LEGAL IMPLEMENTATION OF TREASURY SINGLE ACCOUNT IN THE OPERATION AND MANAGEMENT OF GOVERNMENT FINANCE IN NIGERIA, GHANA, UNITED KINGDOM AND AUSTRALIA

Abstract

The implementation of the TSA system represents one of the latest major evolutions in public financial management across many jurisdictions. Accordingly, this study reviews the implementation frameworks, challenges and outcomes of TSA systems in Nigeria, Ghana, the United Kingdom and Australia to undertake an in-depth review of their various experiences. The research investigates how these countries have so far designed and implemented their TSA systems through various legal frameworks, technological infrastructures and operational mechanisms. Based on a review of official government documents and institutional reports, this study has found that although these countries share certain common objectives in implementing TSA, their strategies and achievements differ significantly owing to their unique environments and capacities. In Nigeria and Ghana, for example, the introduction of TSA marked a radical departure from the existing fragmented banking arrangements towards centralized systems, backed by constitutional and legislative provisions. Advanced economies like the UK and Australia reflect various marks of mature TSA implementations characterized by sophisticated agency banking arrangements and advanced technological integrations. A number of critical success factors emerge from this analytical review, including strong legal frameworks, technological preparedness, engaging active stakeholders, and unbroken political will. While facing numerous challenges on stakeholder resistance and developing technological infrastructure, among others, all four countries have reported remarkable enhancements in managing government finance: revenue mobilization, improvement in cash management, reduction in transaction costs, and increased transparency in the operations of government as evidenced in the respective TSA implementations. In concluding, while routes to successful TSA implementation may vary between jurisdictions, the considerable potential benefit of TSA in enhancing financial management, increasing transparency, and improving operational efficiency indicates that TSA is something that cannot be done without in modern public sector financial management. The findings also carry useful lessons for other countries at the threshold of introducing similar reforms, suggesting that while core TSA principles should be preserved, implementation strategies can be usefully adapted to particular national contexts.