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Top Academic Journal of Economics and Statistics
Vol. 9 No. 1 (2024): January-Febuary
Original Articles

UNVEILING TRANSPARENCY: THE TREASURY SINGLE ACCOUNT'S CRUSADE AGAINST CORRUPTION IN NIGERIA'S PUBLIC SPHERE

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  • Prof. Abimbola Olufemi Akinola,
  • Dr. Temitope Adegoke Ogunleye
Prof. Abimbola Olufemi Akinola
Department of Economics, University of Lagos, Yaba, Lagos State, Nigeria
Dr. Temitope Adegoke Ogunleye
Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Nigeria.
DOI: https://doi.org/10.5281/zenodo.10591890

Published 2024-01-30

Keywords

  • Treasury Single Account (TSA),
  • Financial Transparency,
  • Public Sector Corruption,
  • Financial Management,
  • Nigeria.

How to Cite

Akinola, P. A. O., & Ogunleye, D. T. A. (2024). UNVEILING TRANSPARENCY: THE TREASURY SINGLE ACCOUNT’S CRUSADE AGAINST CORRUPTION IN NIGERIA’S PUBLIC SPHERE. Top Academic Journal of Economics and Statistics, 9(1), 1–16. https://doi.org/10.5281/zenodo.10591890

Copyright (c) 2024 Top Academic Journal of Economics and Statistics

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

Abstract

The Treasury Single Account (TSA) stands as a pivotal initiative in President Muhammadu Buhari's strategic arsenal against public sector corruption, aimed at enhancing accountability, financial discipline, and overall financial management in Nigeria. Initiated on August 9, 2015, the TSA directive mandated all Ministries, Departments, and Agencies (MDAs) to consolidate their accounts from deposit money banking institutions into a designated federation government account. This move was orchestrated to bring transparency to financial transactions, ensuring a seamless link among all payment systems (Osagioduwa, 2019).

This study delves into the profound impact of the TSA on the Nigerian government's financial landscape. The policy's core objective is to streamline the collection and disbursement of government funds, eliminating the need for multiple financial systems. The implementation of the TSA has significantly heightened the transparency of government finances, curbing corruption within the government sector and reinforcing cost control mechanisms in various government parastatals (Ganyam, 2018). The research builds upon the hypothesis posited by Ivungu et al. (2020), suggesting that the TSA policy facilitates the efficient collection and timely deposit of all government earnings into the public treasury, bypassing the complexities of diverse financial systems.

The findings of this study underscore the transformative potential of the TSA policy in reshaping financial practices within the Nigerian government. By examining the impact on transparency, corruption mitigation, and cost management, the research contributes valuable insights to the ongoing discourse on public sector reforms. The implications of the TSA extend beyond financial management, providing a blueprint for other nations grappling with similar challenges in enhancing accountability and curbing corruption within the public sector.

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