Treasury Single Account and Reduction of Financial Leakages in the Nigerian Custom Service
The study treasury single account and reduction of financial leakages in the Nigerian custom service was undertaken to determine amongst others the effect of TSA on financial leakages in revenue collection in Nigeria Public sector. The study adopted Agency Theory and Accountability theory propounded by Barley in 1973. The findings of the study revealed that there is a significant relationship between the introduction of Treasury single Account and the reduction of financial leakages in the Nigerian custom service, that TSA has help promote transparency and accountability in the management of public funds in Nigerian custom service. The study recommended that the federal government through Central Bank of Nigeria should continue to explore the opportunities of Treasury Single Account (TSA) in checkmating fraud, funds diversion and every form of financial leakages in revenue collection in Nigeria. The socio-economic development of every country is wholly tied on its revenue base, therefore blocking loopholes and leakages would help in mobilizing enough financial resources for effective service delivery. The result also revealed that the use of TSA had promoted transparency and accountability in financial mobilization, appropriation and utilization by 57% significantly and thus recommended that the federal government should intensify her efforts in ensuring strict compliance of MDAs and other federal government agencies to Treasury Single Account policy (TSA) in fighting corruption. This is pertinent because the growing incidence of corruption would be ameliorated as every financial receipts and expenditure would be modulated effectively.