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The Efficacy Of The Entronement Of Oba Of Benin And The Cultural Implication by sprojectng: 3:00pm On Feb 15, 2019 |
Abstract Treasury Single Account (TSA) policy in Nigeria is a government accounting system under which all government revenue receipts and income from FEDERAL Government’s Ministries, Departments and Agencies (MDAs) are collected into one single account, usually maintained by the Central Bank of Nigeria and all payments done through this account as well in order to enhance accountability of government revenue; transparency and avoid misapplication of public funds. The implementation of TSA policy in Nigeria has generated mixed reactions on it effect on Federal Government’s Ministries, Departments and Agencies (MDAs). Based on the foregoing, the study assessed the effects of TSA on Federal Government’s Ministries, Departments and Agencies (MDAs). To achieve the objective of the study, primary and secondary sources of data were used. Questionnaires were used for the collection of primary data. A sample size of 150 was purposively drawn from the study population which comprises of Federal Government’s Ministries, Departments and Agencies (MDAs. Descriptive statistic (percentages) CHAPTER ONE INTRODUCTION background of the study Treasury Single Account (TSA) is not a new concept in Nigeria. Chima (2015) opined that the policy was first implemented in 1989 and the implementation was associated with turbulence in the banking industry. The President Olusegun Obasanjo’s led administration centered the idea on the Government integrated Financial Management Information System (GIFMIS). Earlier in February, 2015 the Central Bank of Nigeria issued a circular directing all deposit money banks to implement the Remita e-Collection Platform. The Remita e-Collection is a technology platform deployed by the Federal Government to support the collection and remittance of all government revenue to a Consolidated Account domiciled with the CBN. This marked the beginning of the full implementation of Treasury Single Account (TSA) system in Nigeria. Though section 80 (1) and section 162 of the 1999 Constitution as amended states “All revenues, or other moneys raised or received by the Federation (not being revenues or other moneys 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 provisions of the constitution which requires that all government revenues be remitted into a single account. It was not until 2012 that government ran a pilot scheme for a single account using 217 Ministries Departments and Agencies as a test case. The pilot scheme saved the country about N500 billion in frivolous spending. The success of the pilot scheme motivated the government to fully implement TSA, leading to the directives to banks to implement the technology platform that will help accommodate all MDAs in the TSA scheme (Nairaland, 2015). The Central Bank of Nigeria (CBN) 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 commercial banks who act as collection agents. This means that the money deposit banks will continue to maintain revenue collection accounts for MDA’s but all monies collected by these banks will have to be remitted to the Consolidated Revenue Accounts with the CBN at the end of each banking day. In other words, MDA’s accounts with money deposit banks must have zero balance at the end of every banking day by a complete remittance to the TSA of all revenues collected. The implication is that banks will no longer have access to the float provided by the accounts they maintained for the MDA’s. Different types of accounts could be maintained under a TSA arrangement and these may include the TSA main account, subsidiary or sub-accounts, transaction accounts and zero balance account. Other types of accounts that could be operated include impress accounts, transit accounts and correspondence accounts. These accounts are maintained for transaction purposes for funds flowing in and out of the TSA (Nairaland, 2015). Chukwu (2015) holds that with the implementation of the Treasury Single Account, Ministries, Agencies and Departments (MDAs) will maintain their individual accounts with the commercial banks, but daily funding of their disbursements are made from the central or main account, which is resident with the Central Bank, just as their closing balances at the end of day are transferred to the main account. STATEMENT OF THE PROBLEM The role of treasury single account was to ensure uniformity in the financial dealings of every government ministries and parastatals and transparency of every financial transactions nationwide, this account which is to be maintain by the central bank charged with the responsibility of ensuring financial stability in government ministry and parastatals has encounter serious criticism from the banks and the ministry at large. It is on this back drop that the researcher intends to investigate the role of the TSA in ensuring liquidity and stability in government ministries. OBJECTIVE OF THE STUDY The main objective of this study is to ascertain the role of (TSA) treasury single account in attaining financial stability in Nigeria. However, for the successful completion of the study, the researcher set out the following sub-objectives to be achieved: To ascertain the role of treasury single account in attaining financial stability To ascertain the relationship between financial stability and liquidity To ascertain the impact of TSA in ensuring accountability in government ministries To evaluate the role of central bank on implementation of TSA in government ministries. RESEARCH HYPOTHESES For the successful completion of the study the following research hypotheses were formulated H0: TSA does not have any significant role in attaining financial stability in government ministries H1: TSA plays a significant role in attaining financial stability by government ministries H0: there is no significant relationship between TSA and financial stability. H2: there is a significant relationship between TSA and financial stability. SIGNIFICANCE OF THE STUDY It is perceived that at the completion of the study, the findings will be of great importance to the central bank of Nigeria, and all commercial banks as it will aid them in curbing multiple account from one ministries, the study will also be of great importance to the federal government ministries and parastatals, as the study will guide them to know the advantages of single treasury accounts. The study will also be of great importance to academia’s as the study will add to the pool of knowledge and finally the study will also be of great importance to the students, teachers, lecturers, researchers and the general public. SCOPE AND LIMITATION OF THE STUDY The scope of the study covers the role of single treasury account in ensuring financial stability and accountability by federal government departments ministry and parastatals. However, the study has some limitation which the researcher encounters, below are some of the limitation: a) AVAILABILITY OF RESEARCH MATERIAL: The research material available to the researcher is insufficient, thereby limiting the study b) TIME: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study. c) FINANCE: The finance available for the research work does not allow for wider coverage as resources are very limited as the researcher has other academic bills to cover. 1.7 DEFINITION OF TERMS Single Treasury Account Treasury Single Account (TSA) is a financial policy in use in several countries all over the world. Income Statement An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, operating statement, or statement of operations) Income and expenditure account The account through which surplus or deficit of a non-profit-seeking concern is ascertained, is called Income and Expenditure Account. Treasury In many other countries, the treasury is called the “ministry of finance” and the head is known as the finance minister. https://sprojectng.com/the-efficacy-of-the-enthronement-of-oba-of-benin-and-the-cultural-implication/ FOR COMPLETE PROJECT TOPICS AND MATERIALS VISIT www.sprojectng.com |
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