TRANSPARENCY AND FINANCIAL MANAGEMENT: THE INFLUENCE OF TREASURY SINGLE ACCOUNT (TSA) IN ENUGU STATE, NIGERIA
Abstract
The concept of accountability plays a crucial role in determining the economic, political, and social success of any economy. Nigeria's government recognized the significance of accountability and introduced the Treasury Single Account (TSA) in 2012. The TSA aimed to consolidate the multiple accounts held by Government Ministries, Departments, and Agencies (MDAs) in deposit money banks, thereby promoting operational efficiency and preventing the misallocation of funds. However, prior to the implementation of the TSA, the federal government faced challenges as revenue meant for critical sector development was diverted to cover operational costs and salaries due to deficits reported by MDAs.
The introduction of the TSA was intended to enhance government revenue accountability, transparency, and prevent the misappropriation of public funds. By centralizing the government's accounts at the Nigeria's central bank (CBN), the TSA sought to improve cash management and optimize the utilization of public funds. While the adoption of the TSA was expected to enhance accountability and transparency in the Nigerian public sector, instances of corruption and fund misappropriation still persisted.
Despite the notable cases of corruption, the Nigerian government took appropriate actions to investigate and address the issues. However, these cases raised doubts about the effectiveness of the TSA in curbing corruption and improving accountability. The existence of corruption within the Nigerian public sector has influenced public perceptions regarding the government's anti-corruption strategies.
This study aims to evaluate the efficiency of the TSA in combating corruption in Nigeria and analyze its impact on accountability in the public sector. By examining the challenges faced in implementing the TSA and the persisting instances of corruption, this research seeks to provide insights into the effectiveness of the TSA as a tool for promoting transparency and reducing fund misappropriation. The findings will contribute to the ongoing discourse on accountability in Nigeria's public sector and provide recommendations for enhancing the efficacy of the TSA in combating corruption.
