IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 8 NO. 8 2022

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Operation of Treasury Single Account (TSA) Using Remita Platform

Samauna Nuhu

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Abstract

The Treasury Single Account (TSA) is a financial policy adopted by the Nigerian government to consolidate and efficiently manage public funds. It aims to enhance transparency, accountability, and financial discipline in the public sector. This study examines the operation of the TSA using the Remita platform, a financial technology solution that facilitates the collection, disbursement, and monitoring of government revenue in real time. The research highlights the functionalities of Remita in automating payment processes, reducing revenue leakages, and improving financial oversight. It explores the operational workflow, including revenue collection through Remita Retrieval Reference (RRR) codes, centralized fund disbursement, and real-time reconciliation with the Central Bank of Nigeria (CBN). The study further evaluates the benefits of TSA, such as improved cash management, reduced corruption, and efficient budget implementation. Despite its advantages, challenges such as technical hitches, resistance to change, and compliance issues persist. The paper concludes that TSA, powered by Remita, has significantly transformed public financial management in Nigeria, ensuring greater efficiency and fiscal responsibility. Recommendations for enhancing the system’s effectiveness include continuous technological upgrades, stakeholder training, and improved policy enforcement.

keywords:

Treasury Single Account (TSA), Remita, Platform, Retrieval Reference (RRR) Codes

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