Effect of Treasury Single Account TSA on Selected Tertiary Institutions in Nigeria

Successive governments in Nigeria have continued to operate multiple accounts for the collection and disbursement of government revenues in flagrant disregard to the provision of the constitution which requires that all government revenues be remitted into a single account. The Treasury Single Account TSA was recently implemented fully in the Nigerian economy by the present government in order to ensure prudence and probity in the management of financial resources. Treasury Single Account TSA came as a quick fix to regulate the level of accountability and transparency in managing the financial resources of the government of the country. With the TSA, government expects to block all loopholes and leakages of financial resources of the government and also ensure a robust financial management system. This paper therefore provides the conceptual meaning of the TSA, and also outline its expected benefits to the economy of Nigeria such as, enhanced system of financial management and control, unification of various Accounts of government, reduction of the costs of government borrowing and ensuring the optimum utilization of government financial resources. This paper also analyses the objectives of the TSA systems and its various Accounts such as TSA main account, Subsidiary Account, ZBAs, Transit and Imp rest Account among others. This paper finally discussed the prospects of the TSA system and its challenges and concludes that, the system requires political will, honesty and determination so as to overcome the various challenges identified in the paper in order to achieve the expected benefits of the system. Olaleye John Olatunde | Abbas Babajide Ayodeji "Effect of Treasury Single Account (TSA) on Selected Tertiary Institutions in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-3 , April 2019, URL: https://www.ijtsrd.com/papers/ijtsrd23458.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/23458/effect-of-treasury-single-account-tsa-on-selected-tertiary-institutions-in-nigeria/olaleye-john-olatunde