Influence of Treasury Single Account on Cash Flow Management in Federal Colleges of Education in South-South, Nigeria

Abstract

This study examines the influence of Treasury Single Account (TSA) on the cash management in Federal Colleges of Education in South-south, Nigeria. To achieve its purpose, two specific objectives and two hypotheses were formulated to guide the study. The study adopted an analytical survey research design to collect data for analysis. The population of the study was made up of 32 top management staff comprising of 18 bursary staff made up of three cashiers, 12 accountants, and three bursars and 14 internal audit staff of the three Federal Colleges of Education in south-south, Nigeria. The entire population was used for the study because it was a manageable size. Questionnaire was used to collect data related to the hypotheses which was developed based on two rating scales of agreed (4-points) and diagreed (2-points). The data collected were analysed using t-test. The results show that there is no significant difference in the opinion of the bursary staff and audit staff on the influence of TSA on cash management in the Federal Colleges of Education. It also show no significant difference in the opinion of the bursary staff and audit staff on the influence of the TSA on the availability of cash for the Federal Colleges to meet their future financial obligation as at when due. Based on the findings, the following recommendations were made among others, that the Federal government of Nigeria, should stop sweeping of the cash balances in the TSA platform of the Federal Colleges of Education which is meant for their future payments. That the TSA platform should be design to be able to reverse payment within 48 hours when it is initiated in order to avoid loosing huge scares financial resources due to errors.

Keywords: Public financial management reforms, Centralizing cash balances, Control corruption in Federal institutions.