THE EFFECT OF TREASURY SINGLE ACCOUNT ON REVENUE GENERATION IN NIGERIA

THE EFFECT OF TREASURY SINGLE ACCOUNT ON REVENUE GENERATION IN NIGERIA BY ODINDE PATRITA CHIMEREZE 2020/126984/REGULAR DEPARTMENT OF ACCOUNTING FACULTY OF ECONOMICS AND MANAGEMENT SCIENCES ABIA STATE UNIVERSITY, UTURU NIGERIA JANUARY, 2025 21 PROJECT ASSESSMENT ABIA STATE UNIVERSITY, UTURU FACULTY OF ECONOMICS AND MANAGEMENT SCIENCES DEPARTMENT OF ACCOUNTING NAME: ODINDE PATRITA CHIMEREZE MATRIC NO: 2020/126984 PROJECT TOPIC: THE EFFECT OF TREASURY SINGLE ACCOUNT ON REVENUE GENERATION IN NIGERIA S/N: EVALUATION CRITERIA PERFE C T S C O R C E % STUDE N T' S S C O R E % 1 Grasp of subject matter as demonstrated by introduction and statement of problem 10 2 Breadth and depth of related literature review 15 3 Appropriateness of research methodology to problem being investigated 15 4 Analysis, findings and recommendations Are these logical and meaningful? 20 5 Achievement of objective stated for the project 10 6 Style and presentation -Correctness of referencing style 2 -Grammer 3 -Correctness of presentation format 2 -Do errors- typographical and otherwise exist 3 10 7 Contribution to business problem solving as brought out in the conclusion and recommendation 20 Total score 100% Letter grade Supervisor’s comment on the degree of confirming of the project with the faculty’s research guideline……………………………………….......................... Supervisor’s Name: MR. U. O. OBASI Signature/Date …………………….... External Examiner’s Comment …………………………………............................... External Examiner’s Name: ……………………………………................ Signature/Date …………………………………… THE EFFECT OF TREASURY SINGLE ACCOUNT ON REVENUE GENERATION IN NIGERIA BY ODINDE PATRITA CHIMEREZE 2020/126984/REGULAR BEING A RESEARCH PROJECT PRESENTED TO THE DEPARTMENT OF ACCOUNTING FACULTY OF ECONOMICS AND MANAGEMENT SCIENCES ABIA STATE UNIVERSITY, UTURU NIGERIA IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF BACHELOR OF SCIENCE (B.Sc.) IN ACCOUNTING JANUARY, 2025 DECLARATION I, ODINDE PATRITA CHIMEREZE with matriculation number 2020/126984 do hereby declare that this project has not been previously presented either wholly or in part for the award of any other Degree, Diploma or Certificate in any University or Institution of Higher Learning in Nigeria or elsewhere. ODINDE PATRITA CHIMEREZE (Project Researcher) Date:......................... CERTIFICATION The undersigned do hereby certify as follows: That to the best of our knowledge, this is the original work of ODINDE PATRITA CHIMEREZE and that the project is accepted in partial fulfilment of the requirements for the award of the Degree of Bachelor of Science (B.Sc.) in Accounting. We recognize that ODINDE PATRITA CHIMEREZE bears full responsibility for the contents of this work. Name Signature Date Mr. U. O. Obasi (Project supervisor) .................... .................... Dr. (Mrs) R. C. Agbaraevoh (HOD, Accounting) .................... .................... Prof. N. O. Dibia (Dean) .................... .................. Prof. A. U. Nwaeze (External Examiner) .................... .................... DEDICATION This research work is dedicated to God Almighty, my creator who has blessed me with the wisdom, strength and determination to pursue and complete this work. To my lovely parents, Mr & Mrs James Odinde, thank you for the support. ACKNOWLEDGEMENT To God Almighty be all the glory for his grace throughout this journey of my academic pursuit. I am deeply grateful for the guidance provided by my supervisor, Mr. U. O. Obasi. His unwavering encouragement and invaluable insight have been instrumental in shaping the direction and quality of my work. I am credibly fortunate to have had the opportunity to learn from him and grow as a researcher under his supervision. This acknowledgement will not be complete without acknowledging my lecturers of my faculty, Prof. N. O. Dibai, Prof. G.A.N. Ama, Dr. O. O. Onwuka, Dr. (Mrs) R. C. Agbaraevoh, Dr. U. O. Orji, Dr. N. G. Nwaigwe, Dr. O. K. Aruomah, Mr. E. U. Ngwobia, Mr. Henry Udeh, Mr. Henry Nwankwo, Mr. C. O. Onwubiko and Mr. O. A. Nduneri. God bless you all. I also with due respect, express my gratitude to my parents, Mr & Mrs James Odinde for their financial assistance, guidance, prayers and love. Special thanks goes to my twin sister, Faithmoria, and my other siblings, PascalAnthony, Onyenege, AmenSolomon, Glory, and Ifeanyi. May God bless and protect you all. Amen. ODINDE PATRITA CHIMEREZE January, 2025 TABLE OF CONTENT Cover page………………………………………………………….. Table of content…………………………………………………….. Abstract……………………………………………………………... CHAPTER ONE: INTRODUCTION Background to the study…………………………………………..1 Statement of the problem…………………………………………..3 Objective of the study……………………………………………..4 Research question…………………………………………………4 Research Hypothesis………………………………………………5 Significance of the study………………………………………….5 Scope of the study………………………………………………...6 Limitation to the study……………………………………………7 Definition of terms………………………………………………7 CHAPTER TWO: LITERATURE REVIEW 2.1 Conceptual Framework…………………………………………………8 2.1.2 History of Treasury Single Account(TSA) in Nigeria……………….8 2.1.3 Benefit of Treasury Single Account(TSA) in Nigeria……………….9 2.1.4 Challenges and solutions for Treasury Single Account(TSA) in Nigeria..9 2.1.5 The relationship between Treasury Single Account(TSA) in Nigeria……12 2.2 Theoretical review………………………………………………………12 2.3 Empirical review…………………………………………………………..14 CHAPTER TREEE: RESEARCH METHODOLOGY 3.1 Research Design………………………………………………………….17 3.2 Data Selection……………………………………………………………17 3.3 Data Collection………………………………………………………….17 3.4 Operational measures of variables………………………………………17 3.5 Data analysis techniques………………………………………………..17 3.6 Model specification…………………………………………………….18 CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA 4.0 Preamble……………………………………………………………..19 4.2 Data presentation…………………………………………………….19 4.3 Test of hypothesis …………………………………………………..20 CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION 5.1 Summary of findings………………………………………………..26 5.2 Conclusion………………………………………………………….27 5.3 Recommendation………………………………………………….27 REFERENCES……………………………………………………….29 ABSTRACT This study examined the impact of Treasury Single Account (TSA) on revenue generation in Nigeria. The study investigated how the implementation of TSA in Nigeria affects revenue generation in Nigeria. The paper used secondary data collected from Central Bank of Nigeria statistical bulletin, ranging from 2012-2023.The TSA proxy used were Inflation Rate(INFLR) and Total government Expenditure(TGEX) while the dependent variable is Total Revenue Generated Regression(TOREV). Regression Analysis technique was employed to analyze the data. The findings of the study revealed that TSA has a positive and insignificant effect on government revenue in Nigeria. The study recommends that government should strengthen the system of implementation of TSA in Nigeria and all resources of leakages to total government revenue should be investigated forensically and such loopholes filled. KEYWORDS: Treasury Single Account(TSA), Revenue, Inflation Rate, Government Expenditure, Regression Analysis, Central Bank of Nigeria(CBN). CHAPTER ONE INTRODUCTION 1.1 Background of the study The study of the effect of the Treasury Single Account (TSA) on revenue generation in Nigeria is set against the backdrop of the country's long-standing challenges with managing its public finances. For many years, Nigeria's government had struggled with inefficient and opaque financial management systems, which led to leakages, corruption, and mismanagement of public funds. In 2015, the Nigerian government introduced the Treasury Single Account (TSA) policy, which aimed to consolidate all government revenues into a single account at the Central Bank of Nigeria (CBN). The TSA policy was designed to promote transparency, accountability, and efficiency in the management of public finances (Iroegbu, 2018). The introduction of the TSA policy was a significant reform effort aimed at addressing the country's public financial management challenges. By accountability, and enhance the government's ability to manage its finances effectively. However, the implementation of the TSA policy also raised concerns about its potential impact on revenue generation in Nigeria. Some stakeholders argued that the TSA policy could lead to a reduction in government revenues, as some agencies and departments might resist the consolidation of their revenues into a single account. Others argued that the TSA policy could lead to improved revenue generation, as it would promote transparency and accountability in the management of public finances (Idris, 2018). Over the years, the Nigerian economy has deeply relied on revenue generated from the sale of crude oil for the running of government activities; and this has brought reckless spending and mismanagement of public funds in governance. Before now, several government agencies in Nigeria were self-sufficient to collect money on behalf of the federal government and they had the freedom to expend part of it since they only needed to remit only a portion of the declared amount. Several challenges are posed due to high cost of cash management in Nigeria economy which is increasing every year. One of the challenges arising from high-cash usage among others includes operation of multiple accounts. Governments have been operating multiple accounts for revenue collection and spending in contrary to the provision of the Nigerian Constitution which requires that all government revenue generation must be remitted into a single account. As a result of economic challenges, Central Bank of Nigeria was directed to open a Consolidated Revenue Account where all government revenue, incomes and inflows are collected into one single account maintained by the Central Bank of Nigeria (CBN, 2014). This is known as Treasury Single Account (TSA). In 2012, the Nigerian government implemented the first phase of a single account policy with 217 ministries, departments and agencies as a case study and about N500 billion was saved from the reckless spending of the MDAs. Government was motivated with the achievement of this policy and also urged all banks to employ the technology platform that will help to accommodate the TSA policy, (Okwe, chijioke, temilulowa &david, 2015). The Treasury Single Account (TSA) is a public accounting system that collects all government revenues, receipts, and income into a single account maintained by the central bank. As per Onyekpere (2015), TSA is a bank account or collection of linked accounts through which the government transacts all receipts and payments and gets a consolidated cash position at any given time. Treasury Single Account (TSA) has been utilized in several countries, including the US, UK, and developing nations like Indonesia and India. The Federal Government of Nigeria proposed TSA in 2012 under President Geoduck Jonathan. TSA payment pilot studies with several ministries, departments, and agencies (MDAs) were cancelled in 2012. In February 2015, President Buhari fully implemented TSA for all federal government MDAs to combine inflows from all government agencies into a single Central Bank of Nigeria account. Before TSA in Nigeria, government ministries, parastatals, and agencies paid and received monies into many commercial bank accounts. Most MDAs failed to remit a percentage of their revenue to the federation account and kept the rest for office maintenance. Some MDAs operate like autonomous empires, remitting only a portion of their revenue to the government treasury and leaving the rest in commercial banks. The government borrowed excessively to fund its budget because it was unaware of idle wealth. The economic problems caused by several accounts led to TSA's implementation. The CBN holds all government revenue, income, and inflows in a consolidated revenue account mandated by the federal government. MDAs must send CBN revenue from commercial banks. Commercial banks deposit MDA funds into the CBN's consolidated revenue account each day. Banks will no longer keep idle MDA cash, preventing financial leakages. In his study, Adeolu (2015) opined that keeping TSA will improve cash management by eliminating idle funds at numerous commercial banks and reinforcing profit collection and payment reporting. Public finance management includes revenue generation, allocation, and expenditure management in government ministries, departments, parastatals, and agencies to ensure efficient and effective delivery of public goods and services. Yusuf (2016) believes "institutionalization of TSA has the power of bunging financial loopholes, hence boosting accountability and transparency in the financial systems of public sector entities."Ajala (2017) states that sound public financial management is essential to the public sector's goals because it improves public service outcomes, operational and strategic decision making, long-term sustainability of public services, public trust in the sector's performance, and efficient and effective use of public funds. Public finances can be used to offer goods and services to support government policy goals; deliver public services through staff and/or government-owned structures; provide grants and subsidies to institutions and organizations; and pay workers and retirees (Anisiuba, 2017). TSA allowed the Nigerian government to transfer all money collected by Ministries, Departments, and Agencies from commercial banks to the Consolidated Revenue Account with the Central Bank of Nigeria, increasing its revenue base. This study examined how TSA implementation affected Nigerian public budget management. Treasury Single Account (TSA) could be described as part of the Economic Reform Programme of the Federal Republic of Nigeria to facilitate a unified structure of government bank account for all government transactions. The new system of accounting is part of campaign for zero-tolerance for corruption. It is expected to consolidate all cash resources of the government in all MDAs which were previously purposely located in various bank accounts, under one unified management and control (Adeolu & Danladi,2015). Apart from availing the government of effective control of cash resources, TSA will also guarantee timely information on its cash resources on real time and online and harmonizes government servicing of its obligations, Danladi,(2015). Where necessary, the government seeks appropriate legislations and legal backing to facilitate the relevant regulatory environment towards its successful implementation. The major benefit of a Treasury Single Account is to enhance government revenue generation and to ensure transparency and accountability in government expenditure, (Adams, 2015); it could also help to minimize revenue leakages that have been a major challenge to the growth and development of the Nigerian Economy (Eme & Chukwura, 2015). The introduction of TSA may put a stop to the MDAs that manage their finances like independent entities and remit revenue to government treasuries at will. If TSA is properly guided and there is constant review of this policy, financial recklessness of agencies of government may be curtailed and force spending within the approved budget provisions. Accountant-General of the Federation is charged with the responsibility and coordination of TSA policy and one of the duties of the Accountant-General of the Federation is to disallow MDAs from operating secret bank accounts which might eventually lead to revenue leakages, (Adeolu, 2015). Therefore, commercial banks could lose greatly from the implementation of this policy. This is because of the fact that public sector funds constitute a large percentage of commercial banks deposits. About N2.4 trillion of public funds are kept in the commercial banks before the implementation of the Treasury Single Account Policy (Office of the Accountant-General of the Federation). 1.2 Statement of the Problem The statement of the problem of the study of the effect of treasury single account on revenue generation in Nigeria is centered around the potential impact of the Treasury Single Account (TSA) policy on the country's revenue generation. The TSA policy, which was introduced in 2015, aims to consolidate all government revenues into a single account at the Central Bank of Nigeria (CBN). However, there are concerns that the TSA policy may have both positive and negative effects on revenue generation in Nigeria. On the one hand, the TSA policy is expected to promote transparency and accountability in the management of government revenues, which could lead to an increase in revenue generation. On the other hand, the TSA policy may also lead to a reduction in government revenues, as some agencies and departments may resist the consolidation of their revenues into a single account (Kerosi, 2017). The Economic situation in the country presently made the government to look inward on how government could improve the revenue generation and bridge the gap of corruption, misappropriation and mismanagement of public funds. Challenges against the adoption of TSA policy in Nigeria is enormous, initially, some MDAs were against the implementation of TSA because of their usual and sharp dealings with the public funds. However, the implementation of this policy is a critical step towards curbing mismanagement of funds in public sector and to ensure accountability and transparency in the management of public funds (Iroegbu, 2015), and also enables efficient control and monitoring of fund flow to critical sectors of the economy to sustain growth and development. While the TSA would ensure greater transparency and accountability in public finance, especially at the federal level, some critics are concerned that it may drive a liquidity squeeze on the commercial banks and negatively influence interest rates to rise. By such argument, jobs may be lost while borrowing would drop significantly. Studies have indicated that “Banks have had significant reduction in their level of government’s deposits. It is not just because of the reduction in oil price, it is also because of the restructuring of the fiscal accounting, in which the TSA has been implemented.” Onasanya (2011) added that liquidity in the financial sector shrank as a result of adopting TSA. This is because public accounts previously domiciled in commercial banks have now been moved to the central bank. Various persons have expressed concerns in this regard. For instance, analysts’ postulate that banks operating in Nigeria may be losing deposits as much N2 trillion to the Central Bank. This has created a fierce competition in the money market whereby banks tussle for funds in order to increase their liquidity position. Also, the global rating agency, Fitch, posits that the Nigerian financial sector may be heading into a stormy period. This may occur because their operating conditions may not be favourable as there is likelihood that there may be decline in liquidity and even profitability. It is against this background that this study examines the treasury single account policy on government revenue remittance in Nigeria. 1.3 Objectives of the Study The broad objective of this study is: i. To determine the effect of TSA on Revenue Generation in Nigeria. ii. To ascertain how TSA policy can assist in blocking government revenue leakages. 1.4 Research Questions Given the hypothetical and critical evaluation of the research objectives, the following questions will accentuate the subject matter of the study. i. To what extent does TSA affect Revenue Generation in Nigeria? ii. To what extent does TSA policy assist in blocking government leakage in Nigeria? 1.5 Research Hypotheses Hypotheses are referred to as intelligent predicts, hunches, or conjectural statement between two or more variables which the researcher expresses to guide his research for solution to the problem. For proper investigation and finding, the following hypotheses have been formulated for testing. Hypothesis one H0: There is no significant effect of TSA proxy by inflation rate (INFLAR) on Total Revenue Generation in Nigeria. H1: There is significant effect of TSA proxy by inflation rate (INFLAR) on Total Revenue Generation(TOREV) in Nigeria Hypothesis two H0: There is no significant effect of TSA proxy by Total Government Expenditure (TGEX) on Total Revenue Generation in Nigeria. H1: There is significant effect of TSA proxy by Total Government Expenditure (TGEX) on Total Revenue Generation (TOREV) in Nigeria 1.6 Significance of the study Overall, the study of TSA is significant as it provides valuable information and insights to governments, policy makers, the general public, stakeholders, and academia, enabling them to make informed decisions and contribute to the development and growth of their respective economies. 1. Government • Increased transparency & accountability: All Government revenue flows into one account, making it easier to track income and spending. This reduce the risk of corruption and misuse of funds. • Improved cash flow management: The Government has a clearer picture of its overall financial position, allowing for better budgeting and forecasting. • Reduced banking costs: By consolidating accounts, the government can negotiate better rates and fees with banks. • Efficient debt management: The TSA allows for better monitoring of government debt and facilitates more informed decision on borrowing and repayment strategies. 2. Policy makers • Better informed policy decisions: The TSA provides more accurate data on government finances, enabling policymakers to make data-driven decision on resource allocation and economic planning. • Effective monitoring of budget allocation: The TSA allows for easier tracking of how funds are spent by different government agencies, ensuring adherence to budgetary plans. 3. General public • Increased transparency: A TSA provides a clearer picture of how government revenue is collected and spent. This fosters public trust and reduces the perception of corruption. • Potentially lower Taxes: Improved government efficiency due to the TSA can lead to a more sustainable financial situation, potentially reducing the need for future tax increases. • Simplified payment process: The public might benefit from easier and more streamlined method for making payments to the government (e.g online portals). 4. Stakeholders • Timely payments: A well-functioning TSA ensure more predictable and timely payments from the government for goods and services rendered. • Reduced Risk: A TSA can potentially lower the risk of government defaulting on its debt obligations. 5. Academia • Improved Research data: The TSA provides a more comprehensive and reliable dataset on government finances, which can be used for academic research in public finance, economics, and government. • Enhanced understanding of public financial management: The TSA offers a real-world example of a system for managing government funds, which can be studied by academics to understand best practices in public finance. 1.7 Scope of the study The scope of the study us to assess the Effect of TSA on Revenue Generation in Nigeria. 1.8 Limitation to the study 1. Data Constraints: Limited access to comprehensive and up-to-date data on TSA implementation and revenue generation. 2. Time Frame: The study focuses on specific period, which may not capture long term effects, which is from 2012-2023. 3. Geographical limitation: The research concentrates on Nigeria, limiting generalizability to other countries. 4. Methodological limitation: The study relies on second data, potentially affecting validity because primary data may not be reliable. 5. Time-series analysis: Highlight areas for future research to address and challenges in TSA on revenue generation in Nigeria. 1.9 Definition of Terms • TSA: Treasury single account. It is a financial policy implemented by the Nigerian government to consolidate all federal government revenues, incomes, and inflows into a single account, maintained by the central bank of Nigeria. • Revenue Generation: It refers to the process of creating and maximizing revenue streams for government, organization, or business. • MDAs: Ministries, Departments and Agencies. It refers to the various government institutions responsible for implementing policies and delivering public services. • CBN: Central Bank of Nigeria. • Public finance: This refers to the management of financial resources and expenditures of a government or public entity. CHAPTER TWO REVIEW OF RELATED LITERATURE 2.1 Conceptual framework The concept of Treasury Single Account (TSA) refers to a financial management system in which all government revenues, receipts, and payments are consolidated into a single account at the Central Bank of Nigeria (CBN). This account is maintained and managed by the CBN on behalf of the government. The TSA is designed to promote transparency, accountability, and efficiency in the management of public finances. By consolidating all government revenues into a single account, the TSA aims to reduce corruption, leakages, and mismanagement of public funds. It also enables the government to have a clear picture of its financial position, make informed decisions, and improve its ability to manage its finances effectively (Ocheni, 2016). The TSA is typically characterized by the following features: all government revenues are paid into the TSA; all government payments are made from the TSA; and the TSA is maintained and managed by the CBN. The TSA is also subject to regular audits and reconciliations to ensure its accuracy and integrity. The implementation of the TSA is expected to bring several benefits, including improved transparency and accountability, reduced corruption and leakages, and enhanced efficiency in the management of public finances. It is also expected to improve the government's ability to manage its finances effectively, make informed decisions, and achieve its development objectives (Offor, 2017). Treasury Single Account– Treasury Single Account (TSA) is concentration banking or the gathering of government revenue generated. Pattanayak and Fainboim (2011), define TSA as a “unified structure of government bank accounts enabling consolidation and optimum utilization of government cash resources”. It separates transaction level control from overall cash management. In other words, a TSA is a bank account or set of linked bank accounts through which the government transacts all its receipts and payments and gets a consolidated view of its cash position at the end of each day. Yusuf (2016) asserts that Treasury Single Account is a system of accounting under which all government revenue, receipts and income are usually collected into one single account, maintained by the Central Bank of the country and all payments done through this account as well. According to Chukwu (2015), Treasury Single Account (TSA) is the network of subsidiary accounts all linked to a main account such that transactions are effected in the subsidiary accounts with its closing balances transferred to the main account at the end of each business day. 2.1.2 History of Treasury Single account (TSA) in Nigeria Nigeria is not alone in the drive for TSA. TSA is a financial reform policy in use in several countries all over the world, these include the Uk, Sweden, Dutch, Australia, France, New Zealand, Macedonia and Moldova (Pempal, 2015). According to International Monetary Fund (IMF)/World Bank (2012), Treasury Single Account (TSA) is one of the proven practices in improving the payment and revenue collection systems. Globally, TSA has been implemented with a high level of success in Indonesia, United Kingdom, Sweden, India, France (Kerosi, 2017). These nations adopted the TSA in order to do away with the idle cash balances in the government bank accounts. They realized that idle bank balances in commercial banks are never idle for those banks as they are used to extend loans to their customers (Pattanayak & Fainboim, 2011). Treasury Single Account (TSA) is said to be one of the proven practices in improving the payment and revenue collection systems, and carrying out consistent control of public expenditures by centralizing the free balances of government bank accounts (World Bank, 2013). In Nigeria, the Treasury Single Account (TSA) as a concept began with the Oliver Lyttleton Constitution in 1954, the document which conferred the status of a Federation on Nigeria where the central government was mandated to operate a single revenue account for the country popularly known as Consolidated Revenue Fund (CRF). TSA a public financial management reform under the World Bank project-funded economic reform and governance project (ERGP) implementation and part of pillar 3 of the national strategy for public service reforms towards vision 2020 started in 2004. By 2009 IMF advised the federal government of Nigeria (FGN) on the feasibility of TSA with a mission report presented in 2010. The TSA structure and implementation strategy was finally approved by the then honorable minister of finance Ngozi Okonjo- Iweala in 2011 (Okolieaboh, 2017). Its main objective is to facilitate the implementation of federal government of Nigeria‟s cash management policy. According to Eme, Chukwura and Iheanacho (2015), the order on TSA, which came into effect on August 11,2015 marks the beginning of MDAs retirement of revenues due to the Federal Government into a unified account maintained by the Central Bank of Nigeria (CBN). 2.1.3 Benefits of Treasury Single Account in Nigeria The Treasury Single Account (TSA) provides numerous benefits to the government, citizens, and the economy as a whole. One of the primary benefits of the TSA is that it promotes transparency and accountability in the management of public finances. By consolidating all government revenues into a single account, the TSA provides a clear picture of the government's financial position, making it easier to track revenues and expenditures. The TSA also helps to reduce corruption and leakages in the management of public finances. With all revenues flowing into a single account, it becomes more difficult for corrupt officials to divert funds for personal gain. Additionally, the TSA reduces the risk of mismanagement of public funds, as all transactions are recorded and tracked in a single account (Okwe, 2015). Another benefit of the TSA is that it enhances efficiency in the management of public finances. The TSA streamlines government financial transactions, reducing the complexity and bureaucracy associated with managing multiple accounts. This enables the government to make faster and more informed decisions about its financial resources. The TSA also improves the government's ability to manage its cash flows and liquidity. With all revenues flowing into a single account, the government can better manage its cash flows and ensure that it has sufficient liquidity to meet its financial obligations (Onyekwere, 2015). According to Ocheni (2016) the TSA has a lot of effects and consequences on the banks, ministries, departments and agencies, as well as government business operators. The benefits ranges from TSA facilitating better fiscal and monetary policy coordination, reconciliation of fiscal and banking data and improving the quality of fiscal information. The Accountant General of the federation, Idris in 2017 asserts that the benefit of TSA among others are the elimination of multiple banking arrangement resulting to consolidating accounts of MDAs and closure of over 20,000 accounts domiciled with deposit money banks across Nigeria. The monitoring and transparency of MDAs‟ operations and prevention of funds from being diverted from its original purpose. Okolieaboh (2017) states that with TSA, federal government cash position is determined daily, reduction of waste and means charges from N4.7 b/month to zero, improvement in liquidity position of government, better control and oversight of MDA operations, elimination of cash handling risk are among the benefits of TSA. According to Chijoke and Orioha (2017), TSA benefits include, significant reduction in the debt servicing costs and eradication of financial misappropriation in the public sector. Idris (2018) states that gains of TSA implement in Nigeria include; improved revenue collection mechanism through e-collection, elimination of cash handling costs, total elimination of loss of public funds to armed robbery/hijacking of bullion vans and 24/7 availability of receipts and payments .The federal government transactions based on turnover through the Treasury Single Account (TSA) now stands at over N30 trillion (Okolieaboh,2019). 2.1.4 Challenges and Solutions for Treasury Single Account (TSA) According to Idris (2018), TSA implementation challenges can be viewed from three perspectives; institutional, operational and implementation 1. Institutional Challenges • Resistance to Change: Bureaucratic inertia and a preference for the autonomy of managing their own budgets can be strong within government agencies. • Loss of Control: Agencies may feel they lose control over their finances and ability to respond quickly to local needs. • Data Sharing Concerns: Agencies might be hesitant to share sensitive financial data with a central authority. • Change Management: Transitioning to a new system can be disruptive and require significant changes to internal workflows and processes. Solutions to Institutional Challenges: • Communication & Stakeholder Engagement: Clearly communicate the benefits of the TSA, address concerns openly, and involve agencies in the planning and implementation process. • Phased Implementation & Training: Implement the TSA in stages, starting with a pilot program to identify and address challenges. Provide comprehensive training to agency personnel on the new system and its functionalities. • Incentives & Recognition: Develop incentive programs to encourage agencies to adopt the TSA effectively. Recognize and reward early adopters and those demonstrating best practices. • Data Security & Access Controls: Implement robust data security measures and establish clear access controls to address data sharing concerns. • Change Management Support: Provide on-going support during the transition, including training on new workflows, technical assistance, and addressing emerging challenges. 2. Operational Challenges • Payment Delays: Transitioning to a new system can lead to initial delays in processing payments. • Cash Flow Problems: Government agencies might face difficulties managing cash flow with a centralized system. • Accountability Concerns: A non-transparent TSA can make it difficult to track how funds are used within agencies. Solutions to Operational Challenges: • Streamlined Processes & Testing: Develop efficient workflows and test the system thoroughly before full implementation. • Improved Forecasting & Line of Credit: Develop better financial forecasting and consider a credit line with a central bank for temporary cash flow issues. • Transparency & Reporting: Regularly publish reports on government finances and spending through the TSA system. • Independent Oversight: Establish an independent body to monitor the TSA and ensure accountability. 3. Implementation Challenges • Resistance to Change: Bureaucratic inertia and a preference for the old system by some agencies. • Technical Difficulties: Building and maintaining a robust IT infrastructure can be complex and expensive. • Lack of Capacity: Government agencies might lack trained personnel to operate the TSA effectively. • Integration Issues: Integrating the TSA with existing financial management systems can be challenging Solutions to implementation Challenges • Communication & Transparency: Clearly explain the benefits, address concerns, and involve stakeholders in the process. • Training & Capacity Building: Provide training to government personnel on the TSA system. • Phased Approach & External Expertise: Implement the TSA in stages with pilot programs and consider partnering with experienced consultants. • Standardization & Incremental Integration: Develop standardized data formats and integrate the TSA with existing systems in phases. 2.1.5 The relationship between Treasury Single Account (TSA) and revenue generation: The relationship between TSA and revenue Generation are as follows: 1. Increased revenue collection: TSA helps to ensure that all government revenues are remitted into a single account, reducing the risk of revenue leakages and increasing the overall revenue collection. 2. Improved revenue transparency: TSA provides a clear picture of government revenues, making it easier to track and monitor revenue collection. 3. Enhanced cash management: TSA enables the government to manage its cash resources more effectively, allowing for better planning and budgeting. 4. Reduced revenue fragmentation: TSA eliminates the fragmentation of revenue collection, which can lead to revenue losses and inefficiencies. 5. Increased accountability: TSA promotes accountability and transparency in revenue management, reducing the risk of corruption and mismanagement. 6. Improved budgeting: TSA provides a comprehensive picture of government revenues, enabling more accurate budgeting and financial planning. 7. Increased efficiency: TSA streamlines revenue collection and management, reducing the administrative burden and increasing efficiency. 8. Better investment of excess funds: TSA allows for the investment of excess funds, generating additional revenue for the government. In summary, TSA is a critical component of revenue generation in Nigeria, as it ensures that all government revenues are collected, accounted for, and managed effectively. By consolidating revenues into a single account, TSA promotes transparency, accountability, and efficiency in revenue management, ultimately leading to increased revenue generation and better financial management. 2.2 Theoretical Review Over time, literatures have strained to launch driving force of TSA. This is anchored on selected theories relating to Treasury Single Account as they relate to Revenue Generation in Nigeria. 1. Modern Money Theory (MMT):This theory, proposed by Warren Mosler in 1970, investigates how monetary sovereign governments operate and their effects on the economy. MMT questions long-held views about how the government interacts with the economy, the nature of money, the use of taxes, and the significance of budget deficits. "The government should consolidate all government revenue into one Single Account," write Udo et al (2016). Modern money theory advocates for the simultaneous existence of the Treasury Single Account and the Central Bank of Nigeria, so that the CBN, as the apex bank, is permitted to be in command and control over the TSA (Adeagbo et al, 2019). 2. Contingency Theory : A contingency theory is an organizational theory that claims that there is no best way to organize a corporation, to lead a company, or to make decisions. Instead, the optimal course of action is contingent (dependent) upon the internal and external situation. A contingent leader effectively applies his style of leadership to the right situation. According to Flinsch-Rodriguez (2010), the basic premise of contingency theory is that there is no one best way to lead an organization. There are too many external and internal constraints that will alter what really is the best way to lead in a given situation. In other words, it all depends upon the situation at hand as to what will be the best course of action. 3. Stakeholders Theory: This theory is conceptualized on the assumption that the adoption of Treasury Single Account (TSA) by the FGN was as a result of the pressure mounted on the government by the stakeholder for the eradication of corruption. Stakeholder theory is a theory of organizational management and business ethics proposed by Freeman, R.E. in 1984. Freeman (1984) asserts that managers must satisfy a variety of constituents (e.g. investors and shareholders, employees, customers, suppliers, government and local community organizations). Based on this theory, the researcher argued that the emergence of TSA was as a result of government response to the yearnings, demands and aspirations of critical stakeholders by way of developing strategic options towards eliminating corruption. The stakeholder’s theory therefore explains the motivating factors that made the government to adopt and implement the TSA, 4. Public finance management Theory: This theory assumes that the government should endeavour to prudently manage her expenditure to the benefit of the citizenry. The theory also stress that the government's revenue should be well mobilized to disallow the looting of such into private pockets (Udo and Esara, 2016). These consist of resources prioritization, prioritization of programmes the budgetary process, efficient management of resources etc. (Bashir, 2016), therefore, the essence of TSA is to avoid misapplication of public fund. 2.3 Empirical review A good number of people have carried out research on TSA and all come out with various findings: Ocheni (2016) focused Treasury Single Account: A Catalyst for Nigerian Public Financial Management. Management data was collected from 178 commercial bank and Central Bank of Nigeria top and lower management surveys. Descriptive statistics including mean, mean set, and standard deviations were used to analyse the data and test the hypothesis with the z-test. The findings revealed no substantial difference in respondents' mean scores on how TSA policy will effect the nation's revenue drive, transparency, and corruption combat. Oti, Igbeng, and Obim (2016) focused the Treasury Single Account's policy impact in Nigeria and proposed fixes. Individuals and institutions were surveyed using questionnaires. Using a survey and exploratory study technique, secondary data were used, obtained, and analysed like primary data. The study revealed a variety of perspectives: bankers complained about the distortion of their liquidity management plan, while the federal government claimed a huge success because it can now comment on its aggregate cash holdings without the drudgery of reaching out to all commercial banks and MDAs with multiple accounts. An empirical study by Udo and Esara (2016) examined the benefits of the Nigerian state government's approval and full implementation of TSA. Descriptive cross-sectional surveys were employed for the study. 200 Akwa Ibom professional accountants were surveyed. Descriptive and t-test statistics analysed questionnaire data. The discovery shows that state government TSA adoption and full implementation will be very helpful. Adetula, Adebanjo, Owolabi, and Achugamnu (2017) focused Nigeria's Treasury Single Account Policy and Government Revenue. They used a questionnaire to collect primary data from Lagos State public sector personnel. The results showed that TSA policy had a positive impact and has helped collect and remit all government revenue while closely monitoring government expenditure. Ofor, Omaliko, and Okoli (2017) investigated the Treasury Single Account's impact on Nigerian Ministries, Departments, and Agencies. A questionnaire issued to 75 federal government ministries, departments, and agencies in the Anambra state metropolis provided primary data. Analysis employed the Wilcoxon Sign test. At the 5% significance level, TSA institutionalisation has improved federal government MDA performance. Salman and Adeseye (2017) polled Ado Ekiti accounting practitioners on TSA's role in public finance management. The study used 50 primary respondents. The study used descriptive and inferential statistics. The study revealed that TSA had a positive impact and reduces public fund embezzlement and boosts government revenue. The Treasury Single Account's impact on Nigeria's public sector fraud control and accountability was examined by Eleng and Ude (2018). 100 selected MDA employees received questionnaires by drop and pick. TSA policing and public- sector fraud reduction were linked via linear regression. Adeagbo and Oladeji (2019) examined how TSA might reduce leakages and improve accountability of public funds in Nigerian ministries, departments, and agencies. 120 staff members from seven MDAs and institutions completed a judgmental sampling questionnaire. Percentages, mean, and standard deviation were employed for data analysis, while regression was used for hypothesis testing. The findings showed that TSA combats leaks and improves public money accountability. Ekubiat and Ime (2016) claimed that Nigeria’s Public Funds at all levels have not been adequately accounted for by previous regimes. The study examined the benefits, challenges and prospects of adoption of Treasury Single Account (TSA) by State Governments of Nigeria using a descriptive cross-sectional survey design. Their finding reveals that, TSA adoption and full implementation by the state governments would be of greatest benefit and there could be challenges in a short-run but the benefits at a long-run would definitely out- weight the challenges. They recommended that State Governments of Nigeria should adopt and fully implement TSA for successful control and accountability of public funds so as to avoid bailout funds always from any source. State governments should enlighten all stakeholders on the benefits of TSA adoption as well as professional and regulatory bodies (ICAN,CBN,IMF,etc.) should help in designing, conceptualizing and road-mapping of TSA for the states. Amaefule and Barigbon (2019) examined the Treasury Single Account (TSA) impacts on Nigeria's federal government. The study analysed federal government revenue, capital investment, and external reserve before and after TSA implementation. The Central Bank of Nigeria's quarterly statistical report obtained data from before and after TSA implementation. Comparison analysis was done using E-view statistics software version 7.1 and the test of difference of means. The study found that TSA negatively impacts Nigeria's revenue generation, capital investment, and foreign reserve. Gbegi, Duenya, Moses, and Ipevenor (2019) examined the effect of TSA implementation on accountability, transparency, and public financial management in Nigeria from the perspectives of accounting professionals (AP), academics, and officers (AO). From 790 AP, AA, and AO in Benue State, 266 were selected. Data analysis employed chi-square goodness of fit. TSA implementation has improved accountability, transparency, and public money management in Nigeria, the study found. Onyemowo, Suleiman, and Okwoli (2019) examined how the Treasury Single Account affects Nigeria's revenue generation cost. Using a survey study, they collected data from 389 personnel of the Accountant General's Office, Auditor General's Office, Central Bank of Nigeria, and Federal Ministry of Finance. Linear regression was used for data analysis. TSA significantly raises revenue- generating costs, according to the study. Osagioduwa (2019) examined how TSA policy combats public sector corruption in Nigeria. The study sampled 264 respondents and utilised a structured questionnaire to collect primary data. Descriptive statistics analysed the data. The study found that TSA policy combats corruption in Nigeria's public sector and improves public sector company administration. The study recommends adopting TSA strategy across government. Ivangu, Ganyam, Agbo, and Ola (2020) investigated the impact of TSA on public sector corruption in Nigeria using Transparency International data from 2012 to 2014 (pre-TSA) and 2016 to 2018. (after TSA adoption). Data were analysed using descriptive statistics and paired samples t-tests. The analysis found no substantial change in Nigeria's corruption perception index before and after TSA. CHAPTER THREE RESEARCH METHODOLOGY 3.1 Research design This study employs a quantitative research design to examine the effect Treasury Single account (TSA) on Revenue generation in Nigeria. 3.2 Data Selection The study utilizes secondary data sourced from the Central Bank of Nigeria (CBN) statistical bulletin. 3.3 Data Collection Based on the nature of this research, the data were collected from the Central Bank of Nigeria (CBN) Statistical bulletin ranging from 2012-2023. 3.4 Operational Measures of Variables Based on the hypothesis of this research, the independent variables are implementation of Treasury Single account (TSA) of CBN indicators such as inflation rate and Total government expenditures while the dependent variable indicate the firms performance on total revenue generation. 3.5 Data Analysis Technique This study examines the relationship between Treasury Single Account implementation and Revenue generation in Nigeria and employs: • Descriptive statistics (mean, media, mode and standard deviation) used to describe the average revenue generated before and after the implementation of TSA. • Inferential statistics (regression and correlation) to examine the relationship between TSA and Revenue generation and to assess the strength and direction of the relationship. 3.6 Model specification Y=B(0) TOREV= B(INFLR) TOREV= B(TGEX) Expressed as: TOREV= B0 +B1 INFLR + e………….1 TOREV= B0+ B2 TGEX + e……………2 : TOREV = B0 + B1 INFLR + B2 TGEX + e…………….3 Where: TOREV= Total Revenue generated INFLR= Inflation Rate TGEX= Total Government Expenditure B0= Constant term B1, B2= Regression coefficients e = error term CHAPTER FOUR PRESENTATION AND ANALYSIS OF DATA 4.0 Preamble This chapter covers the presentation of data, analysis and result interpretation. Therefore, the objective of this research work is to examine the Effect of Treasure Single Account on Revenue Generation in Nigeria. The researcher has decided to present the data in analytic procedure, carryout a descriptive and regression analysis of the variable employed to test the hypothesis stated earlier in section one and interpret the results obtained from the analysis. 4.2 Data Presentation The time series data obtained for the purpose of this research study is used to statistical examine the hypotheses. The dependent variables is Total Revenue Generated (TOREV) and while the independent or explanation variable is Inflation Rate (INFLR) and Total Government Expenditure (TGEX). YEAR TOREV INFLR TGEX 2012 10654.747 14.81 4605.3 2013 9759.7938 15.2 5185.318 2014 10068.852 15.99 4587.385 2015 6912.5016 12.5 4988.864 2016 5616.4 13.09 5858.558 2017 7444.8224 10.96 6456.698 2018 9544.3174 9.51 13786.94 2019 9819.8444 8.06 15535.54 2020 8569.2231 13.2 17557.4 2021 10342.982 17.1 19965.04 2022 12586.528 20.8 24431.21 2023 10678.34 25.1 21830 4.3 Test of Hypothesis: SPSS is an econometric software that will be used in the test of the hypotheses for this study: H0: There is no significant effect of TSA proxy by inflation rate (INFLAR) on Total Revenue Generation in Nigeria. H1: There is significant effect of TSA proxy by inflation rate (INFLAR) on Total Revenue Generation(TOREV) in Nigeria Dependent Variable: Total Revenue Generation (TOREV) Independent Variable: Inflation Rate (INFLAR ) Observaion: 12 Sample :( 2012-2023) Descriptive analysis of the variables Regression Analysis SPSS From the above result, the regression coefficient can be written as Dependent variable TREV= 6204.348, while the Independent variable INFLR =212.943 From the result of the analysis of R2 = 0.281, this implies that the independent variables in the model is able to explain insignificantly 28.1% of variable in the dependent variable of TREV, while the 71.9% is accounted for by the disturbance form (error) which are accommodated in the model specified and analyzed. This implies that the independent variables of INFLR explain insignificantly in the dependent variable TREV, also in the above regression result the adjusted R2 is = 28.1% which is less than R2 of 20.9%, this is because it has adjusted for independent variables INFLR in the association with the dependent variable TREV. The coefficient of the dependent variable TREV is 6204.348, which shows a unit in TREV. The TREV will increase by 212.943, holding all other factors constant. The P-value (p>/t/) shows whether the coefficient has statistically significant impact on the dependent variable or not. As a rule, if the p-value is 0.05 or less than the coefficient it shows that it is statistical significant and this means that H1 will be accepted, but if p-value is 005, at 95% confident interval is greater than that of the P-value, that mean the H1 will be rejected and the independent variable do not have significant effect on the dependable variable. From the analysis of hypothesis one we discover that P-values of INFLR is 0.076 which is greater than 0.05 at 95% confidence interval, we don’t have sufficient evidence to accept the H1, therefore, we accept the H0 and reject H1, we therefore conclude that TSA proxy by inflation rate have positive and no significant influence on the revenue generation in Nigeria. Discussion of findings From the findings there is a positive and insignificant impact of TSA on revenue generation in Nigeria. These work complement the works of Adetula, Adebanjo, Owolabi, and Achugamnu (2017) which focused Nigeria's Treasury Single Account Policy and Government Revenue. The results showed that TSA policy had a positive impact and has helped collect and remit all government revenue while closely monitoring government expenditure. Hypothesis Two H0: There is no significant effect of TSA proxy by Total Government Expenditure (TGEX) on Total Revenue Generation in Nigeria. H1: There is significant effect of TSA proxy by Total Government Expenditure (TGEX) on Total Revenue Generation (TOREV) in Nigeria From the above result, the regression coefficient can be written as Dependent variable TREV= 7590.364, while the Independent variable TGEX =0.144 From the result of the analysis of R2 = 0.331, this implies that the independent variables in the model is able to explain insignificantly 33.1% of variable in the dependent variable of TREV, while the 66.9% is accounted for by the disturbance form (error) which are accommodated in the model specified and analyzed. This implies that the independent variables of TGEX explain insignificantly in the dependent variable TREV, also in the above regression result the adjusted R2 is = 26.4% which is less than R2 of 33.1%, this is because it has adjusted for independent variables INFLR in the association with the dependent variable TREV. The coefficient of the dependent variable TREV is 6204.348, which shows a unit in TREV. The TREV will increase by 212.943, holding all other factors constant. The P-value (p>/t/) shows whether the coefficient has statistically significant impact on the dependent variable or not. As a rule, if the p-value is 0.05 or less than the coefficient it shows that it is statistical significant and this means that H1 will be accepted, but if p-value is 005, at 95% confident interval is greater than that of the P-value, that mean the H1 will be rejected and the independent variable do not have significant effect on the dependable variable. From the analysis of hypothesis one we discover that P-values of TGEX is 0.05 which is equal to 0.05 at 95% confidence interval, we don’t have sufficient evidence to accept or reject the H1, therefore, we accept the H0 and H1, we therefore conclude that TSA proxy by Total Government Expenditure have positive and insignificant influence on the revenue generation in Nigeria at a long run. Discussion of findings From the findings there is a positive and insignificant impact of TSA on revenue generation in Nigeria. These work complement the works of Salman and Adeseye (2017) who polled Ado-Ekiti accounting practitioners on TSA's role in public finance management. The study revealed that TSA had a positive impact and reduces public fund embezzlement and boosts government revenue. CHAPTER FIVE SUMMARY, CONCLUSION AND RECOMMENDATIONS 5.1 Summary This research has attempted to evaluate the impact of Treasury Single Account(TSA) on Revenue Generation in Nigeria. It has been proven theoretically and scientifically in section four and the results were consistent with some works on Treasury Single Account, while also in negation with other related works on the subject matter. Empirically, it was discovered that TSA proxies, Inflation rate(INFLR) and Total Government Expenditure(TGEX) had a positive and insignificant impact on Revenue Generation in Nigeria. From the analysis, the findings were summarized as: 1. TSA proxy, Inflation Rate had a positive and insignificant impact of TSA on revenue generation in Nigeria. These work complement the works of Adetula, Adebanjo, Owolabi, and Achugamnu (2017) which focused Nigeria's Treasury Single Account Policy and Government Revenue. The results showed that TSA policy had a positive impact and has helped collect and remit all government revenue while closely monitoring government expenditure. 2. TSA proxy, Government Expenditure had a positive and insignificant impact of TSA on revenue generation in Nigeria. These work complement the works of Salman and Adeseye (2017) who polled Ado Ekiti accounting practitioners on TSA's role in public finance management. The study revealed that TSA had a positive impact and reduces public fund embezzlement and boosts government revenue. 5.2 Conclusion The primary purpose of TSA is to centralize government purse, manage government revenue, effectively monitor government expenditure and transparency in total revenue generation in Nigeria. TSA policy, if properly implemented, will go a long way toward closing recognized financial leakages in revenue production, reducing corruption, and promoting transparency and accountability in the public financial system. It will also make it possible for all income going into the government treasury to be paid and captured on time, without the need for numerous banking arrangements. The strategy will also allow the central government to know its cash status at any time without difficulty. The system will most likely reduce government deposit round-tripping. This study was carried out to examine of the impact of Treasury Single Account on Revenue Generation in Nigeria from the period 2012 - 2023. The study employed Inflation Rate and Total Government expenditure for the measures proxy (independent variables), while using Total Revenue as dependent variable. The Study then concludes that the implementation of Treasury Single Account has a positive and insignificant impact on Total Government Revenue in Nigeria. 5.3 Recommendations Consequent to the findings of this study, the researcher made the following recommendations: 1. The study recommends that government should strengthen the system of implementation of TSA in Nigeria and all resources of leakages to total government revenue should be investigated forensically and such loopholes filled. 2. There should be an establishment of a strong and transparent institutional financial framework supported by cashless protectable limits in real terms and not just on paper. 3. There should be a strong legislation to back up Treasury Single Account (TSA) policy with strict punishment for those who fail to comply to it at all levels. 4. The government should increase efforts in addressing the challenges of enforcing the provisions of Treasury Single Account (TSA) by the federal government ministry and Central Bank of Nigeria. 5. Government should review the TSA policy to specifically safeguard the financial autonomy of the Nigerian educational institutions. 6. The CBN Should also be more proactive and institute measures to correct any lapses or negative impact of the policy and provide measures to caution any effect especially to participating institutions such as the commercial banks and other financial institutions. 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