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| The Effectiveness of the Treasury Single Account Policy in Curbing Revenue Leakages in Public Sector Organizations (An Assessment of the Corporate Affairs Commission (CAC), Nigeria)
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Dr. Chidi Emmanuel Nwokike, Dr. Ebelechukwu R. Okonkwo, Alokwu O. Stella
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Abstract:
This study examined the effectiveness of the treasury single account policy in blocking revenue leakages in public sector organizations, with a focus on the Corporate Affairs Commission (CAC) Nigeria. The need to gather and coordinate the financial management of government ministries, departments, and agencies, including the Corporate Affairs Commission, led to the adoption of the Treasury Single Account policy. Prior to the introduction of this laudable policy, ministries, departments, and agencies had several accounts opened with different commercial banks, which made it difficult for the government to monitor the inflow and outflow of funds. The research used a thematic approach to analyze the data that were obtained from, mostly, secondary sources, which significantly depended on content analysis from books, online journals, and other unpublished works as well as library research. Analysis of the literature showed that legal professionals, staff, and other stakeholders have continued to engage in unwholesome practices like forgery, bypassing payment procedures, and outright corruption. Based on this, it was recommended that the service providers (Systemspecs), who are in charge of providing the platform, work rapidly to synchronize the process with commercial banks in order to provide easy access to the platform and ensure that overpayments are refunded to clients upon request. Additionally, a law should be passed by the government or regulatory agency forbidding public institutions from borrowing money to fund their annual budget. Finally, the commission needs to do a better job of educating the public about the benefits of the programme for both government revenue and the continued existence of government institutions.
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