Single Treasure Account Policy and Social-Economic Development in Nigeria: An Appraisal

Some expected functions of a legitimate and responsible government includes; provision of infrastructure, qualitative education, and conducive business environment for economic development. Interestingly however, government most times fails to achieve these constitutional requirements because its lean resources resulting from sharp malpractices or leakages in its revenue generating mechanisms, hence, the introduction by the federal government of a Treasury Single Account (TSA) policy. The aim of this study therefore, is to appraise the Treasury Single Account policy so introduced, and its impacts on socio-economic development in Nigeria. The study adopted historical and descriptive methods in gathering data. The study revealed among others that; the introduction of (TSA) policy has helped in enhancing revenue generation as well as transparency and accountability in governance, helped in minimizing leakages that has been a major challenge to socio-economic development of Nigeria and also reducing armchair banking practices by commercial banks. Based on these findings, the study recommended among others that there should be proper monitoring of TSA to ensure total compliance at all times.