Second International Academic Conference on Accounting and Finance Issues in Emerging Market-Lagos Airport Hotel, Ikeja: Institute of Chartered Accountants of Nigeria (ICAN), Pp 23, 2016
Treasury Single Account (TSA) policy in Nigeria is a government accounting system under which all... more Treasury Single Account (TSA) policy in Nigeria is a government accounting system under which all government revenue receipts and income from Federal Government's Ministries, Departments and Agencies (MDAs) are collected into one single account, usually maintained by the Central Bank of Nigeria and all payments done through this account as well in order to enhance accountability of government revenue; transparency and avoid misapplication of public funds. The implementation of TSA policy in Nigeria has generated mixed reactions on it effect on Federal Government's Ministries, Departments and Agencies (MDAs). Based on the foregoing, the study assessed the effects of TSA on Federal Government's Ministries, Departments and Agencies (MDAs). To achieve the objective of the study, primary and secondary sources of data were used. Questionnaires were used for the collection of primary data. A sample size of 150 was purposively drawn from the study population which comprises of Federal Government's Ministries, Departments and Agencies (MDAs. Descriptive statistic (percentages) and Chi-square (X 2) analytical technique were utilized in the analyses of data and test of hypothesis. The calculated Chi-square (X 2) results for the hypothesis Ho1: Treasury Single Account does not enhance the repositioning of Federal Government's Ministries, Departments and Agencies (MDAs) for sustainable development, shows; X 2 10.71 and the table X 2 value at 5% level of significance was 2.733.The results show that Treasury Single Account has enhanced the repositioning of Federal Government's Ministries, Departments and Agencies (MDAs) for sustainable development. The study results also shows that TSA has enhanced regular monitoring of government cash balances, accountability and transparency, efficient use of government financial resources, probity, reduction of cost of borrowing and help to check corruption in Federal Government's Ministries, Departments and Agencies (MDAs). Also the study shows that MDAs in Nigeria have not been able to adequately used TSA to enhance economic development in Nigeria among others. The study recommended among others that TSA should be embrace by all Government's Ministries, Departments and Agencies (MDAs) at all level of governments; federal, states and local government councils in Nigeria and that MDAs in Nigeria should take advantages of TSA policy implementation to enhance economic development in Nigeria by keying into all aspects of the policy drive and urgently addressing all the shortcoming associated with the policy. The study concluded that TSA is a viable tool that enhanced repositioning of MDAs in Nigeria and as such it should be use to facilitate economic development in Nigeria.
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Papers by Peter Awusa
Key Words: Revenue Generation, Tax Evasion, Sustainable development
Financial drought and crippling insolvency in many states has led to unprecedented pressure and severe challenges paying workers salaries obligation, increasing cost of governance and infrastructural development in many states in Nigeria, Cross River state inclusive; a problem which had been contended to have emanated from reduction in federal allocations and poor revenue generation. The study assessed States Revenue Generation Challenges in Nigeria. To achieve the objectives of the study, primary data were generated through questionnaires. A sample size of 211 was drawn from the study population of 436. Descriptive statistic was utilized to analyze the data. The study result shows among others that corruption, poor accountability and tax evasion are challenges militating against revenue generation in Cross River State. The study concludes that revenue generation is a matter of paramount importance for any meaningful development to take place in the state and there is need for government to put in place palliative measures that will control challenges’ militating against revenue generation in the State. Therefore, the study recommends that government should put in place measures that will enhance blockage of revenue leakages that militate against revenue generation in Cross River State and facilitate sustainable revenue generation in the state.
Key words: Revenue, Revenue Generation and Challenges
In Nigeria, states governments are facing financial crises as a result of reduction in global oil prices and economic recession; leaving the states governments with the option of adopting strategies to improve the revenue base of states through others sources of revenue to attain the desired development. This study assessed the contribution of Personal Income Tax to Revenue Generated in Cross River State from 2003 to 2012. To achieve the objectives of the study, primary and secondary data were collected from the Cross River State Internal Revenue Service (CRSIRS) and Office of the Accountant General of Cross River State. Descriptive statistics and Ordinary Least Square (OLS) regression analytical technique were utilized in the analyzed which shows; R2 0.63 and DW 1.88. Granger Causality test and Augmented Dickey Fuller (ADF) unit root test were conducted to enhance the validation of the results. The results shows that personal income tax has significant impact on revenue generated in Cross River State and it has the capacity of been the major source of revenue in Cross River State. The study concludes that personal income tax is a source of revenue that can boost the state revenue base; as such there is a need for government to improve revenue generation through personal income tax. Therefore, the study recommends among others that government should expand personal income tax net thereby improving revenue generation through personal income tax and put in place palliative measures such as effective collaboration with stakes that will bring tax payers from the informal sector in to the tax net.
Key Words: Personal Income Tax, Revenue Generation and Nigerian Economy
Key Words: Revenue Generation, Tax Evasion, Sustainable development
Financial drought and crippling insolvency in many states has led to unprecedented pressure and severe challenges paying workers salaries obligation, increasing cost of governance and infrastructural development in many states in Nigeria, Cross River state inclusive; a problem which had been contended to have emanated from reduction in federal allocations and poor revenue generation. The study assessed States Revenue Generation Challenges in Nigeria. To achieve the objectives of the study, primary data were generated through questionnaires. A sample size of 211 was drawn from the study population of 436. Descriptive statistic was utilized to analyze the data. The study result shows among others that corruption, poor accountability and tax evasion are challenges militating against revenue generation in Cross River State. The study concludes that revenue generation is a matter of paramount importance for any meaningful development to take place in the state and there is need for government to put in place palliative measures that will control challenges’ militating against revenue generation in the State. Therefore, the study recommends that government should put in place measures that will enhance blockage of revenue leakages that militate against revenue generation in Cross River State and facilitate sustainable revenue generation in the state.
Key words: Revenue, Revenue Generation and Challenges
In Nigeria, states governments are facing financial crises as a result of reduction in global oil prices and economic recession; leaving the states governments with the option of adopting strategies to improve the revenue base of states through others sources of revenue to attain the desired development. This study assessed the contribution of Personal Income Tax to Revenue Generated in Cross River State from 2003 to 2012. To achieve the objectives of the study, primary and secondary data were collected from the Cross River State Internal Revenue Service (CRSIRS) and Office of the Accountant General of Cross River State. Descriptive statistics and Ordinary Least Square (OLS) regression analytical technique were utilized in the analyzed which shows; R2 0.63 and DW 1.88. Granger Causality test and Augmented Dickey Fuller (ADF) unit root test were conducted to enhance the validation of the results. The results shows that personal income tax has significant impact on revenue generated in Cross River State and it has the capacity of been the major source of revenue in Cross River State. The study concludes that personal income tax is a source of revenue that can boost the state revenue base; as such there is a need for government to improve revenue generation through personal income tax. Therefore, the study recommends among others that government should expand personal income tax net thereby improving revenue generation through personal income tax and put in place palliative measures such as effective collaboration with stakes that will bring tax payers from the informal sector in to the tax net.
Key Words: Personal Income Tax, Revenue Generation and Nigerian Economy