CONSEQUENCES OF THE TREASURY SINGLE ACCOUNT POLICY ON THE WEALTH OF AFRICA

Abstract

This study ascertained the relationship between Treasury Single Account and Accountability in
Nigeria Public Sector with a focus on South-East and South-South Nigeria. This study adopted field survey
research design. The population was 1250 staff of the five Federal Universities Teaching Hospitals and five
Federal Medical Centers in South-East and South-South Nigeria drawn from Account Departments. Taro
Yamane formula was employed to determine the sample size of 303. Of the 303 copies of administered
questionnaire, 218 copies were collected. Validity and reliability of the instrument were tested. Inferential
statistics using Spearman’s Correlation, Paired T-Test and Cronbach Alpha were employed to test the
hypotheses with the aid of SPSS version 23. The specific findings revealed that there is a significant positive
relationship between Transactions Workflow Management and Accountability; there is a significant positive
relationship between Chart of Accounts Management and Accountability; there is a significant positive
relationship between Treasury Management and Accountability; there is a significant positive relationship
between Transactions Monitoring and Accountability. This study recommended inter alia that Government
should enforce the adoption of Treasury Single Account and make it mandatory for all the Ministries,
Departments, Agencies and parastatals to adhere to since the adoption of Treasury Single Account has
significantly improved the accountability of federal government ministries, departments and agencies in
Nigeria.