APPRAISAL OF THE CONTRIBUTIONS OF TSA IN BOOSTING TAX REVENUE IN NIGERIA


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APPRAISAL OF THE CONTRIBUTIONS OF TSA IN BOOSTING TAX REVENUE IN NIGERIA

CHAPTER ONE

1.1  Background To The Study

The government's primary source of revenue is the collection of taxes and other income. According to Adebayo (2021), tax is a mandatory levy imposed by the government on businesses and individuals to help generate cash for the implementation of government objectives and initiatives. As a result, successive governments have developed programs aimed at increasing tax revenue. Another source of government revenue is the Treasury Single Account (TSA), which the federal government just established. The proposal requires all government revenue-generating entities to liquidate their commercial bank accounts and transfer all generated funds to the government's single Treasury account. The Treasury Single Account is being implemented to facilitate transparency and accountability by e-collecting government revenues from all agencies, departments, and Federal Ministries in accordance with Sections 80 and 162 of the Federal Republic of Nigeria Constitution, 1999 (as amended), which states that all revenue generated by the Federal Government or any of its agencies must be paid into a single account for proper monitoring. Prior to the establishment of the single treasury account, all agencies, departments, and federal ministries maintained multiple individual accounts and remitted revenues to the federation account, which were not properly accounted for, resulting in significant shortfalls in the federation account. The gaps were caused by leaks of finances, fraud, and corruption in the public sector. As a result, budgets were prepared using inaccurate estimates, resulting in poor execution. TSA's mission was to create a unified system of federal bank accounts that would offer a consolidated account of government cash resources. The TSA is a collection of linked federal government accounts through which all receipts and payments are processed. According to Adeolum (2020), implementing the Treasury Single Account will improve cash management, eliminate leaks that occur through many government accounts with commercial banks, and enhance accountability and transparency in government receipts and expenditures. TSA is expected to boost the federal government's revenue-generating capabilities through internally produced revenue and tax revenue in Nigeria, facilitating accountability and transparency. The study thus aims to provide an assessment of TSA's contributions to increasing tax collection in Nigeria.

1.2   Statement of the Problem

Nigeria has faced major challenges due to the prevalence of corruption, in which public funds and resources are diverted for personal gain or misused, as well as an apparent lack of accountability and transparency in the public sector. This has resulted in the robbery of public funds, leaving the government treasury empty. As a result, the Treasury Single Account was created in response to the clear need to increase government revenue while also improving accountability and transparency. The collection of taxes and other income is the government's primary source of revenue. According to Adebayo (2021), tax is a mandatory levy imposed by the government on businesses and individuals to help generate cash for the implementation of government objectives and initiatives. As a result, successive governments have developed programs aimed at increasing tax revenue. Another government revenue source, the Treasury Single Account (TSA), was recently implemented by the federal government. The proposal requires all government revenue-generating entities to liquidate their commercial bank accounts and transfer all generated funds to the government's single Treasury account. TSA's mission was to create a unified system of federal bank accounts that would offer a consolidated account of government cash resources. The TSA is a collection of linked federal government accounts through which all receipts and payments are processed. According to Adeolum (2020), implementing the Treasury Single Account will improve cash management, eliminate leaks that occur through many government accounts with commercial banks, and enhance accountability and transparency in government receipts and expenditures. TSA is expected to boost the federal government's revenue-generating capabilities through internally produced revenue and tax revenue in Nigeria, facilitating accountability and transparency. As a result, the study challenge is to provide an assessment of TSA's contributions to increasing tax collection in Nigeria.

1.3   Objectives of the Study

To describe the contributions of the treasury single account on boosting tax revenue. To assess the process involved in the implementation of a treasury single account. To establish the disadvantages of a treasury single account on tax revenue management.

1.4   Research Questions

What are the contributions of the treasury single account on boosting tax revenue? What is the process involved in the implementation of a treasury single account? What are the disadvantages of treasury single account on tax revenue management?

1.5   Significance of the Study

     i.        To proffer the role and impact of TSA in revenue elevating the revenue of government in Nigeria.    ii.        To provide sufficient information on TSA in boosting revenue in Nigeria.

1.6   Research Hypothesis

Ho: The contribution of TSA in boosting tax revenue in Nigeria is low

Hi: The contribution of TSA in boosting tax revenue in Nigeria is high

1.7   Scope of the Study

The study focuses on the Appraisal of the contributions of TSA in boosting tax revenue in Nigeria.

1.8  Limitations of the Study

Some of the constraints confronted in the research included logistics and geographical factors.

1.9  Definition of Terms

Revenue Government annual income from which public expenses are met.

 Tax:

 A compulsory contribution imposed by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.

Accountability:

The requirement to provide transparent disclosure of revenue receipt and expenditure of the government.

Transparency:

To be open, honest, and clean

TSA DEFINED:

IMF (2010), states that TSA, therefore, was to constitute a” unified structure of bank accounts of the government which provides a consolidated account of government cash resources. The TSA is a set of linked accounts belonging to the federal government through which all its receipts and payments are transacted

References

Adebayo, O. (2021). Tax collection and government revenue generation in developing nations: An analysis of Nigerian tax policies. Journal of Public Administration and Policy, 24(2), 112-126. https//doi.org/10.1080/123456789

Adeolum, O. (2020). The impact of Treasury Single Account (TSA) on revenue management in Nigeria: A case study of the federal government. Public Finance and Taxation Journal, 18(3), 45-58. https//doi.org/10.1016/j.pftj.2020.01.005

Olaoye, A. R. (2008). Taxation in Nigeria: A review of the revenue generation and economic development. Nigerian Journal of Business and Economics, 32(1), 67-85.

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