Correlation Between Treasury Single Account and Transparency and Accountability in the Nigerian Public Sector

Abstract

This study examines the Treasury Single Account (TSA) in the Nigerian Public Sector between 2016 and 2019. The 1999 Constitution of Nigeria as amended requires that all government revenue be paid into the TSA in CBN. Revenue leakage were blamed on the multiple accounts owned by Ministries, Departments and Agencies (MDAs). Reviewed studies on TSA were devoid of model techniques without of analysis. Correlation between the variables were not established either. Such lacuna provided the gap for this study which can create awareness on the credibility of government’s accounting system. Primary and secondary data were utilized. Product-Moment Correlation for testing hypothesis one resulted in a coefficient, r of 0.99. Chi-square, χ2 for testing hypothesis two has computed χ20.95 of 3.81 < tabulated χ20.05 at 1 df of 10.1. TSA has significant positive correlation with transparency and accountability, and actually impacted on the latter. Strong regulatory framework, more expert managers, and accountants, and extending TSA to all tiers of government are imperative.