Combating Financial Hemorrhage in the Public Sector: Does the Treasury Single Account Policy Hold Substance in Kogi State, Nigeria?

Abstract

Kogi State is one among Nigeria’s 36 federating states. Situated in the North-Central region, the state is endowed with (arguably though) the greatest mass of natural resources in the nation’s vast Northern region, making it a substantial contributor to Nigeria’s GDP. These endowments notwithstanding the state battles with some of the most paradoxical conditions that characteristics the Nigeria state; poverty, low quality of life and its attendant consequences, all due to the lack of an accountability mechanism that checks recklessness and mitigates financial hemorrhage. The Kogi state government in 2015 began implementation of Treasury Single Account to midwife a paradigm shift that would ensure financial accountability while increasing the latitude for quality service delivery. This paper assesses the impact of the Treasury Single Account (TSA) policy on financial accountability in Kogi State. Two objectives and hypotheses guided the study. A descriptive survey research design was adopted. The population comprised 287 staff of Kogi Internal Revenue Service (KGIRS) Lokoja. The sample size of 87. Data was collected using a questionnaire. Descriptive statistics and Pearson’s Product Moment Correlation (PPMC) was employed, for analysis and data presentation. The findings indicate that the implementation of the TSA policy in Kogi State significantly enhanced transparency and accountability in public fund management. The study recommends the prioritization of enforcement and adherence to the TSA policy to sustain gains achieved in transparency, accountability, and efficiency of fund management among others.