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Implications of Treasury Single Account (TSA) Adoption on Nigeria’s Economic Growth: Evidence from Macroeconomic Time-Series Data (2010–2023)

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  • June 25, 2026
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Okeke, Gertrude Chinenye

Abstract         

Background: Nigeria’s full implementation of the Treasury Single Account (TSA) in September 2015 represented one of the most significant public financial management reforms in the country’s post-independence history. By consolidating all federal government revenues into a single account at the Central Bank of Nigeria, the TSA sought to eliminate revenue leakages, improve cash management efficiency, enhance fiscal transparency, and ultimately support macroeconomic stability and economic growth. Despite the policy’s prominence, the empirical evidence on its macroeconomic effects remains mixed and methodologically fragmented. Objectives: This study examined the implications of TSA adoption on Nigeria’s economic growth by investigating five specific dimensions: GDP growth rate effects, government revenue management improvement, fiscal transparency and accountability enhancement, cash management efficiency and GDP linkage, and reduction of public revenue leakages. Method: An ex-post facto longitudinal time-series research design was adopted. Secondary data were sourced from the Central Bank of Nigeria (CBN) Statistical Bulletins, Office of the Accountant-General of the Federation (OAGF) Reports, World Bank World Development Indicators (WDI), IMF Government Finance Statistics (GFS), and the National Bureau of Statistics (NBS) Nigeria, covering the period 2010 to 2023. The Autoregressive Distributed Lag (ARDL) bounds testing approach, supplemented by pre-estimation unit root tests (ADF and PP) and post-estimation diagnostic tests, was employed. Results: TSA adoption (proxied by a structural dummy variable) generated a significant positive long-run effect on GDP growth (β = 0.487, p < 0.05); government revenue management significantly improved post-TSA (β = 0.412, p < 0.05); fiscal transparency enhanced significantly (β = 0.374, p < 0.05); cash management efficiency positively influenced GDP growth (β = 0.341, p < 0.05); and public revenue leakages reduced significantly following TSA adoption (β = -0.521, p < 0.01). Conclusion: TSA adoption constitutes a significant macroeconomic governance reform with demonstrable positive implications for Nigeria’s economic growth trajectory.

Keywords: Treasury Single Account, economic growth, fiscal transparency, government revenue, cash management, revenue leakages, Nigeria, ARDL

Cite: Okeke, G. C. (2026). Implications of Treasury Single Account (TSA) Adoption on Nigeria’s Economic Growth: Evidence from Macroeconomic Time-Series Data (2010–2023). International Journal of Accounting Research and Financial Insights,  4(4), 311-325.https://doi.org/10.5281/zenodo.20816761   

IJARFI_44, 311-325Download
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