TABLE OF CONTENTS
1.2 STATEMENT OF THE PROBLEM
1.3 RESEARCH QUESTION
1.4 OBJECTIVES OF THE STUDY
1.5 RESEARCH HYPOTHESIS
1.6 SIGNIFICANCE OF THE STUDY
1.7 SCOPE AND LIMITATION OF THE STUDY
1.8 DEFINITION OF THE KEY TERMS
1.9 PLAN AND ORGANIZATION OF THE STUDY
2.1 LITERATURE REVIEW
2.2 HISTORICAL BACKGROUND OF CENTRAL BANK OF NIGERIA
2.3 ROLES OF DEPOSIT MONEY BANKS IN THE OPERATION OF TREASURY
2.4 ROLES AND RESPONSIBILITY OF CENTRAL BANK IN THE IMPLEMENTATION
OF TREASURY SINGLE ACCOUNT
2.5 BENEFITS OF TREASURY SINGLE ACCOUNT
2.6 IMPLEMENTATION OF TREASURY SINGLE ACCOUNT (TSA)
2.7 ELEMENTS OF TREASURY SINGLE ACCOUNT
2.8 CHALLENGES OF TREASURY SINGLE ACCOUNT
3.1 RESEARCH METHODOLOGY
3.2 SOURCES OF DATA COLLECTION
3.3 POPULATION OF THE STUDY
3.4 SAMPLE SIZE
3.5 METHOD OF DATA COLLECTION
3.6 METHOD OF DATA ANALYSIS
3.7 LIMITATION OF METHODOLOGY
4.1 DATA PRESENTATION, ANALYSIS
AND INTERPRETATION OF RESULT
4.2 DATA ANALYSIS AND PRESENTATION
4.3 ANALYSIS OF PERSONAL DATA DETAILS OF RESPONDENTS
SEX OF RESPONDENTS
5.1 SUMMARY, CONCLUSION AND RECOMMENDATIONS
single account is a public accounting system under which all government revenue,
receipts and income are collected into single account, usually maintained by
the country’s Central Bank and all payments done through this account as well.
treasury single account come into existence in Nigeria on 15th of
September 2015 by the new elected government president Muhammed Buhari in other
to utilize public fund and maximize corruption in the country. Although Treasury
Single Account has been in existence in some countries before now, such as United
Kingdom, France and some part of the United State of American (U.S.A.). The
purpose is primarily to ensure accountability of government revenue, enhance
transparency and avoid misapplication of public funds. The maintenance of Treasury
Single Account will help to ensure proper cash management by eliminating the funds
usually left with different deposit money banks and in a way of enhancing
reconciliation of revenue collection and payment.
80(1) of the 1999 constitution as amended states “ All revenue or other money
raised or received by the federation (not being revenue or other money raised
or payable under this constitution or any act of the National assembly into any
other public fund of the federation established for a specific purpose) shall
be paid into and form one consolidated revenue fund of the federation”. Successive
governments have continued to operate multiple accounts for the collection and
spending of government revenue in flagrant disregard to the provision of the
constitution which required that all government revenues should be remitted
into a single account. It was not until 2012 that government ran a pilot scheme
for a single account using 217 ministries, department and agencies as a test
pilot scheme saved Nigeria about
billion in frivolous spending. The success of the pilot scheme motivated the
government to fully implement Treasury Single Account (TSA), leading to the
directives to banks to implement the technology platform that will help
accommodate the Treasury Single Account (TSA) scheme. The recent directive by
President Muhammed Buhari that all government revenues should be remitted to a
treasury single account is in consonance with this programme and in compliance
with the provisions of the 1999 constitution Central Bank of Nigerian, 2015
central bank has opened a Consolidated Revenue Account to receive all
government revenue and effect payments through this account. This is the
treasury single account. All Ministries, Departments and Agencies are expected
to remit their revenue collections to this account through the individual
Deposit Money Banks who act has collection agents. This means that the money
deposit banks will continue to maintain
revenue collection accounts for Ministries, Department and Agencies but all
money collected by these banks will have be remitted into the Consolidated
Revenue Accounts with the (CBN) Central Banks of Nigeria at the end of each
types of accounts could be maintained under a Treasury Single Account main
accounts, subsidiary or sub-accounts and Zero balance account. Other types of
accounts that could be operated include imprest
accounts, transit account and
correspondence accounts. These accounts are maintained for transaction purposes
for funds flowing in and out of the Treasury Single Account.
the adoption of Treasury Single Account by the Buhari Administration, Nigeria
public accounting system was in fragmented accounts operated by government
agencies for government revenues, inccomes and receipts, which in the recent
past facilities leakages of legitimate income meant for the federation account.
Treasury Single Account is an initiative of the International Monetary Fund
(IMF) / World Bank in June 2010. It is a key component of the economy reform
programme. Treasury Single Account is an essential tool for emerging market and
low income countries like Nigeria with fragmented systems for handling
government receipts and payments.
federal government Treasury Single Account (TSA) protect, which seeks to
establish a unified structure of government bank accounts, could be the single
most effective mechanism for dealing with corruption in cash management in
Ministries and Agencies, business day has learnt.
initiative is being championed by the federal Ministry of Finance with the
office of the Accountant General of the federation serving as the implementing
agency in active collaboration with the Central Bank of Nigerian (CBN). The
project is inspired by global best practices long established by countries
across the world and has a proven record of enhancing oversight and control of
government cash resources.
to a review document seen by business day, the new initiative should help to
reverse the situation where idle cash balances in bank account for Ministries,
Departments and Agencies (MDA’s) often fail to earn market related
OF THE PROBLEM
implementation of the TSA has not being fully implemented by all the states in
the country; this might be attributed to the state inability to understand the
benefit of the scheme, by understanding the benefit of TSA which is one of the
focal point this study is centered on; it is believed will allow states to
implement the scheme.
conventional accounting system deployed by MDA’s is susceptible to leakages,
having a consolidation account which is what TSA is all about will allow all
these leakages to be blocked.
economy of the country (Nigeria) is in a very challenging and dire state. This
might be attributed to exponencial drop in crude oil and the level corruption
entrenched in MDA’s this corruption is encouraged by the conventional
accounting system which makes it nearly impossible for government to trace
their revenue. Implementation of the TSA will enable the government to fight
corruption to a logical state and consequently improve the economy.
are the challenges of Treasury Single Account on the banking sector in Nigeria?
are the benefits of Treasury Single Account?
joint account help in recovering stolen money?
employees given the responsibilities of maintaining Treasury Single Account
happy or not?
often do auditors manage to audit account in a year?
are the constituents of Treasury Single Account?
OF THE STUDY
following are the objectives of the study
examine the benefits of Treasury Single
Account in Nigeria.
examine the implementation of Treasury Single Account in Nigeria.
identify the roles of Deposit Money Banks (DMB’s) in the operation of (TSA)
Treasury Single Account.
identify the challenges of Treasury Single Account.
- Treasury Single Account cannot be use to curb corruption in Nigeria.
- Treasury Single Account can be use to curb corruption in Nigeria.
statement of hypothesis listed above; thus:
represent negative reply or answer while,
Hi represent positive reply or answer.
OF THE STUDY
work will serve as a knowledge base to other students and researchers’
interested in carrying out further research in this field. If this study is
applied, it will consequently provide new explanation to the topic.
study will shed light on the benefits of Treasury Single Account, thus, making
MDA’s to be more interest in its
study will expose the challenges faced by MDA’s in implementation TSA, this
will make the initiation (IMF) of TSA to make necessary commandment to the
scheme to make it more efficient.
AND LIMITATION OF THE STUDY
CONSTRAINT: Insufficient fund trends to impede the efficiency of the researcher
in sourcing for the relevant materials, literatures or information and in the process
of data collection (internet and questionnaire)
CONSTRAINT: The researcher will simultaneously engage in this study with other
academic work. This consequently will have adverse effect on the available time
needed for this work.
Treasury Single Account is a national phenomenon, which is recently
adopted and fully implemented by the Nigerian government for their Ministries,
Departments and Agencies (MDA’s). In the course of this study of researcher
only limit the study of the Central Bank of Nigeria (CBN) staff of kwara state located
in Ilorin. In other words, Central Bank of Nigerian (CBN) Ilorin staff will form
the population for this study and other CBN branches in other states will not
be included in this study.
OF THE KEY TERMS
TREASURY SINGLE ACCOUNT: TSA
is a bank account or a set of linked bank accounts through which the government
transacts all its receipts and payments
and get a consolidated view of its cash position at the end of each day. It is
a strategy for consolidation of government cash resources in a single account
or several accounts connected that is desirable for sound management of government
cash resources (CBN 2015).
Revenue is an increase in net worth resulting from a transaction. For general
government units, there are four main sources of revenue: taxes and other
compulsory transfers imposed by government units, property income derived from
the ownership of assets, sales of goods and services and voluntary transfers
received from other units.
Accounting system is the system of record of a business that keeps to maintain
its accounting system. This includes the purchase, sales and other financial
processes of the business or Accounting system is the frame work of storage and
processing of management system.
Public sector is all about organizations which are not privately owned and
operated, but which are established, run and financed by government on behalf
of the public. This definition conveys the idea that the public sector consists
of organizations where control lies in the hand of the public.
Treasury is defined as the funds of a group, institution or government or to
the department or even corporation and institution.
A bank is financial institution that provides banking and other financial
services to their customers. A bank is generally understood as an institution
which provides fundamental banking services such as accepting deposits and
AND ORGANIZATION OF THE STUDY
research work is basically categorized into five chapters.
one contain the Introduction.
two deals with the Literature Review.
three present the Research Methodology.
four contains data Presentation, Analysis
five present Summary, Conclusion and Recommendations