TREASURY SINGLE ACCOUNT (TSA) AND CORRUPT PRACTICES OF EMBEZZLING PULIC FUNDS IN NIGERIAN PUBLIC SERVICE: A STUDY OF FEDERAL MINISTRY OF FINANCE

Abstract

The Treasury Single Account policy (TSA) was established to reduce fiscal leakages and opportunities for embezzlement by minimizing the number of intermediaries handling government funds. However, the implementation of the TSA policy in Nigeria has been met with a mixture of optimism and skepticism. While proponents argue that it has the potential to significantly reduce the embezzlement of public funds, critics express concerns about its effectiveness. It is based on this development that this study examined the effect and challenges of TSA policy on corrupt practices of embezzling public funds in federal ministry of finance in Nigeria. The principal-Agent Theory provides a robust framework to understand the complexities of the relationship between a principal (the government) and its agents (public officials). The study employed survey research design, and Data were sourced from mixed-method approach combining Quantitative and qualitative methods. Primary data is obtained through structured questionnaire while qualitative data was generated through in-depth interviews. 378 out of the 2007 staff were selected as sample size with the aid of Taro Yamene statistical tool. Data collected from the surveys and interviews were analyzed using both descriptive statistics and thematic analysis which are both quantitative and qualitative analysis techniques. Presume hypotheses was tested with regression analysis. Findings reveal that the use of ICT in the implementation of TSA policy has increased revenue generation, provided accuracy and reduced personal contacts that can facilitate corruption. Cybercrime, Computer illiteracy, Bureaucratic bottleneck, inadequate punishment and lack of proper monitoring of government expenditures are found to be the challenges of TSA policy implementation. The study recommended close monitoring of government expenditures, ease of bureaucratic bottleneck, Persecution and punishment of public officials engaged in corrupt practices and Regular training in the use of ICT to overcome the challenges facing TSA policy implementation in Nigerian public service.