state theory of money. Augustus M. Kelley.

Musgrave, R. A. (1959). The theory of public finance: A study in public economy. McGraw-Hill.

Ofurum, C. N., Oyibo, P. C., & Ahuche, Q. E. (2018). Impact of treasury single account on government revenue and economic growth in Nigeria: A pre-post design. International Journal of Academic Research in Business and Social Sciences, 8(5), 283-292. https://doi.org/10.6007/IJARBSS/v8-i5/4101

Oguntodu, J. A., Alalade, Y. S., Adekunle, Y. A., & Adegbie, F. F. (2016). Treasury single account and Nigeria’s economy between 1999 and 2015: An assessment. Journal of Accounting and Financial Management, 2(6), 1-15.

Okure, M., Chijioke, N., Temilulowa, A., & David, O. (2015, August 16). Treasury single account: Giving life to Jonathan’s dead policy directives. The Guardian, p. 52-58.

Oyodele, T. (2015). Treasury single account and taxation. PwC Nigeria. Retrieved from http://pwcnigeria.typepad.com/files/tsa-and-tax---part-1-bizday.pdf

Pattanayak, S., & Fainboim, I. (2020). Treasury single account: Concepts, design and implementation issues [Working Paper]. International Monetary Fund. Retrieved from https://www.imf.org

Sulaiman, T. H. (2023). 15 things to know about treasury single account (TSA). Retrieved from http://www.premiumtimesng.com/features-and-interviews/199725-15-things-to-know-treasury-single-account-tsa.html

United Nations. (2023). Why do the millennium development goals matter? From the Secretary-General’s report on the implementation of the United Nations Millennium Declaration. Published by UNDP. Retrieved from www.undp/millenniumgoals

Uzoigwe, D. C. (2017). Economic development in Nigeria through the agricultural, manufacturing and mining sectors: An econometric approach (Unpublished thesis). University of Pretoria. Retrieved from https://repository.up.ac.za

World Bank. (2000). World development report 2000/2001: Attacking poverty. Oxford University Press.

Zayol, P. I. (2017). Effect of treasury single account on the liquidity of deposit money banks in Nigeria. IOSR Journal of Economics and Finance, 8(4), 55-60.