TREASURY SINGLE ACCOUNT: CONCEPT, DESIGN, AND IMPLEMENTATION ISSUES IN NIGERIA

The Bank Verification Number (BVN) became imperative following the increasing incidence of compromise on conventional security systems such as password and Personal Identification Number (PIN) of customers. The BVN involves identifying an individual based on physiological or behavioural attributes, such as fingerprint, signatures and others. The customers unique BVN is accepted as a means of identification across all banks system. This paper assesses the positive effect of TSA implementation on the Economy, the public accounting system and on the liquidity base and performance of banking sector in Nigeria. The paper relied on secondary methodology to effectively examine the fiscal impact of the TSA policy and anchored on incremental model as a framework of analysis. The result of this research shows that adoption of a Treasury Single Account (TSA) is capable of plugging financial loopholes, promoting transparency and accountability in the public Financial System. Thus, the researchers recommend that for the success of this policy government should promulgate more legislation to make it mandatory for all the three tiers of government in Nigeria.