{"id":7061,"date":"2022-11-18T08:54:26","date_gmt":"2022-11-18T08:54:26","guid":{"rendered":"https:\/\/file.currentschoolnews.com\/?post_type=product&p=7061"},"modified":"2022-11-18T13:17:17","modified_gmt":"2022-11-18T13:17:17","slug":"implication-of-treasury-single-account-on-banking-sector","status":"publish","type":"product","link":"https:\/\/pastexamquestions.com\/product\/implication-of-treasury-single-account-on-banking-sector\/","title":{"rendered":"Implication of Treasury Single Account on Banking Sector"},"content":{"rendered":"

– Implication of Treasury Single Account on Banking Sector –<\/strong><\/span><\/p>\n

Download Implication of Treasury Single Account on Banking Sector<\/strong><\/span>. Students who are writing their projects can get this material to aid their research work.<\/span><\/span><\/p>\n

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Introduction<\/strong><\/h3>\n

1.1 Background of the Study<\/strong><\/p>\n

At Present, developing and new economy emerging countries have massively engaged in the transition from manual to more computerized modus operandi in government activities, predominantly in the area of public fund management.<\/p>\n

Most renowned among them is the effort at reviving of the Treasury Single Account (TSA) policy. The effectiveness of the policy commenced through the Federal Government\u2019s directive to all revenue \u2013 generating agencies to maintain single accounts with commercial banks.<\/p>\n

Treasury Single Account is a public accounting system under which all government revenue, receipts and income are collected into one single account, usually maintained by the country\u2019s Central Bank and all payments done through this account as well.<\/p>\n

The purpose is primarily to ensure accountability of government revenue, enhance transparency and avoid misapplication of public funds.<\/p>\n

Section 80 (1) of the 1999 Constitution as amended states \u201cAll 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\u00a0into\u00a0any\u00a0other public fund of the Federation established for a specific purpose) shall be paid into and form one Consolidated Revenue Fund of the Federation.<\/p>\n

In view of this section, successive governments have continued to operate multiple accounts for the collection and spending of government revenue in flagrant disregard to the provision of the constitution which requires that all government revenues be remitted into a single account.<\/p>\n

It was not until 2012 that government ran a pilot scheme for a single account using 217 ministries, department and agencies as a test case. The pilot scheme saved Nigeria about N500 billion in frivolous spending.<\/p>\n

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 the TSA scheme.<\/p>\n

The recent directives by the Buhari Administration that all government revenues should be remitted to a Treasury Single Account is in consonance with this programme and in compliance with the provisions of the 1999 constitution (CBN, 2015).<\/p>\n

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How to Download this Project Material<\/strong><\/span><\/h2>\n

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