Treasury Single Account in Nigeria as a Tool for Fraud Prevention

Abdulrahman Bala Sani; Abdulrasheed Bello; Sirajo Sani Sokoto

doi:doi:10.11648/j.ebm.20210706.14

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Treasury Single Account in Nigeria as a Tool for Fraud Prevention

Abdulrahman Bala Sani, Abdulrasheed Bello, Sirajo Sani Sokoto

Published in European Business & Management (Volume 7, Issue 6)

Received: 2 July 2021 Accepted: 14 July 2021 Published: 23 November 2021

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Abstract

The study is primarily aimed at determining whether the introduction of Treasury Single Account (TSA) minimizes fraud perpetration in Nigeria with particular reference to federal MDAs in Sokoto. To achieve this, Questionnaires were administered to selected federal MDAs in Sokoto State. A sample of 252 staff was arrived at using Taro Yamane’s (1967) sampling formula out of a total population of 4393. Descriptive (Mean and Standard deviation) and Inferential (Correlation and Multiple Regression) were employed to analyze the data collected. The result from the analysis revealed that the introduction of TSA has contributed immensely to minimizing fraud perpetration, blocking revenue leakage leading to consolidation of government cash balances in the country. This was evident from the significant p-value of 0.032 and a positive coefficient of 0.103 in respect of fraud perpetration against the independent variable (TSA). Also revealed was that the control variables (blocking revenue leakage and cash consolidation) alongside the independent variable account for about 42% variation of the dependent variable. In view of the above, the study concluded that TSA undoubtedly mitigates the perpetration of fraudulent activities in the public sector by ensuring accountability and transparency in the management of public finances. Base on the finding it is recommended that there is the need for massive enlightenment by regulatory bodies on the importance of implementing TSA by States and Local government. Also, there is the need for appropriate statutory backing on the implementation of TSA to ensure its effectiveness.

Published in	European Business & Management (Volume 7, Issue 6)
DOI	10.11648/j.ebm.20210706.14
Page(s)	184-190
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

TSA, Fraud, Financial Leakages, Accountability, Transparency

References

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[2]	Amaefule, L. I. (2019). Treasury single account and performance of federal government of Nigeria: A pre-post analysis. Accounting and Taxation Review, 3 (4), 70-82. https://zbw.eu/econis-archiv/bitstream/11159/4448/1/169683693X.pdf.
[3]	Bashir, Y. M. (2016). Effects of Treasury Single Account on Public Finance Management in Nigeria. Research Journal of Finance and Accounting, 7, 164-170. https://core.ac.uk/download/pdf/234631322.pdf.
[4]	Effiong, S. A., Lorenzo, B., Raphael, I. N., Etop, J. G., & Iroushu, R. B. (2017). Treasury Single Account (TSA), Integrated Payroll and Personnel Information System (IPPIS), and Integrated Financial Management Information System (IFMIS): Application and Implementation Effects on Fraud Management in the Public Sector in Nigeria. IOSR Journal of Business and Management, 19 (8), 22-30. https://doi.org/10.9790/487X-1908072230.
[5]	Ejoh, N. O. (2020). Treasury Single Account (TSA) Implications on Government Revenue Control among Federal Government Parastatals in Nigeria. IOSR Journal of Economics and Finance, 11 (1), 18-25. https://doi.org/10.9790/5933-1101011825.
[6]	Ernst & Young, “Detecting Financial Statement Fraud: What Every Manager Needs to Know,” E & Y LLP, London, 2009. 1-8. www.ey.com.
[7]	Fainboim, I., &Pattanayak, S. 2011, Treasury Single Account: Concept, Design and Implementation Issues, IMF working paper 10/143 (Washington: International Monetary Fund). (http://www.imf.org/external/pubs/cat/longres.cfm?sk=23927.0).
[8]	Galvin, J. E., Roe, C. M., Xiong, C., Morris, J. C. (2006), Validity and reliability of the AD8 informant interview in dementia. Neurology, 67 (11), 1942-1948. https://doi.org/10.1212/01.wnl.0000247042.15547.eb.
[9]	Ganyam, A. (2018). Effect of Treasury Single Account (TSA) on Financial Accountability, Corruption and Financial Discipline in the Nigerian Public Sector. https://doi.org/10.13140/RG.2.2.25282.89280.
[10]	Gbegi, D. O; Adebisi, J. F. (2014). Forensic Accounting Skills and Techniques in Fraud Investigation in the Nigerian Public Sector. Mediterranean Journal of Social Sciences, 5 (3). 243. https://www.mcser.org/journal/index.php/mjss/article/view/2139.
[11]	Hopwood, W. L. (2008). Forensic Accounting. New York: NY: The McGraw-Hill Companies, Inc.
[12]	Kutner, R., & Switala, F. (2004). Remarks on the possible universal mechanism of the non-linear autocorrelations in financial-series. Physica A: Statistical Mechanics and its Applications, 344 (1-2), 244-251. https://doi.org/10.1016/j.physa.2004.06.126.
[13]	Kranacher, M. J., Riley, R. & Wells, J. T. Forensic Accounting and Fraud Examination. 58-85. Hoboken: John Wiley & Sons, Inc.
[14]	Mukoro, D., yamusa, O. & Faboyede, S. (2013). the Role of forensic accountants in fraud Detection and National security in Nigeria. Change and Leadership, 17, 90-107.
[15]	Ogungbade, O. I., Oshatimi, O. O., & Kolawole, A. D. (2021). Treasury Single Account Policy and Revenue Generation among Federal Parastatals in Ekiti-State, Nigeria. International Journal of Financial Research, 12 (4), 156-167. https://doi.org/10.5430/ijfr.v12n4p156.
[16]	Enofe, A. O., Utomwen, O. A. & Danjuma, E. J. (2009). The Role of Forensic Accounting in Fraud Investigation and Litigation Support. The Nigerian Academic Forum, 17 (1), 18-38.
[17]	Olorunnishola, F. Y., & Fasina, H. T. (2018). Investigating the Effectiveness of TSA in Blocking Public Funds Leakages in Nigeria. International Journal of Academic Research in Business and Social Sciences, 8 (4), 817–831. http://dx.doi.org/10.6007/IJARBSS/v8-i4/4064.
[18]	Onyekpere E. (2015). Treasury Single Account: Giving Life to Jonathan’s “Dead” Policy Directives. www.ngrguardiannews.com/2015/08/.
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APA Style

Abdulrahman Bala Sani, Abdulrasheed Bello, Sirajo Sani Sokoto. (2021). Treasury Single Account in Nigeria as a Tool for Fraud Prevention. European Business & Management, 7(6), 184-190. https://doi.org/10.11648/j.ebm.20210706.14

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ACS Style

Abdulrahman Bala Sani; Abdulrasheed Bello; Sirajo Sani Sokoto. Treasury Single Account in Nigeria as a Tool for Fraud Prevention. Eur. Bus. Manag. 2021, 7(6), 184-190. doi: 10.11648/j.ebm.20210706.14

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AMA Style

Abdulrahman Bala Sani, Abdulrasheed Bello, Sirajo Sani Sokoto. Treasury Single Account in Nigeria as a Tool for Fraud Prevention. Eur Bus Manag. 2021;7(6):184-190. doi: 10.11648/j.ebm.20210706.14

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@article{10.11648/j.ebm.20210706.14,
  author = {Abdulrahman Bala Sani and Abdulrasheed Bello and Sirajo Sani Sokoto},
  title = {Treasury Single Account in Nigeria as a Tool for Fraud Prevention},
  journal = {European Business & Management},
  volume = {7},
  number = {6},
  pages = {184-190},
  doi = {10.11648/j.ebm.20210706.14},
  url = {https://doi.org/10.11648/j.ebm.20210706.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ebm.20210706.14},
  abstract = {The study is primarily aimed at determining whether the introduction of Treasury Single Account (TSA) minimizes fraud perpetration in Nigeria with particular reference to federal MDAs in Sokoto. To achieve this, Questionnaires were administered to selected federal MDAs in Sokoto State. A sample of 252 staff was arrived at using Taro Yamane’s (1967) sampling formula out of a total population of 4393. Descriptive (Mean and Standard deviation) and Inferential (Correlation and Multiple Regression) were employed to analyze the data collected. The result from the analysis revealed that the introduction of TSA has contributed immensely to minimizing fraud perpetration, blocking revenue leakage leading to consolidation of government cash balances in the country. This was evident from the significant p-value of 0.032 and a positive coefficient of 0.103 in respect of fraud perpetration against the independent variable (TSA). Also revealed was that the control variables (blocking revenue leakage and cash consolidation) alongside the independent variable account for about 42% variation of the dependent variable. In view of the above, the study concluded that TSA undoubtedly mitigates the perpetration of fraudulent activities in the public sector by ensuring accountability and transparency in the management of public finances. Base on the finding it is recommended that there is the need for massive enlightenment by regulatory bodies on the importance of implementing TSA by States and Local government. Also, there is the need for appropriate statutory backing on the implementation of TSA to ensure its effectiveness.},
 year = {2021}
}

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TY  - JOUR
T1  - Treasury Single Account in Nigeria as a Tool for Fraud Prevention
AU  - Abdulrahman Bala Sani
AU  - Abdulrasheed Bello
AU  - Sirajo Sani Sokoto
Y1  - 2021/11/23
PY  - 2021
N1  - https://doi.org/10.11648/j.ebm.20210706.14
DO  - 10.11648/j.ebm.20210706.14
T2  - European Business & Management
JF  - European Business & Management
JO  - European Business & Management
SP  - 184
EP  - 190
PB  - Science Publishing Group
SN  - 2575-5811
UR  - https://doi.org/10.11648/j.ebm.20210706.14
AB  - The study is primarily aimed at determining whether the introduction of Treasury Single Account (TSA) minimizes fraud perpetration in Nigeria with particular reference to federal MDAs in Sokoto. To achieve this, Questionnaires were administered to selected federal MDAs in Sokoto State. A sample of 252 staff was arrived at using Taro Yamane’s (1967) sampling formula out of a total population of 4393. Descriptive (Mean and Standard deviation) and Inferential (Correlation and Multiple Regression) were employed to analyze the data collected. The result from the analysis revealed that the introduction of TSA has contributed immensely to minimizing fraud perpetration, blocking revenue leakage leading to consolidation of government cash balances in the country. This was evident from the significant p-value of 0.032 and a positive coefficient of 0.103 in respect of fraud perpetration against the independent variable (TSA). Also revealed was that the control variables (blocking revenue leakage and cash consolidation) alongside the independent variable account for about 42% variation of the dependent variable. In view of the above, the study concluded that TSA undoubtedly mitigates the perpetration of fraudulent activities in the public sector by ensuring accountability and transparency in the management of public finances. Base on the finding it is recommended that there is the need for massive enlightenment by regulatory bodies on the importance of implementing TSA by States and Local government. Also, there is the need for appropriate statutory backing on the implementation of TSA to ensure its effectiveness.
VL  - 7
IS  - 6
ER  -

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Author Information

Abdulrahman Bala Sani

Department of Accounting, Faculty of Management Sciences, Usmanu Danfodiyo University Sokoto, Sokoto, Nigeria
Abdulrasheed Bello

Accounts Department, Nigerian Airspace Management Agency Sokoto, Sokoto, Nigeria
Sirajo Sani Sokoto

Sokoto Board of Internal Revenue Services, Sokoto, Nigeria

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APA Style

Abdulrahman Bala Sani, Abdulrasheed Bello, Sirajo Sani Sokoto. (2021). Treasury Single Account in Nigeria as a Tool for Fraud Prevention. European Business & Management, 7(6), 184-190. https://doi.org/10.11648/j.ebm.20210706.14

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ACS Style

Abdulrahman Bala Sani; Abdulrasheed Bello; Sirajo Sani Sokoto. Treasury Single Account in Nigeria as a Tool for Fraud Prevention. Eur. Bus. Manag. 2021, 7(6), 184-190. doi: 10.11648/j.ebm.20210706.14

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AMA Style

Abdulrahman Bala Sani, Abdulrasheed Bello, Sirajo Sani Sokoto. Treasury Single Account in Nigeria as a Tool for Fraud Prevention. Eur Bus Manag. 2021;7(6):184-190. doi: 10.11648/j.ebm.20210706.14

Copy | Download

@article{10.11648/j.ebm.20210706.14,
  author = {Abdulrahman Bala Sani and Abdulrasheed Bello and Sirajo Sani Sokoto},
  title = {Treasury Single Account in Nigeria as a Tool for Fraud Prevention},
  journal = {European Business & Management},
  volume = {7},
  number = {6},
  pages = {184-190},
  doi = {10.11648/j.ebm.20210706.14},
  url = {https://doi.org/10.11648/j.ebm.20210706.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ebm.20210706.14},
  abstract = {The study is primarily aimed at determining whether the introduction of Treasury Single Account (TSA) minimizes fraud perpetration in Nigeria with particular reference to federal MDAs in Sokoto. To achieve this, Questionnaires were administered to selected federal MDAs in Sokoto State. A sample of 252 staff was arrived at using Taro Yamane’s (1967) sampling formula out of a total population of 4393. Descriptive (Mean and Standard deviation) and Inferential (Correlation and Multiple Regression) were employed to analyze the data collected. The result from the analysis revealed that the introduction of TSA has contributed immensely to minimizing fraud perpetration, blocking revenue leakage leading to consolidation of government cash balances in the country. This was evident from the significant p-value of 0.032 and a positive coefficient of 0.103 in respect of fraud perpetration against the independent variable (TSA). Also revealed was that the control variables (blocking revenue leakage and cash consolidation) alongside the independent variable account for about 42% variation of the dependent variable. In view of the above, the study concluded that TSA undoubtedly mitigates the perpetration of fraudulent activities in the public sector by ensuring accountability and transparency in the management of public finances. Base on the finding it is recommended that there is the need for massive enlightenment by regulatory bodies on the importance of implementing TSA by States and Local government. Also, there is the need for appropriate statutory backing on the implementation of TSA to ensure its effectiveness.},
 year = {2021}
}

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TY  - JOUR
T1  - Treasury Single Account in Nigeria as a Tool for Fraud Prevention
AU  - Abdulrahman Bala Sani
AU  - Abdulrasheed Bello
AU  - Sirajo Sani Sokoto
Y1  - 2021/11/23
PY  - 2021
N1  - https://doi.org/10.11648/j.ebm.20210706.14
DO  - 10.11648/j.ebm.20210706.14
T2  - European Business & Management
JF  - European Business & Management
JO  - European Business & Management
SP  - 184
EP  - 190
PB  - Science Publishing Group
SN  - 2575-5811
UR  - https://doi.org/10.11648/j.ebm.20210706.14
AB  - The study is primarily aimed at determining whether the introduction of Treasury Single Account (TSA) minimizes fraud perpetration in Nigeria with particular reference to federal MDAs in Sokoto. To achieve this, Questionnaires were administered to selected federal MDAs in Sokoto State. A sample of 252 staff was arrived at using Taro Yamane’s (1967) sampling formula out of a total population of 4393. Descriptive (Mean and Standard deviation) and Inferential (Correlation and Multiple Regression) were employed to analyze the data collected. The result from the analysis revealed that the introduction of TSA has contributed immensely to minimizing fraud perpetration, blocking revenue leakage leading to consolidation of government cash balances in the country. This was evident from the significant p-value of 0.032 and a positive coefficient of 0.103 in respect of fraud perpetration against the independent variable (TSA). Also revealed was that the control variables (blocking revenue leakage and cash consolidation) alongside the independent variable account for about 42% variation of the dependent variable. In view of the above, the study concluded that TSA undoubtedly mitigates the perpetration of fraudulent activities in the public sector by ensuring accountability and transparency in the management of public finances. Base on the finding it is recommended that there is the need for massive enlightenment by regulatory bodies on the importance of implementing TSA by States and Local government. Also, there is the need for appropriate statutory backing on the implementation of TSA to ensure its effectiveness.
VL  - 7
IS  - 6
ER  -

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