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Effect of Treasury Single Account Adoption on Financial Control in Selected South Western States of Nigeria

Oladejo M. O, Olatunya Olabode Glorious, Jimoh Adeshina Abdulwaheed

Abstract


Treasury Single Account (TSA) turned into an arrangement of Nigerian government to hinder financial leakages, advance transparency and forestall mismanagement of government's revenue, binds together all government accounts, empowering it to forestall revenue misfortune and mismanagement by revenue-producing agencies. This study evaluated the impact of treasury single account adoption (TSA) on financial control (FC) in the public sector of Nigeria from 2012 to 2021. The study used survey design method. Purposive sampling technique was employed to select 263 senior staff of the six south western state ministry of finance. Multiple regression and ANOVA were used to test for difference in factors that determined TSA adoption by state government in Nigeria and the influence of TSA variables on FC. Findings revealed that 88.4 percent of variation in TSA adoption status was accounted for by TSA variables supported by R2 = 0.781 at 5% level. F-ratio = 167.371, p-value = 0.000 < 0.05 suggested that there is significant difference in factors determining TSA adoption. Also, 76.9 percent of variation in the dependent variable was accounted for by independent variables supported by R2 = 0.592 at 5% level. Furthermore, F-ratio = 85.611, p-value = 0.001 < 0.05 suggested that there is significant in influence of TSA adoption variables on financial control (FC). That Treasury Single Account adoption influences financial control of the sampled south western states in Nigeria. It is recommended that government should prioritise formulation of policies that encourage and enhances TSA adoption in all sectors of the economy.


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References


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