Treasury Single Account (TSA) and Effective Public Sector Economic Management in Nigeria (2015-2020)

Ndifreke S. Umo-Udo & Benjamin U. Washington

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Abstract

Over the years, Nigeria’s public funds have not been properly accounted for. This has drastically increased the cost of governance. There is no gain saying the fact that, the cost of governance in Nigeria is too high and has in no small measure hindered the nation’s development, both human and infrastructural. It is also one of the reasons why corruption has eaten deep into the fabrics of our society. To eliminate or minimize this menace, the Federal government of Nigeria implemented Treasury Single Account in 2015. The main trust of this paper among others is to examine the impact of TSA policy on public sector management in Nigeria. New Public Management theory was adopted as the theoretical framework of the study. The method adopted for eliciting data in this work was historical and descriptive. The study among others revealed that the TSA policy is a veritable tool for enhancing effective and efficient financial management in Nigeria. However, the successful implementation of the policy has been challenged by the unwillingness of some MDAs to comply with the TSA policy. The study recommends among others that governments should ensure strict compliance of the directive by the MDAs and proper monitoring of the TSA account to ensure due process in its management.

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