Implementation of the treasury single account (tsa) in Nigeria: the pains, the gains and the way forward

The study examined the pains and the gains in the implementation, of the Treasury Single Account (TSA) among the Ministries, Departments and Agencies in Nigeria. Analytical methods were employed in the presentation of relevant data. The results showed that the implementation of the Treasury Single Account has resulted to the concentration of authority to Central Bank of Nigeria to process cash transaction and operate TSA which has inflicted unbearable pains on the MDAs due to the high volume of regional level transactions and expansive network required for the operation. However, the findings also showed that the implementation of TSA has improved visibility of Government revenue and cash management. It has enhanced efficient payment processing with adequate checks and balances, facilitates revenue monitoring and strengthens cash planning and budget execution. More also TSA’s implementation in Nigeria enables efficient cash management through regular monitoring of MDAs’ balances with Money Deposit Banks .The study concluded that only a well tailored monitoring mechanism and strategies on TSA’s implementation can consolidate its gains, strengthen the national treasury systems, guarantee efficient cash management and enhance proper accountability of public fund in Nigeria.