Key Words: Treasury Single Account (Tsa), Feasible Generalized Least Square (Fgls), Liquidity
Furthermore, the International Monetary Fund (IMF) and other development partners have in recent years engaged in the promotion of the implementation of a treasury single account (TSA) in sub-Saharan Africa so as to enhance cash management. The TSA seeks to centralize all public monies in a single account so as to enhance financial oversight and properly mobilize idle funds for necessary expenditure.It has to do with the consolidation of Ministries, Department and Agencies (mdas)’s bank accounts kept with commercial banks into a single account. Therefore, Treasury Single Account (TSA) is a public accounting system that uses a single account to ensure all Government revenue, receipts and payments are performed through a Consolidated Revenue Account (CRA) at the Central Bank of Nigeria (CBN). This electronic payment platform encompasses all public sector entities that collect revenues and other Government receipts such as operating surpluses, refunds, transfers, donations, over-payment, taxes and customs duties among others.There are two structures of TSA. TSA is either a centralized account with transaction sub-accounts domiciled at the central bank or a decentralized TSA with accounts held with commercial banks in which balances in the accounts are transferred into the national TSA. The second option allows mdas to properly handle their financial functions. The first arrangement is majorly embraced by the countries of the West African Economic and Monetary Union (WAEMU) because of the capacity levels of their personnel and their financial management information systems. Centralized TSA is easier to execute due to the limited IT knowledge and capacity of their manpower. However, the decentralized TSA could enhance the commercial banks’ stability, foster their going concern status and promote citizens’ability to access financial services from the banks involved. Countries in sub- Saharan Africa such as Nigeria, Tanzania, Mali, Kenya and Ghana have therefore embraced the scheme as an instrument of economic stabilization and growth strategy.
Although, in Nigeria, the pilot TSA scheme started in 2012 using a unified structure of accounting for 217 government Ministries, Departments and Agencies, mdas, for accountability and transparency in public fund management, the full implementation took effect in 2015. Notwithstanding, Deposit Money Banks (dmbs) can collect revenue on behalf of mdas using Government transit accounts but they must remit such takings to CRA at the end of that transaction day.The essence of TSA is to curb maintenance of multiple bank accounts by mdas so as to effectively monitor government revenue, receipts and expenditures as well as block leakages among the public sector entities. TSA also seeks to address the issue of keeping idle funds in the mdas’ bank accounts whereas the Federal Government keeps borrowing for budget implementation. Needless to say, the unutilized public sector funds in the mdas’ bank accounts were the ones principally used by Deposit Money Banks (dmbs) to generate free profit. In addition, the new cash management reform has in the short run, robbed off the deposit money banks the monthly opportunities of safekeeping federal allocations released to the Federal, States and Local Governments through FAAC (Federation Account Allocation Committee) of the Federal Ministry of Finance. Dearth of deposited FAAC funds in the mdas’ bank accounts is another ugly signal of the implementation of the Treasury Single Account (TSA) to the shareholders and other stakeholders in Nigerian banking firms.
Before then, public funds were stashed in multiple bank accounts, exceeding more than 10,000 in various deposit money banks in Nigeria, (Okerekeoti & Okoye 2017). At a point, the Ministries, Departments and Agencies (MDAs) that opened these bank accounts and lodged money therein perhaps found it difficult to identify the total numbers of accounts held on their behalf by the deposit money banks in the country. For instance, a particular Federal University had more than 100 bank accounts but the university management could only ascertain some of the bank accounts (Agabi, 2017). From September 2015, the cash resources in all MDAs’ bank accounts were then mopped-up into a single account, called TSA with the Central Bank of Nigeria (CBN) for the purpose of transparency, accountability as well as blocking of leakages in public financial management in the country.
Several countries such as United States of America (USA), United Kingdom (UK), France, Sweden, India and Indonesia have adopted TSA and there was no perceived tension in their banking industry. So, why is Nigerian banking industry taking the hit from the TSA implementation in this country? This is arguably due to the fact Federal Government Deposits (Federal Project funds, monthly release of funds through Federation Account Allocation Committee-FAAC among others) constituted huge chunks of their deposits while deposits from private individuals and institutions were negligible. As the funds were withdrawn from their coffers, tightened liquidity was envisaged.
Subsequently, this paper sought to cover theoretical gaps in the literature that established relationship between F.G.Deposits (TSA) and bank liquidity performance. This study also attempted to address some methodological gaps because some studies on TSA and bank performance in Nigeria used techniques of analysis such as Chi-Square, Paired sample t-test and percentages, trend analysis (bar charts), Ordinary Least Square (OLS) and the Pearson Correlation techniques, which are contentiously weak analytical techniques while some others only carried out a recycling on previous literature. It is based on these methodological shortcomings that this study explores the effect of F.G. Deposit Withdrawals (TSA) on Liquidity Performance of deposit money banks in Nigeria using Feasible Generalized Least Square (FGLS) as an alternative technique of data analysis.The FGLS estimator generally produces better results than the Pearson Correlation Chi-Square and Paired sample t-test as well as OLS estimators. Nonetheless, this research focuses on addressing the following issue. Does F.G. Deposit Withdrawals (TSA) significantly affect the liquidity performance of Deposit Money Banks in Nigeria?
Does F.G. (TSA) Deposit Withdrawal have significant effect on liquidity performance of deposit money Banks in Nigeria?
To examine the effect of F.G. (TSA) Deposit Withdrawal on liquidity performance of deposit money Banks in Nigeria.
F.G. (TSA) Deposit Withdrawal has no significant effect on liquidity performance of deposit money Banks in Nigeria.
Moreover, the Federal, State and Local governments could find this paper useful as a result of the fact that the study empirically investigated the effect of one of the public finance management reforms (TSA) as it affects the intermediation function of the banking industry in Nigeria.
Also, Regulators such as Central Bank of Nigeria and Office of the Accountant General of the Federation (OAGF) could find this paper helpful because the study essentially examined crucial TSA issues influencing banks’ liquidity performance in Nigeria so as to take necessary actions.
Furthermore, Boards of Directors and the Management of banking firms in Nigeria are expected to have found this study relevant because it examined certain intermediation issues on banks’ liquidity performance and it has revealed some possible lapses affecting their liquidity positions, which need additional commitments to their intermediation functions in the society.
Likewise, researchers and students are expected to have benefited from this study because they are normally concerned with getting an insight into how Treasury Single Account (TSA) implementation affects banks’ liquidity performance. It has therefore, served as a source of knowledge and reference point to researchers and students by adding to literature stream. Apart from that, it has contributed to the frontier of knowledge on the implication of the implementation of Treasury Single Account in Nigeria. The study is categorized into the following: Introduction which is Part 1; a Review of Literature which is Part 2; Data and Methodology which formed Part 3; Data Analysis and Discussion of Findings constituted Part 4 while Part 5 is Conclusion and Recommendation.
Effect of FG Deposit Withdrawals into the TSAon Banks’ Liquidity Performance
So, under the TSA, the government bank accounts structure is either a centralized or decentralized system or both as shown in figures 2.2 and 2.3 culled from IMF (2010). Centralized system is a single bank account with or without sub-accounts and it is maintained at the Central Bank of a country. On the other hand, decentralized or distributed system is a single account with numerous independent bank accounts kept with commercial banks such that consolidated cash balances and position are transferred to TSA at the end of each transaction day, (Sailendra & Israel, 2011). In essence, under the decentralized TSA scheme, any balances remaining with the banking system are moved into the TSA on a daily basis. The government bank account structure of countries such as Sweden, Indonesia, Cambodia and United States is a decentralized TSA Scheme while some countries like France, United Kingdom, New Zealand, Brazil and Russia operate a centralized TSA Scheme. Also, several countries such as Australia, Peru and India operate a combination of centralized and distributed bank accounts structure, otherwise called hybrid system in which main revenues and expenditure pass through the TSA directly while minor transactions are left with the commercial banks. Although, the hybrid arrangement allows that any balances remaining with the commercial banking system be transferred overnight into the TSA, the government funds management team may still leave the net balance of smaller payments with the banking system for investment purpose. This is another way a commercial banking system may still flourish in terms of liquidity under the emerging TSA regime especially in Nigeria. Fig – 4.2, 4.3
Note: OAGF: the Office of the Accountant General of the federation and
IPPIS: the integrated Payroll and Personnel Information System
Olowokure and Adetoso examined the impact of the Treasury Single Account on the liquidity of money deposit banks in Nigeria. Primary data were collected from five Deposit Money Banks in Nigeria. The study found that there is a significant relationship between treasury single account and bank liquidity. In addition, Ndubuaku, Ohaegbu and Nina, (2017) examined the impact of Treasury Single Account on the Performance of the Banking Sector in Nigeria using secondary and time series data collected from the CBN statistical bulletin 2015. The study used regression technique in analyzing the data. The results of the study showed that there is a positive and significant relationship between TSA and the performance of the Banking Sector in Nigeria. The study however covered the Pre and During-TSA period and not post- TSA Era. Hence, this present study has extended the scope to post-TSA period.
However, [24] used primary and secondary data from Ministries, Department and Agencies (mdas) within Bauchi metropolis to evaluate the effects of Treasury Single Account on Public Finance Management in Nigeria. The analysis of data was carried out through the use of Pearson Correlationtechniques. It was then found that there is a strong positive relationship between Treasury Single Account and Publicfinancial management in Nigeria. Notwithstanding, the study covered only mdas in one out of 36 States of the Federation with 34 observations.Hence, the need to extend the scope of the study to cover larger samples so as to enhance the existing literature on TSA. Therefore, this present paper has covered this gap with larger observations. Furthermore, Kanu (2016) assessed the impact of Treasury Single Account on the liquidity of banks in Nigeria using a primary data from a sample of ten Deposit Money Banks in the country. The study used Chi-square as a statistical tool when analyzing the primary data. The findings of the study showed that there is a negative impact of TSA on the liquidity base and the performance of banking sector in Nigeria. However, technique of data analysis used in the study appears outmoded. Therefore, this paper has filled the gap by employing more efficient and consistent analytical technique (FGLS).
Conversely, [18] examined the effect of implementation of Federal Government Treasury Single Account (TSA) Deposits and commercial banks performance in Nigeria from the period 2012 to 2016 using time series data. Trend analysis (bar charts) and SPSS 7.0 software descriptive statistics and least square test were used as tools of data analysis.The study then found and concluded that the implementation of TSA in the public sectordeposits (Demand, Time and Savings) deposit accounting system did not impact significantly on the performance of the commercial banks. The six observations seem to be small in terms of generalizing the study result across the deposit money banks in Nigeria.So, this present study has sought to cover the gap.
Additionally, [1] evaluated the effects of Treasury Single Account (TSA) on Performance and Survival of Deposit Money Banks in Nigeria using secondary data with a sample of six (6) banks. The study employed sample t- test analysis techniques and percentages. It was then found that Treasury Single Account (TSA) has no effect on banks performance and survival. However, the study obtained data from financial statements of six banks for one year. This period is too short and a sample size of only six observations may not be adequate enough for generalizing the findings to all the deposit money banks in Nigeria. This present study has extended the scope to six years across 22 deposit money banks in the country.
On the contrary, [2] investigated the impact of Treasury Single Account on the Liquidity of Banks in Nigeria using secondary data drawn from the annual reports of Fifteen (15) listed banks. The study employed descriptive statistics and Paired sample t-test as a technique of data analysis. The findings showed that the implementation of Treasury Single Account had negative impact on the liquidity base of banks in Nigeria. A year analysis with fifteen observations may be too short to generalize the results of the study. Hence, this present study has covered the scope with more observations across time and banks in Nigeria.
Moreover, [25] assessed the effect of implementation of the Treasury Single Account on the Liquidity of Deposit Money Banks in Nigeria. After surveying the theoretical and empirical literature on the subject matter, it was concluded that the implementation of treasury single account would have negative effect on the liquidity of deposit money banks in Nigeria. It was then recommended that further studies be conducted on the relationship between TSA and the liquidity of money deposit banks in Nigeria using performance metrics. This paper has therefore attempted to implement the aforementioned recommendation.
Conversely, [16] assessed the impact of Treasury Single Account on the Performance of Banks in Nigeria using multivariate data were obtained from two commercial banks (Diamond bank and First bank Nigeria limited), Owerri, and Imo State, Nigeria from 2015 to 2017. The study employed multivariate analysis model in determining the Hotelling’s T2 statistic; Mahalanobi’s D2 statistic and F distribution for the research problem. It was then found that there was no significant difference between the period before and after the introduction of the TSA policy on the performance of banks in Nigeria. The study however, used very few samples from a city in a State out of thirty-six (36) States in Nigeria, which are too small to represent the entire deposit money banks in the country. Hence, there is the need to reinvestigate the study so as to cover wider scope for better generalization of the research findings.
Furthermore, [4] examined the impact of Treasury Single Account (TSA) implementation on Bank Liquidity in Nigeria using data gathered from annual reports of ten (10) deposit money banks for the period 2010-2015. The study applied Regression Models of student t – test statistical technique. It was then concluded that TSA has a negative effect on the banks’ current ratio in Nigeria. The study covered the period before TSA and up to the implementation year (2015) but not after.
This paper therefore covers the period before and after the TSA Implementation, thereby enhancing informational value of the research in this jurisdiction.
Also, [12] examined the effects of Treasury Single Account (TSA) and Bank performance in Nigeria. A survey research design and Ordinary Least Square (OLS) were employed in the study. The finding then showed a negative and significant relationship between TSA and bank Liquidity. Nonetheless, the outcome of the primary data collected from the personnel of deposit money banks in five cities (Agbor, Asaba, Awka, Benin, and Onitsha) out of seven hundred and seventy-four (774) local governments may not be generalized to have revealed the effect of TSA on bank performance in Nigeria.
Similarly, [21] investigated the opinion and perception of Treasury Single Account (TSA) adoption in Nigeria. Data were relationship among the variables studied. Another flaw is that there was no any hypothesis tested during the course of the study. Therefore, this particular paper has addressed the abovementioned shortcomings in the literature.
As stated by [14], the Shift ability theory of liquidity was postulated by Harold G, Moulton in 1915. The theory propounds that a bank that is short of ready money can shift (sell) its assets (financial instruments such as treasury bills, commercial papers) to a more liquid bank, in an organized secondary market. With this, banking firms can be protected against liquidity crisis in banking firms that may warrant huge withdrawals by depositors.
The empirical studies on the effect of F.G. Deposit Withdrawals (TSA) on banks’performance are still scanty in Nigeria. Therefore, this study sought to fill an essential literature gap by improving stakeholders’ understanding on the effect of TSA on banks liquidityperformance in Nigeria.
Lastlit =βo + β1logfgd.it + ɛ
Where:
LASTL (Liquidity Ratio) = Liquid Assets to Short Term Liabilities
LOGFGD = (F.G. Deposit) = Log of Total F.G. Deposits at Time t, Bank i
Ɛ= The Error Term.
Β0, and β1 are parameters to be estimated with a priori expectation.
Variables |
Measure |
Notation |
Source |
Dependent variable: |
|||
Liquidity Ratio |
Liquid Assets/ Short Term Liabilities of the bank in yeart |
LASTL |
(Ajetunmobi, Adesina, Faboyedeand Adejana, 2017) |
Independent Variable |
|||
F.G. Deposit (TSA) |
Log of Total F.G. Deposits in banki yeart |
LOGFGD |
(Onuorah, 2016) |
LIQUIDITY RATIO |
|||||||
YEAR |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
|
RATIO |
0.221 |
0.231 |
0.167 |
0.271 |
0.245 |
0.259 |
|
TOTAL FGN DEPOSITS (TSA) |
|||||||
YEAR |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
|
(N' MILLION) |
1,112,985.85 |
2,932,355.79 |
764,578.53 |
53,806.95 |
67,831.42 |
60,343.33 |
|
LOGFGN |
|||||||
2017 DEPOSIT MONEY BANKS (COMMERCIAL BANKS) IN NIGERIA |
|||||||
Access Bank Nig. |
Citibank Nig. |
Diamond Bank Nig. |
Ecobank Nig. |
Enterprise Bank |
Fidelity Bank |
First Bank Nig. |
|
FCMB Nigeria |
GTB Nigeria |
Heritage Bank Nig. |
Keystone Bank |
Main street Bank |
Skye Bank |
Stanbic IBTC |
|
Standard Chartered |
Sterling Bank |
SunTrust Bank Nig. |
Union Bank Nig. |
UBA Nigeria |
Unity Bank Nig. |
Wema Bank Nig. |
|
Zenith Bank Nig. |
Table III revealed that LASTL, representing bank liquidity performance has a mean of 0.23233 and standard deviation of 0.03371; TSA has average value of 5.45667 and standard deviation of 0.70099.The analysis indicated that the TSA has the highest average value of 5.45667 and the deviation from the mean at 70.01% while Liquidity Ratio (LASTL) has the lowest mean (0.23233) and standard deviation (0.03371), indicating that the data are clustered around the average thereby making it more reliable. The coefficients of skewness and Kurtosis for TSA and Liquidity Ratio confirm that the data conform to the Gaussian distribution requirement.The results of the correlation among the variables are explained in the following section. Table – IV
|
Obs |
Mean |
Std. Dev. |
Min |
Max |
Skewness |
Kurtosis |
|
LASTL |
132 |
0.23233 |
0.03371 |
0.167 |
0.271 |
-0.8871 |
2.75329 |
|
LOGFGD |
132 |
5.45667 |
0.70099 |
4.73084 |
6.46722 |
0.18555 |
1.28691 |
|
lastl |
logfgd |
lastl |
1.000 |
|
logfgd |
0.639 |
1.000 |
Cross-Sectional Time Series FGLS Regression |
Cross-Sectional Time Series FGLS Regression |
Cross-Sectional Time Series FGLS Regression |
|||||||||||||
(PRE-TSA ERA)2012-2014 |
(POST-TSA ERA) 2015-2017 |
(PRE&POST-TSA ERA) 2012-2017 |
|||||||||||||
Var |
Co-eff |
Std Error |
T-value |
P-value |
Var |
Co-eff |
Std Error |
T-value |
P-value |
Var |
Co-eff |
Std Error |
T-value |
P-value |
|
Cons |
-0.3611 |
0.05069 |
-7.12 |
0 |
Cons |
1.49434 |
0.058728 |
254.45 |
0 |
Cons |
0.400036 |
0.017707 |
22.59 |
0 |
|
logfgd |
0.92531 |
0.008259 |
11.2 |
0.000*** |
logfgd |
-0.2585 |
0.001228 |
-210.47 |
0.000*** |
logfgd |
-0.30734 |
0.003219 |
-9.55 |
0.000*** |
|
Coefficients: generalized least squares |
Coefficients: generalized least squares |
Coefficients: generalized least squares |
|||||||||||||
Panels: homoskedastic |
Panels: homoskedastic |
Panels: homoskedastic |
|||||||||||||
Correlation: no autocorrelation |
Correlation: no autocorrelation |
Correlation: no autocorrelation |
|||||||||||||
Wald chi2(1) = 125.54 |
Wald chi2(1) = 44297.19 |
Wald chi2(1) = 91.17 |
|||||||||||||
Prob> chi2 = 0.0000 |
Prob> chi2 = 0.0000 |
Prob> chi2 = 0.0000 |
|||||||||||||
No. of Obs= 66 |
No. of Obs= 66 |
No. of Obs= 132 |
The findings from the table IV implied that the results of FGLS are more consistent and efficient than other techniques attached as appendix to this study. The Wald Test of p-value 0.0000 also showed that the variables and the model used are jointly significant and accurately specified.
(LASTL.it =0.400035 -0.307335CAD.it + ɛ.it)
Var |
Co-eff |
Z-value |
P-value |
Accepted |
Rejected |
|
logfgd |
-0.3073 |
-9.55 |
0.000*** |
Based on the above FGLS estimations, there is a negative and significant relationship between TSA and bank liquidity in Post-TSA Era at 1% level of significance. Based on this, the null hypothesis is rejected as anticipated. This negative correlation between F.G. Deposits
(TSA) and bank liquidity is consistent with previous studies such as [13], (Ajetunmobi, Adesina, Faboyede & Adejana, 2017), (Zayol, Iorlaha & Nege 2017), (Ighosewe & Ofor, 2017) and (Solanke, 2018) but contrary to the shift ability theory due to the fact that the deposit money banks find it challenging to shift (sell) their liquid assets to more liquid banks in the Nigerian banking industry.
Moreover, the result of the negative and significant relationship between TSA and dmbs’ liquidity performance is unsurprising due to the fact that some deposit money banks in Nigeria failed to file their Audited Financial Statements as and when due. For instance, Skye Bank plc submitted only 2015 audited report to the Nigerian Stock Exchange but it has not been able to file that of 2016 and 2017 audited financial statements as at the end of third Quarter of 2018. In addition, Banks such as Fidelity Bank Plc., Unity Bank Plc., Union Bank Plc., Diamond Bank Plc. And First Bank had not filed their Audited Financial Statements for the year ended December, 2017 even as at the end of June, 2018. This worrisome situation leaves much to be desired as their inability to open up by way of published financial statements kept casting doubts into the minds of investors, regulators and the general public concerning the true state of their liquidity performance.
The bank managers should aggressively transform unbanked members of the public into bankable individuals for higher liquidity performance of the deposit money banks.
Also, the country’s fund managers should consider a hybrid system of TSA so that minor cash balances that may be left with the commercial banking system could be invested to boost the banks’ liquidity and generate returns on invested funds for the government as well.
2. Guaranty Trust Bank Plc (GT Bank)
3. Zenith Bank Plc
4. United Bank for Africa Plc (UBA)
5. Access Bank Plc
6. Skye Bank Plc
7. Ecobank Nigeria
8. Diamond Bank Plc.
Source:http://nigeriannewsdirect.com/eight-cbns-important-banks-account-for-n11-76trn- industry-loans-cbn/
- Agbo P O, Jugu Y G, Okwoli A A. Effects of Treasury Single Account on Performance and Survival of Deposit Money Banks in Nigeria. International Journal of Management Science Research (IJMSR). 2016.
- Ajetunmobi O O, Adesina K, Faboyede S O, Adejana B P. The Impact of Treasury Single Account on the Liquidity of Banks in Nigeria. Journal of Accounting, Finance and Auditing Studies. 2017; 3(3): 132-143.
- Allen L, Rai A. Operational Efficiency in Banking: An International Comparison. Journal of Banking & Finance. 1996; 20(4): 655-672. doi: 10.1016/0378-4266(95)00026-7
- Andornimye L. (2017). Impact of Treasury Single Account (TSA) Implementation on Bank Liquidity in Nigeria. Journal of Economics, Business and Management. 4(4). 260-264.
- Andrew O A, Osuji C C. The Efficacy of Liquidity Management and Banking Performance in Nigeria. International Review of Management and Business Research. 2013; 2(1): 223-233.
- Bassey U. 15 things to know about Treasury Single Account (TSA). 2018
- Central Bank of Nigeria (2017). Annual Statistical Bulletin. Available at https://www.cbn.gov.ng/statbulletin.
- https://www.cbn.gov.ng/Out/2018/FPRD/FSR%20June%202017.pdfCentral%20Bank%20of%20Nigeria%20(2017).%20Financial%20Stability%20Report.%20Available%20at%20https:/www.cbn.gov.ng/Out/2018/FPRD/FSR%20June%202017.pdf
- Duruechi A H, Ojiegbe J N, Otiwu K C. Liquidity Management Measures and Bank Performance in Nigeria: An Empirical Analysis. European Journal of Business and Management. 2016; 8(17): 24-35.
- Fred H H, Stephen A D L, Arthur H G. Efficiency Ratios and Community Bank Performance. Journal of Finance and Accountancy. 2014.
- Gezu G. Determinants of nonperforming loans: Empirical study in case of commercial banks in Ethiopia, Thesis, Jimma: Jimma University. 2014.
- Ighosewe E F, Ofor N T. Effect of Treasury Single Account (TSA) on Banks’Performancein Nigeria: An Exploratory Study. Sahel Analyst: Journal of Management Sciences. 2017.
- Kanu C. Impact of Treasury Single Account on the Liquidity. ABC Journal of Advanced Research. 2016; 5(1). doi: 10.18034/abcjar.v5i1.849
- Maaka Z A. The Relationship between Liquidity Risk and Financial Performance of Commercial Banks in Kenya. Master of Business Administration (MBA), Research Project, School of Business, University of Nairobi. 2013.
- Ndubuaku V C, Ohaegbu O K, Nina N M. Impact of Treasury Single Account on the Performance of the Banking Sector in Nigeria. Journal of Economics and Finance. 2017; 8(4): 8-15. doi: 10.9790/5933-0804010815
- Ogbonna C, Amuji H. Analysis of the Impact of Treasury Single Account on the Performance of Banks in Nigeria. Open Journal of Statistics. 2018; 8(3): 457-467. doi: 10.4236/ojs.2018.83029
- Olowokure T O, Adetoso J A. Treasury Single Account and Money Deposit Banks Crises in Nigeria. Developing Country Studies. 2017; 7(11): 93-101.
- Onuorah A C. Federal Government Treasury Single Account (TSA) Deposits and Commercial Banks Performance. Journal of Social and Management Sciences. 2016; 11(3): 1-34.
- Pattanayak S, Fainboim I. Treasury Single Account: An Essential Tool for Government Cash Management. International Monetary Fund. Technical Notes and Manuals. 2011.
- Sanusi L S. The Nigerian Banking Industry: what went wrong? 2010.
- Solanke A A. Opinion and Perception of Treasury Single Account Implementation: Implications for Revenue Generation and Utilization in Nigeria. European Scientific Journal. 2018;14(1): 164-175. doi: 10.19044/esj.2018.v14n1p164
- Vion J. Challenges of Implementing a TSA in Africa. International Monetary Fund. Public Financial Management Blog. 2017.
- http://www.nse.com.ng/Listings-site/corporate-disclosure-site/Documents/X%20-%20CX-Compliance%20Report%20(2018).%20Nigerian%20Stock%20Exchange.%20Available%20at%20http:/www.nse.com.ng/Listings-site/corporate-disclosure-site/Documents/X%20-%20COMPLIANCE.pdf
- Yusuf M B. Effects of Treasury Single Account on Public Finance Management in Nigeria. Research Journal of Finance and Accounting. 2016; 7(6): 164-170.
- Zayol P I, Iorlaha T, Nege J D. Effect of Treasury Single Account on the Liquidity of Deposit Money Banks in Nigeria. Journal of Economics and Finance. 2017; 8(4): 55-60. doi: 10.9790/5933-0804035560