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THE IMPLICATIONS OF TREASURY SINGLE ACCOUNT (TSA) ON THE NIGERIAN BANKING SECTOR AND ECONOMY
This study was embarked upon by the researcher to ascertain the implication of the Treasury Single Account (TSA) on the Nigerian Banking Sector and the Nigerian economy as a whole. To achieve the set objective, data was sort both from primary and secondary sources. Questionnaire items were designed from the research questions to assist the researcher to draw meaningful conclusions. This study adopted the chi-squared as its instrument for data analysis. From the data gathered, both from the respondents and computations (simple percentage and chi-square), it was discovered that the Treasury Single Account (TSA) has no significant adverse effect on the Nigerian banking sector. In terms of its effect on economic development, Treasury Single Account (TSA) also has a significant effect. It actually minimizes corruption, increases transparency in government activities by allowing for an efficient control and management of funds in its ministries, departments and agencies. It was therefore recommended that the Central Bank of Nigeria in conjunction with the Federal Government to enact policies that will guide the effective operation of the Treasury Single Account (TSA) and the financial affairs of the Nigerian economy. The compliance of the ministries, department and agencies of the Federal Government should be made to the key into project for an effect management of government cash resource.
1.2 STATEMENT OF THE PROBLEM
The implementation of the policy of treasury single account (TSA) by federal government, banks will not have enough money to run their day to day activities properly. Before now, the major source of funds for banks has been the government, business and the public. Banks will continue to find a means of mobilizing funds from private sector or the public.
Treasury single accounts (TSA) has a negative impact on banks in Nigeria because banks has been surviving with government funds, with the introduction of treasury single account (TSA) those money which are been used to trade would been paid into the country’s treasury account. These money which are paid into treasury are used to appraise government performance.
The era of banks depending on government funds has since passed consequences upon the introduction of treasury single account. Banks should have to look for another source of generating funds in Nigeria. The lack of fund for banks will increase than services toward their customers, it will also create room for staff competition amongst banks.
The implementation of the policy of treasury single account (TSA) by federal government has led to increase in unemployment rate in Nigeria. Okafor(2013) found that in the Nigeria banking sector has human resources challenges, Matannu(2015) cited in Idowu (2005) identified a yawning gap between the immediate or short term effects of economic reforms and the necessary ideals of job security. He concluded that the ability of reforms is to create employment in the last one decade had been very few and far between.
Adeyeme (2007) added that banking reforms such as treasury single account in Nigeria will result in job loss. The implementation of the policy of treasury single account (TSA) by the government will increase in deposit interest rate.
Anyanwu (2010) highlighted the challenges to the recent banking, in his study he include the unfavorable macro-economic environment, cumbersome documentation process, inadequate long term finance, lack of data base on borrowers and poor infrastructure because of the low liquidity of banks, they have to encourage the public by increase interest in rate on deposits.
Zubairu (2006) identified human resources realignment technology integration, stakeholders concern, and monitoring and supervision problems as cumulating from the consolidation of banks in Nigeria. We see a return of the era where women are employed by banks specifically for deposit mobilization and forcibly encouraged to use any means necessary to get funds. Consequent upon the forgoing, the study is poised to examine the impact of treasury single account on the Nigerian banking sector.
1.3 OBJECTIVES OF THE STUDY
The following are the objectives of the study
i. To examine the implication of treasury single account on the banking sector in Nigeria.
ii. To examine the implication of the treasury single account on the economic development in Nigeria.
iii. To identify the benefits of treasury single account.
1.4 RESEARCH QUESTION
What are the implications of treasury single account in the banking sector in Nigeria?
What are the implications of treasury single accounts on the economic development in Nigeria?
What are the benefits of treasury single account?
1.5 STATEMENT OF RESEARCH HYPOTHESIS
The under listed hypothesis are hereby formulated.
1 H0: There is no significant relationship between treasury single account (TSA) and the banking sector in Nigeria.
H1: There is a significant relationship between treasury single account (TSA) and the banking sector in Nigeria.
2 H0: there is no significant relationship between treasury single account (TSA) and economic development in Nigeria.
H1: there is a significant relationship between treasury single account (TSA) and the economic development.
3 H0: there is no significant benefit of treasury single account (TSA) and the general Nigeria public.
H1: there is a significant benefit of treasury single account (TSA) and the general public.
1.6 SCOPE OF THE STUDYa
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