Post-Adoption Analysis of Treasury Single Account: Policy Impact on Financial Management of Ministries, Departments and Agencies in Nigeria

Abstract

Over the years in Nigeria, the activities of government
Ministries, Departments and Agencies were marred
with irregularities, maintenance of multiple accounts,
corruption, fraud and financial leakages that divert
public funds to private pockets. In a bid to address this
menace, the Treasury Single Account policy was
adopted aimed at enthroning sound public sector
financial management practices in Nigeria. Content
analytical technique was adopted to analyze the data
generated for the study. The paper found from the
extant literature reviewed that TSA has significantly
contributed in curtailing fraud, financial leakages and
maintenance of multiple accounts by the MDAs in
Nigeria. This has by extension, led to increased
accountability and transparency in public sector
financial management. It also observed that poor TSA
infrastructure and inability of the MDAs to carry out
timely and regular reconciliation of accounts because
they cannot segregate the bulk funds in the TSA as part
of the challenges of TSA policy implementation in
Nigeria. The paper therefore, recommended that
Government and other relevant stakeholders should
ensure massive investment in ICT infrastructure;
ensure constant supply of electricity in order to
consolidate on the gains of the policy; Government
should also ensure that all legal frameworks, extant
laws, cash management processes needed for effective
implementation of the policy are put in place, etc.