THE PROSPECT AND CHALLENGES OF TREASURY SINGLE ACCOUNT IN NIGERIA

This study examines the prospects and challenges of the Treasury Single Account (TSA) system in Nigeria, with particular focus on its implementation in federal government ministries, departments, and agencies (MDAs) in Ado Ekiti. TSA is a financial policy introduced by the federal government to consolidate all revenue inflows into a single account at the Central Bank of Nigeria, thereby enhancing transparency, minimizing corruption, and improving budgetary control. The study employed a survey research design, using questionnaires administered to fifty key staff and functional heads of selected MDAs. Data were analyzed using descriptive statistics and Chi-square tests via SPSS. Findings reveal that TSA has improved monitoring of government receipts and payments, reduced financial leakages, promoted transparency, and enhanced accountability in public sector financial management. However, challenges such as delayed reconciliation, inadequate technological infrastructure, and initial resistance by MDAs were identified as obstacles to effective implementation. The study concludes that while TSA has significant benefits for public financial management and economic development, its success depends on robust infrastructure, capacity building, and adherence to regulatory guidelines. Recommendations include continuous staff training, strengthening monitoring mechanisms, and improving ICT support to ensure optimal TSA performance. The findings provide insights for policymakers, public administrators, and researchers interested in financial governance and public sector reform in developing economies