Efficient Financial Management Policy in Nigeria: An Evaluation of the Operations of Treasury Single Account (TSA) in Ministries, Departments and Agencies (MDAS) in Nigeria

Abstract

Treasury Single Account as a financial policy has been in use in several countries of the world. It is a public accounting system that uses a single account, or a set of linked accounts by government to ensure that all revenue receipts and payments are done through a Consolidated Revenue Account (CRA) at the Central Bank of Nigeria (CBN). It commenced in Nigeria in 2012 using a unified structure of accounting for 217 government Ministries, Departments and Agencies, MDAs, for accountability and transparency in public fund management This paper examines the implementation and operations of Treasury Single Account by the Ministries, Departments and Agencies in Nigeria.The result shows that with TSA, there is adequate monitoring of government revenue receipts and expenditures, reduction in reckless spending by government officials caused by multiple accounts operated by MDAs. Block leakages has been controlled.

Keywords: Treasury Single Account, Government, Banks, Ministries, Departments, Agencies