Treasury Single Account: A Mechanism to Combat Corruption in the Public Sector

UTILE BEM JOSEPH, AONDOAKAA EMMANUEL & P.I. ZAYOL

Department of Accounting,

Federal University of Agriculture, Makurdi

Email: utilebem@gmail.com

ABSTRACT

This study evaluated the impact of Treasury Single Account as a mechanism to combat corruption in the Nigerian public sector. The purpose of this study is to ascertain the impact of Treasury Single Account in the combat of financial corruption in the Nigerian public sector. The researcher used both secondary and primary data to arrive at results; the population for the research was the Nigerian Public Sector which comprises of all   Federal Ministries, Departments, Agencies and parastatals in Makurdi the capital of Benue State, Nigeria. A sample of 75 persons was randomly drawn from Federal Medical Centre Makurdi, Federal University of Agriculture, Makurdi and Federal Ministry of Finance. The persons targeted were those officers in public financial management. The elements of the population consist of senior, professional accountants, auditors and budget officers consequently; seventy five (75) questionnaires were administered, however only fifty five (55) questionnaires were returned completed. The Chi-square test, at ninety five (95%) percent confidence interval was used to test the hypotheses formed. Findings revealed that the implementation of the Treasury Single Account System is a mechanism to combat corruption in the Nigerian public finance. It was also observed that the implementation of the treasury single account would reduce financial leakages in the Nigerian public finance. Finally, it was concluded that the implementation of the Treasury Single Account is a critical step towards curbing corruption in public finance. It has been recommended that Staff of public institutions, Ministries, Departments, Agencies and relevant parastatals should be constantly trained to acquire the knowledge and skills that would enhance effective operation of the TSA system in Nigeria.

Keywords: Corruption, Treasury Single Account.