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Treasury Single Account as a Tool for Managing of Public Finances in Nigeria

The Treasury Single Account (TSA) was recently implemented fully in the Nigerian economy by the present government in order to ensure prudence and probity in the management of financial resources. With the TSA government expects to block all loopholes and leakages of financial resources of the government and also ensure a robust financial management system. Mismanagement of public funds, corruption and other financial irregularities has been described as the greatest challenges of our time and their prevalence in governance has been identified as one major obstacle militating against rapid growth and development. TSA is a unified structure of government bank accounts enabling consolidation and optimal utilization of government cash resources. It is a bank account or a 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 any given time. The Federal Government‟s directive to all revenue-generating agencies to close their accounts with commercial banks by February 28, 2015 and transfer same into a Consolidated Revenue Fund of the Federation and Treasury Single Account as a new electronic revenue collecting platform implemented recently by President Buhari has continued to generate debate across the country. This study examines the benefits of TSA as a tool for managing Public Finances and benefit government derived in implementing TSA in Nigeria and concludes that, proper implementation of TSA has helped tremendously in curbing mismanagement of Public finances, corruption, block leakages and other financial irregularities in the country.