Treasury Single Account (TSA) and cost of governance: Survey of MDAs in Anambra State

https://doi.org/10.35912/jgas.v3i1.1479
Published: Jul 26, 2023

Abstract:

Purpose: This study examines the effect of TSA on Nigeria’s public sector governance cost.

Research methodology: This study employed a descriptive survey research design. Ten Federal Ministries, Departments & Agencies (MDAs) in Anambra State constituted the study population. The study chose Ten respondents from each MDA were selected using purposive sampling. This study employed primary data from a structured questionnaire for data collection.

Results: The results show that e-accounting and TSA have a substantial impact on national spending by curbing leakages, but with little effect on federally generated revenue. Thus, e-accounting and TSA significantly impact the cost of governance.

Limitations: The study relied only on questionnaire responses, which is the perception of public-sector employees in MDAs.

Contributions: This study contributes to governance and policy research by identifying the benefits of TSA in reducing the overall cost of governance.

Novelty: By integrating all government accounts, enabling the government to track and monitor its activities at any time, and giving the government a comprehensive view of its financial position, this study supports stakeholder theory, in addition to the Public Finance Management Perspective, which maintains that the government should effectively manage all financial resources (mobilization and expenditure) for the benefit of the population.

Keywords:
1. Treasury Single Account
2. Cost of Governance
3. Ministries
4. Departments & Agencies (MDAs)
Authors:
1 . Nnamdi Lawrence Okeke
Nnamdi Azikiwe University, Nigeria
2 . George Ezeala
Nnamdi Azikiwe University, Nigeria
3 . Nonso John Okoye
Nnamdi Azikiwe University, Nigeria
4 . Chinedu Francis Egbunike
Nnamdi Azikiwe University, Nigeria
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How to Cite
Okeke, N. L., Ezeala, G., Okoye, N. J., & Egbunike, C. F. (2023). Treasury Single Account (TSA) and cost of governance: Survey of MDAs in Anambra State. Journal of Governance and Accountability Studies, 3(1), 1–11. https://doi.org/10.35912/jgas.v3i1.1479
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Issue & Section
Vol. 3 No. 1 (2023): January
Articles
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References

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    Adebisi, J., & Okike, B. (2016). The adoption of the treasury single account (TSA) and its effect on revenue leakages of Nigerian states. American Research Journal of Business and Management, 2(1), 1-10.

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    Akujuru, C. (2017). Effects of treasury single account policy on corruption in Nigeria. Available at SSRN 2940695.

    Amaefule, L. I., & Iheduru, N. G. (2014). Electronic accounting system: A tool for checkmating corruption in the Nigerian public sector and a panacea for the nation? s poor economic development status. Sky Journal of Business Administration and Management, 2(4), 019-028.

    Asika, N. (1991). Research Methodology in the Behavioural Sciences: Longman Nigeria Plc.

    Bashir, Y. M. (2016). Effects of treasury single account on public finance management in Nigeria. Research Journal of finance and accounting, 7(6).

    David, O., & Ted, G. (1992). Reinventing government: How the entrepreneurial spirit is transforming the public sector: Prentice Hall of India.

    Edoh, C., Ochai, G. O., Agbe, J. I., & A., I. A. (2023). INFLUENCE OF TREASURY SINGLE ACCOUNT (TSA) POLICY ON MONITORING FRADULENTS PRACTICES AND BLOCKING FINANCIAL LEAKAGES ON THE ADMINISTRATION OF PUBLIC UNIVERSITIES IN NORTH EASTERN NIGERIA. International Journal of Management Studies and Social Science Research, 5(2).

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    Eton, M., Fabian, M., & Benard, P. O. (2022). Are internal controls important in financial accountability?(Evidence from Lira District Local Government, Uganda).

    Ezeala, G., & Agbata, A. (2023). EFFECT OF TREASURY SINGLE ACCOUNT ON GOVERNMENT EXPENDITURE AND BORROWING: AN EMPIRICAL STUDY.

    Fatile, J., & Adejuwon, K. (2017). Implication of treasury single account on the cost of governance in Nigeria: Buhari civilian administration in perspectives. International Journal of Advanced Studies in Economics and Public Sector Management, 5(2), 13-29.

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    Iloeje, J. B., & Okwo, I. M. (2022). Impact of Treasury Single Account On Public Finance Management in Nigeria: Pre and Post Implementation Analysis. European Journal of Accounting, Auditing and Finance Research, 10(12), 62-75.

    Iyika, P. (2011). The Adaptability of Accrual Accounting in The Public Sector.

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    Mboto, H. W., Offiong, A. I., & Ibor, B. I. (2017). Public perception of the treasury single account in Nigeria. Journal of Economics and Development Studies, 5(2), 68-77.

    Miles, S. (2012). Stakeholder: essentially contested or just confused? Journal of Business Ethics, 108, 285-298.

    Ofor, N. T., Omaliko, L. E., & Okoli, F. C. (2017). Effect of treasury single accounts (TSA) on the performance of ministries, departments and agencies (MDA) in Nigeria. Trends Economics and Management, 11(29), 59-68.

    Oguntodu, J., Alalade, Y., Adekunle, Y., & Adegbie, F. (2016). Treasury single account and Nigeria’s economy between 1999 and 2015: An assessment. Journal of Accounting and Financial Management, 2(6), 61-75.

    Okechukwu, O., & Chukwurah, D. (2015). An analysis of pros and cons TSA policy in Nigeria. Arabian Journal of Business and Management Review, 21-39.

    Okeke, M. I., & Eme, O. I. (2015). COST OF GOVERNANCE AND ITS IMPLICATIONS ON NIGERIA'S ECONOMY. Kuwait Chapter of the Arabian Journal of Business and Management Review, 4(5), 44.

    Okoroafor, E. N. (2016). Public sector reforms in Nigeria: Implications for the public sector accounting and budgeting systems. International Journal of Developing and Emerging Economies, 4(1), 34-49.

    Onyekpere, N. (2015). Public policy: Effects of treasury single account on Nigerian banks. Vanguard Newspaper Editorial, August, 15.

    Oranefo, P. C. (2022). Effect Of Treasury Single Account (Tsa) On Financial Leakages In Nigeria: A Survey Of Delta State Of Nigeria. Scholarly Journal of Management Sciences Research, 1(2).

    Ouda, H. (2004). Basic requirements model for successful implementation of accrual accounting in the public sector. Public Fund Digest, 4(1), 78-99.

    Ouda, H. (2005). Additional Transition Problems of Accrual Accounting in the Public Sector of Developing Countries. Public Fund Digest, 5(1).

    Perante-Calina, L. E. (2015). Background of Public Sector Reform. Retrieved from https://socialstudiescorner.wordpress.com/2015/03/03/background-of-public-sector-reform/

    Reid, G. J., & Scott, G. (1994). PUBLIC SECTOR HUMAN RESOURCE MANAGEMENT IN LATIN AMERICA AND THE CARIBBEAN 39. Paper presented at the Civil service reform in Latin America and the Caribbean: Proceedings of a conference.

    Saleh, L. (2015). How beneficial is treasury single account.

    Salman, R. T., & Adeseye, M. A. (2017). Treasury single account and fund management in Nigeria: A perception of accounting practitioners in Ado-Ekiti metropolis. KIU Journal of Humanities, 2(1), 19-32.

    Solanke, A. A. (2018). Opinion and perception of Treasury Single Account implementation: Implications for revenue generation and utilization in Nigeria. European Scientific Journal, 14(1), 164-175.

    Tari, V., Myatafadi, P., & Kibikiwa, M. (2016). Treasury Single Account (TSA) Policy in Nigeria: Reviving Jonathan’s ‘Dead’Policy Directives. Online Journal of Social Sciences Research, 5, 6-12.

    Udo, E. J., & Esara, I. E. (2016). Adoption of Treasury Single Account (TSA) by State Governments of Nigeria: benefits, challenges and prospects. Journal of finance and accounting, 4(3), 126-130.

    Weerathunga, V. M., & Seneviratne, S. C. (2023). Management control systems and business performance: Evidence from Sri Lankan apparel industry. International Journal of Financial, Accounting, and Management, 4(4), 411-426.

    Yaker, I. F., & Pattanayak, S. (2010). Treasury single account: Concept, design and implementation issues: International Monetary Fund.

    Yusuf, I., & Chiejina, N. (2015). Anti-graft war: One economy, one account. Sunday nation, 8(16), 9-10.

  1. Adamu, A. (2016). HIGH COST OF GOVERNANCE AS AN IMPEDIMENT TO NATIONAL DEVELOPMENT IN NIGERIA. Afro Asian Journal of Social Sciences, 7(1).
  2. Adebisi, J., & Okike, B. (2016). The adoption of the treasury single account (TSA) and its effect on revenue leakages of Nigerian states. American Research Journal of Business and Management, 2(1), 1-10.
  3. Adeolu, I. (2015). Understanding the treasury single account (TSA) system: Things you should know. Business & Economy, Market Development, 2(3), 14-25.
  4. Adewole, M. A., & Osabuohien, E. (2007). Analysis of the Cost of Governance and Options for its Reduction in Nigeria.
  5. Afolugbe, O. (2004). Institutions as the Fundamental Cause of Rising cost of Governance. American Economic Review, 5, 1369-1401.
  6. Akujuru, C. (2017). Effects of treasury single account policy on corruption in Nigeria. Available at SSRN 2940695.
  7. Amaefule, L. I., & Iheduru, N. G. (2014). Electronic accounting system: A tool for checkmating corruption in the Nigerian public sector and a panacea for the nation? s poor economic development status. Sky Journal of Business Administration and Management, 2(4), 019-028.
  8. Asika, N. (1991). Research Methodology in the Behavioural Sciences: Longman Nigeria Plc.
  9. Bashir, Y. M. (2016). Effects of treasury single account on public finance management in Nigeria. Research Journal of finance and accounting, 7(6).
  10. David, O., & Ted, G. (1992). Reinventing government: How the entrepreneurial spirit is transforming the public sector: Prentice Hall of India.
  11. Edoh, C., Ochai, G. O., Agbe, J. I., & A., I. A. (2023). INFLUENCE OF TREASURY SINGLE ACCOUNT (TSA) POLICY ON MONITORING FRADULENTS PRACTICES AND BLOCKING FINANCIAL LEAKAGES ON THE ADMINISTRATION OF PUBLIC UNIVERSITIES IN NORTH EASTERN NIGERIA. International Journal of Management Studies and Social Science Research, 5(2).
  12. Eme, O. I., Chukwurah, D. C., & Iheanacho, E. N. (2015). An analysis of pros and cons treasury single account policy in Nigeria. Arabian journal of business and management review (OMAN chapter), 5(4), 20.
  13. Enwegbara, O. (2013). High cost of governance in Nigeria. PUNCH.
  14. Enwegbara, O. (2015). Buhari’s TSA Directive Is Timely. Retrieved from https://saharareporters.com/2015/08/12/buhari%E2%80%99s-tsa-directive-timely-odilim-enwegbara
  15. Eton, M., Fabian, M., & Benard, P. O. (2022). Are internal controls important in financial accountability?(Evidence from Lira District Local Government, Uganda).
  16. Ezeala, G., & Agbata, A. (2023). EFFECT OF TREASURY SINGLE ACCOUNT ON GOVERNMENT EXPENDITURE AND BORROWING: AN EMPIRICAL STUDY.
  17. Fatile, J., & Adejuwon, K. (2017). Implication of treasury single account on the cost of governance in Nigeria: Buhari civilian administration in perspectives. International Journal of Advanced Studies in Economics and Public Sector Management, 5(2), 13-29.
  18. Fernando, L., & Surjandari, D. A. (2021). The impact of internal control, cultural control, incentives, and work discipline on employee performance (Case study in PT Lestari Jaya Raya). Annals of Management and Organization Research, 2(3), 209-223.
  19. Fluvian, G. (2006). The rising cost of governance in Africa. Journal of Public Administration, 22(9), 441-463.
  20. Freeman, R. (1984). Strategic management: A stakeholder approach.
  21. Gbegi, D. O., & Jennifer, I. M. (2019). Effect of Treasury Single Account Adoption On Accountability, Transparency And Public Finance Management In Nigeria. Nigerian Journal of Management Sciences Vol, 7(1).
  22. Gomes, R. C. (2006). Stakeholder management in the local government decision-making area: evidences from a triangulation study with the English local government. Revista de Administração Contemporânea, 10, 77-98.
  23. Gumbo, L., Margaret, M., & Chagwesha, M. (2022). Personal Financial Management Skills Of University Students and Their Financial Experiences During The Covid-19 Pandemic. International Journal of Financial, Accounting, and Management, 4(2), 129-143.
  24. Igbekoyi, O., & Agbaje, W. (2017). An assessment of the implication of treasury single account adoption on public sector accountability and transparency. European Journal of Accounting Auditing and Finance Research, 5(8), 33-49.
  25. Ijewereme, O. B. (2013). An examination of anti-corruption crusades in Nigeria: Issues and challenges. The Quarterly Journal of Administration, 33(1), 108-127.
  26. Ijewereme, O. B. (2015). Anatomy of corruption in the Nigerian public sector: Theoretical perspectives and some empirical explanations. Sage Open, 5(2), 2158244015581188.
  27. Iloeje, J. B., & Okwo, I. M. (2022). Impact of Treasury Single Account On Public Finance Management in Nigeria: Pre and Post Implementation Analysis. European Journal of Accounting, Auditing and Finance Research, 10(12), 62-75.
  28. Iyika, P. (2011). The Adaptability of Accrual Accounting in The Public Sector.
  29. Kanu, C. (2016). Impact of treasury single account on the liquidity. Abc journal of advanced Research, 5(1), 43-52.
  30. Mboto, H. W., Offiong, A. I., & Ibor, B. I. (2017). Public perception of the treasury single account in Nigeria. Journal of Economics and Development Studies, 5(2), 68-77.
  31. Miles, S. (2012). Stakeholder: essentially contested or just confused? Journal of Business Ethics, 108, 285-298.
  32. Ofor, N. T., Omaliko, L. E., & Okoli, F. C. (2017). Effect of treasury single accounts (TSA) on the performance of ministries, departments and agencies (MDA) in Nigeria. Trends Economics and Management, 11(29), 59-68.
  33. Oguntodu, J., Alalade, Y., Adekunle, Y., & Adegbie, F. (2016). Treasury single account and Nigeria’s economy between 1999 and 2015: An assessment. Journal of Accounting and Financial Management, 2(6), 61-75.
  34. Okechukwu, O., & Chukwurah, D. (2015). An analysis of pros and cons TSA policy in Nigeria. Arabian Journal of Business and Management Review, 21-39.
  35. Okeke, M. I., & Eme, O. I. (2015). COST OF GOVERNANCE AND ITS IMPLICATIONS ON NIGERIA'S ECONOMY. Kuwait Chapter of the Arabian Journal of Business and Management Review, 4(5), 44.
  36. Okoroafor, E. N. (2016). Public sector reforms in Nigeria: Implications for the public sector accounting and budgeting systems. International Journal of Developing and Emerging Economies, 4(1), 34-49.
  37. Onyekpere, N. (2015). Public policy: Effects of treasury single account on Nigerian banks. Vanguard Newspaper Editorial, August, 15.
  38. Oranefo, P. C. (2022). Effect Of Treasury Single Account (Tsa) On Financial Leakages In Nigeria: A Survey Of Delta State Of Nigeria. Scholarly Journal of Management Sciences Research, 1(2).
  39. Ouda, H. (2004). Basic requirements model for successful implementation of accrual accounting in the public sector. Public Fund Digest, 4(1), 78-99.
  40. Ouda, H. (2005). Additional Transition Problems of Accrual Accounting in the Public Sector of Developing Countries. Public Fund Digest, 5(1).
  41. Perante-Calina, L. E. (2015). Background of Public Sector Reform. Retrieved from https://socialstudiescorner.wordpress.com/2015/03/03/background-of-public-sector-reform/
  42. Reid, G. J., & Scott, G. (1994). PUBLIC SECTOR HUMAN RESOURCE MANAGEMENT IN LATIN AMERICA AND THE CARIBBEAN 39. Paper presented at the Civil service reform in Latin America and the Caribbean: Proceedings of a conference.
  43. Saleh, L. (2015). How beneficial is treasury single account.
  44. Salman, R. T., & Adeseye, M. A. (2017). Treasury single account and fund management in Nigeria: A perception of accounting practitioners in Ado-Ekiti metropolis. KIU Journal of Humanities, 2(1), 19-32.
  45. Solanke, A. A. (2018). Opinion and perception of Treasury Single Account implementation: Implications for revenue generation and utilization in Nigeria. European Scientific Journal, 14(1), 164-175.
  46. Tari, V., Myatafadi, P., & Kibikiwa, M. (2016). Treasury Single Account (TSA) Policy in Nigeria: Reviving Jonathan’s ‘Dead’Policy Directives. Online Journal of Social Sciences Research, 5, 6-12.
  47. Udo, E. J., & Esara, I. E. (2016). Adoption of Treasury Single Account (TSA) by State Governments of Nigeria: benefits, challenges and prospects. Journal of finance and accounting, 4(3), 126-130.
  48. Weerathunga, V. M., & Seneviratne, S. C. (2023). Management control systems and business performance: Evidence from Sri Lankan apparel industry. International Journal of Financial, Accounting, and Management, 4(4), 411-426.
  49. Yaker, I. F., & Pattanayak, S. (2010). Treasury single account: Concept, design and implementation issues: International Monetary Fund.
  50. Yusuf, I., & Chiejina, N. (2015). Anti-graft war: One economy, one account. Sunday nation, 8(16), 9-10.