Tax Revenue Generation and Economic Growth: A Pre and Post Treasury Single Account Implementation in Nigeria (Published)
This study examines the relationship between tax revenue generation and economic growth in Nigeria before and after the implementation of the Treasury Single Account (TSA). The TSA, introduced in 2012 and fully implemented in 2015, aimed to consolidate all government revenues into a single account at the Central Bank of Nigeria to enhance transparency, accountability, and financial management. The study focuses on key tax types—Value Added Tax (VAT) and Company Income Tax (CIT)—and their correlations with economic growth, measured by Gross Domestic Product (GDP) growth rates. Prior to the TSA implementation, weak correlations were observed between tax revenues and GDP growth. However, post-TSA, there emerged positive correlations, indicating improvements in tax collection and administration. VAT exhibited a weak positive relationship with GDP growth, while CIT showed a strong positive correlation, underscoring the impact of better tax practices on economic development. Additionally, custom and excise duties demonstrated a moderate positive correlation with GDP growth, suggesting enhanced revenue generation from trade-related taxes. The findings highlight the effectiveness of the TSA in improving tax revenue generation and its positive impact on Nigeria’s economic growth. The study recommends that policymakers enhance VAT compliance, optimize CIT collection, and streamline customs procedures to further stimulate economic growth. These measures can ensure that the gains from TSA implementation are maximized, contributing to sustainable economic development in Nigeria.
Keywords: Government Revenue, Nigeria, Treasury Single Account (TSA), company income tax (CIT), economic growth, tax revenue generation, value added tax (VAT)
An Assessment of the Implication of Treasury Single Account Adoption on Public Sector Accountability and Transparency (Published)
Government is saddled with the responsibility of being accountable to its citizenry through effective and efficient service delivery. In order to achieve this goal, government enacted the treasury single account (TSA) policy for mobilization of government revenue. The objective of this study is to assess the implication of adoption of TSA on accountability and transparency in the Nigerian public sector; with a view to find out if the policy is capable of promoting government accountability function. The study consist of all ministries, departments and agencies (MDAs) in the public service with sample size of ten (10) MDAs involved in revenue generation selected using purposive sampling technique. The hypotheses were tested using regression analysis (ANOVA). The finding of the study showed that, TSA significant positive impact on financial leakages, transparency and curb financial misappropriation. Hence, considering the findings of this study, it is recommended that government should continue to sustain the adoption of the policy and enact laws that will extend it to state and local governments.
Keywords: Accountability, Public Sector, Transparency, Treasury Single Account (TSA)