TABLE OF CONTENT
CHAPTER ONE (1)
Background of the study
Statement of the problem
Objective of the Study
Significance of the Study
Limitation of the Study
CHAPTER TWO (2)
2.0, Literature Review
CHAPTER THREE (3):
Introduction to Research Methodology
Method of Data Collection
Primary Source of Data Collection
Secondary Source of data collection
Adequacy of Data
Population of the Study
Reliability and Validity of Research Instrument
Method of Data Analysis
CHAPTER FOUR (4)
Presentation, Analysis and Interpretation of Data 37-59
CHAPTER FIVE (5):
Summary Of Finding, Conclusion, Recommendation 60
Summary of Finding 60
5.3 Recommendation 62
THE EFFECT OF TREASURY SINGLES ACCOUNT ON NIGERIA PUBLIC SECTOR IN NIGERIA
BACKGROUND TO THE STUDY
With the return to democratic rule in 1999, Nigeria committed to leaving behindIts history of economic stagnation, declining welfare and social instability. The new government started an ambitious economic reform program, outlined in the National Economic Empowerment and Development Strategy (NEEDS 2004-07), and succeeded in bringing about macroeconomic stability and the highest growth rates Nigeria has seen in decades.
Since July 2003, the Federal Government had taken bold steps to begin the tackling of the deep-seated risks to macroeconomic and fiscal stability and also to address key sources of economic inefficiency. As such, it is implementing policies to strengthen economic management and to deal with weak governance and corruption.
Earlier in February, the Central Bank of Nigeria issued a circular directing all deposit money banks to implement the Remita e-Collection Platform. The Remita e-Collection is a technology platform deployed by the Federal Government to support the collection and remittance of all government revenue to a Consolidated Account domiciled with the CBN. This marked the beginning of the full implementation of Treasury Single Account (TSA) system in Nigeria.
The word Treasury Single Account (TSA) is one of the major financial policies implemented by the federal government of Nigeria to consolidate all inflows from all the ministries, departments and agencies (MDAs) in the country by way of deposit into Commercial Banks traceable into a single account at the Apex Bank in the country, Central Bank of Nigeria.
The Federal Government’s directive to all revenue-generating agencies to close their accounts with commercial banks by February 28, 2015 and transfer same into a Consolidated Revenue Fund of the Federation and Treasury Single Account as a new electronic revenue collecting platform introduced recently by President Muhammed Buhari has continued to generate debate across the country.
The Febuary directive, according to reports, was due to the speculation in the banking sector that shareholders lost about N573 billion in 2014 financial year following massive sell-off that overran the market in the last two quarters of the year.
According to Onyekpere (2015), A Treasury Single Account is a unified structure of government bank accounts enabling consolidation and optimal utilization of government cash resources. It is a bank account or a set of linked bank accounts through which the government transacts all its receipts and payments and gets a consolidated view of its cash position at any given time. The adoption of a Treasury Single Account (TSA) by the federal and some state governments was introduced as an aim to uncover loopholes in the Nigerian Financial System.
Over the years the shallowness and weakness of Nigeria’s financial sector has limited the country’s growth potential. This became particularly evident after 1999, with the beginning of the economic reform process and theTHE EFFECT OF TREASURY SINGLES ACCOUNT ON PUBLIC SECTOR IN NIGERIA 2