Federally Collected Non-oil Tax Revenue and National Economic Performance in Nigeria: A Pre - post Treasury Single Account Implementation Assessment

Stanley Ogoun; Odogu Terry Keme Zuode

doi:doi:10.11648/j.jfa.20200804.14

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Federally Collected Non-oil Tax Revenue and National Economic Performance in Nigeria: A Pre - post Treasury Single Account Implementation Assessment

Stanley Ogoun, Odogu Terry Keme Zuode

Published in Journal of Finance and Accounting (Volume 8, Issue 4)

Received: 26 April 2020 Accepted: 28 June 2020 Published: 13 July 2020

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Abstract

This paper examined the implementation of Treasury Single Account (TSA) on federally collected non-oil tax revenue and national economic performance in Nigeria, via an inter-period comparative milieu. This study was stimulated by the divergent opinion amongst stakeholders on the justification and efficacy of the TSA model. The study was underpinned by the stakeholder and public finance management theories. Mulled after the ex post facto research template, before (pre) and after (post) implementation data of the corresponding periods were obtained from the annual bulletins/reports of Federal Inland Revenue Service (FIRS), Central Bank of Nigeria (CBN) and Nigerian Bureau of Statistics (FBS). While, actual reported tax revenue for the corresponding periods were obtained, gross domestic product was deployed to proxy national economic performance. Paired sample t-test was used to process the data on the Statistical Package for Social Sciences (SPSS) template. The results revealed that, in gross terms more revenue was collected pre-TSA. However, a significant increase in federally collected revenue post TSA implementation was achieved, granted that the economy slipped into recession from the third quarter of 2015, also a considerable growth in GDP. In essence, both measures performed better in the post implementation period from a comparative strand. This implies that, the TSA policy has a positive bearing on both non-oil tax revenue generation and economic performance. Following, it is recommended that government should improve on the existing TSA framework by incorporating complementary, supportive control and monitoring measures to perfect the operation of the system, and to escalate the system further towards monitoring outflows (expenditure),

Published in	Journal of Finance and Accounting (Volume 8, Issue 4)
DOI	10.11648/j.jfa.20200804.14
Page(s)	190-198
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2020. Published by Science Publishing Group

Keywords

Treasury Single Account, Non-oil Revenue, Economic Performance, Comparative, Pre-post Period

References

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APA Style

Stanley Ogoun, Odogu Terry Keme Zuode. (2020). Federally Collected Non-oil Tax Revenue and National Economic Performance in Nigeria: A Pre - post Treasury Single Account Implementation Assessment. Journal of Finance and Accounting, 8(4), 190-198. https://doi.org/10.11648/j.jfa.20200804.14

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ACS Style

Stanley Ogoun; Odogu Terry Keme Zuode. Federally Collected Non-oil Tax Revenue and National Economic Performance in Nigeria: A Pre - post Treasury Single Account Implementation Assessment. J. Finance Account. 2020, 8(4), 190-198. doi: 10.11648/j.jfa.20200804.14

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AMA Style

Stanley Ogoun, Odogu Terry Keme Zuode. Federally Collected Non-oil Tax Revenue and National Economic Performance in Nigeria: A Pre - post Treasury Single Account Implementation Assessment. J Finance Account. 2020;8(4):190-198. doi: 10.11648/j.jfa.20200804.14

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@article{10.11648/j.jfa.20200804.14,
  author = {Stanley Ogoun and Odogu Terry Keme Zuode},
  title = {Federally Collected Non-oil Tax Revenue and National Economic Performance in Nigeria: A Pre - post Treasury Single Account Implementation Assessment},
  journal = {Journal of Finance and Accounting},
  volume = {8},
  number = {4},
  pages = {190-198},
  doi = {10.11648/j.jfa.20200804.14},
  url = {https://doi.org/10.11648/j.jfa.20200804.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20200804.14},
  abstract = {This paper examined the implementation of Treasury Single Account (TSA) on federally collected non-oil tax revenue and national economic performance in Nigeria, via an inter-period comparative milieu. This study was stimulated by the divergent opinion amongst stakeholders on the justification and efficacy of the TSA model. The study was underpinned by the stakeholder and public finance management theories. Mulled after the ex post facto research template, before (pre) and after (post) implementation data of the corresponding periods were obtained from the annual bulletins/reports of Federal Inland Revenue Service (FIRS), Central Bank of Nigeria (CBN) and Nigerian Bureau of Statistics (FBS). While, actual reported tax revenue for the corresponding periods were obtained, gross domestic product was deployed to proxy national economic performance. Paired sample t-test was used to process the data on the Statistical Package for Social Sciences (SPSS) template. The results revealed that, in gross terms more revenue was collected pre-TSA. However, a significant increase in federally collected revenue post TSA implementation was achieved, granted that the economy slipped into recession from the third quarter of 2015, also a considerable growth in GDP. In essence, both measures performed better in the post implementation period from a comparative strand. This implies that, the TSA policy has a positive bearing on both non-oil tax revenue generation and economic performance. Following, it is recommended that government should improve on the existing TSA framework by incorporating complementary, supportive control and monitoring measures to perfect the operation of the system, and to escalate the system further towards monitoring outflows (expenditure),},
 year = {2020}
}

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TY  - JOUR
T1  - Federally Collected Non-oil Tax Revenue and National Economic Performance in Nigeria: A Pre - post Treasury Single Account Implementation Assessment
AU  - Stanley Ogoun
AU  - Odogu Terry Keme Zuode
Y1  - 2020/07/13
PY  - 2020
N1  - https://doi.org/10.11648/j.jfa.20200804.14
DO  - 10.11648/j.jfa.20200804.14
T2  - Journal of Finance and Accounting
JF  - Journal of Finance and Accounting
JO  - Journal of Finance and Accounting
SP  - 190
EP  - 198
PB  - Science Publishing Group
SN  - 2330-7323
UR  - https://doi.org/10.11648/j.jfa.20200804.14
AB  - This paper examined the implementation of Treasury Single Account (TSA) on federally collected non-oil tax revenue and national economic performance in Nigeria, via an inter-period comparative milieu. This study was stimulated by the divergent opinion amongst stakeholders on the justification and efficacy of the TSA model. The study was underpinned by the stakeholder and public finance management theories. Mulled after the ex post facto research template, before (pre) and after (post) implementation data of the corresponding periods were obtained from the annual bulletins/reports of Federal Inland Revenue Service (FIRS), Central Bank of Nigeria (CBN) and Nigerian Bureau of Statistics (FBS). While, actual reported tax revenue for the corresponding periods were obtained, gross domestic product was deployed to proxy national economic performance. Paired sample t-test was used to process the data on the Statistical Package for Social Sciences (SPSS) template. The results revealed that, in gross terms more revenue was collected pre-TSA. However, a significant increase in federally collected revenue post TSA implementation was achieved, granted that the economy slipped into recession from the third quarter of 2015, also a considerable growth in GDP. In essence, both measures performed better in the post implementation period from a comparative strand. This implies that, the TSA policy has a positive bearing on both non-oil tax revenue generation and economic performance. Following, it is recommended that government should improve on the existing TSA framework by incorporating complementary, supportive control and monitoring measures to perfect the operation of the system, and to escalate the system further towards monitoring outflows (expenditure),
VL  - 8
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Author Information

Stanley Ogoun

Department of Accounting, Management Sciences, Niger Delta University, Wilberforce Island, Bayelsa State, Nigeria
Odogu Terry Keme Zuode

Department of Accounting, Management Sciences, Niger Delta University, Wilberforce Island, Bayelsa State, Nigeria

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APA Style

Stanley Ogoun, Odogu Terry Keme Zuode. (2020). Federally Collected Non-oil Tax Revenue and National Economic Performance in Nigeria: A Pre - post Treasury Single Account Implementation Assessment. Journal of Finance and Accounting, 8(4), 190-198. https://doi.org/10.11648/j.jfa.20200804.14

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ACS Style

Stanley Ogoun; Odogu Terry Keme Zuode. Federally Collected Non-oil Tax Revenue and National Economic Performance in Nigeria: A Pre - post Treasury Single Account Implementation Assessment. J. Finance Account. 2020, 8(4), 190-198. doi: 10.11648/j.jfa.20200804.14

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AMA Style

Stanley Ogoun, Odogu Terry Keme Zuode. Federally Collected Non-oil Tax Revenue and National Economic Performance in Nigeria: A Pre - post Treasury Single Account Implementation Assessment. J Finance Account. 2020;8(4):190-198. doi: 10.11648/j.jfa.20200804.14

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@article{10.11648/j.jfa.20200804.14,
  author = {Stanley Ogoun and Odogu Terry Keme Zuode},
  title = {Federally Collected Non-oil Tax Revenue and National Economic Performance in Nigeria: A Pre - post Treasury Single Account Implementation Assessment},
  journal = {Journal of Finance and Accounting},
  volume = {8},
  number = {4},
  pages = {190-198},
  doi = {10.11648/j.jfa.20200804.14},
  url = {https://doi.org/10.11648/j.jfa.20200804.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20200804.14},
  abstract = {This paper examined the implementation of Treasury Single Account (TSA) on federally collected non-oil tax revenue and national economic performance in Nigeria, via an inter-period comparative milieu. This study was stimulated by the divergent opinion amongst stakeholders on the justification and efficacy of the TSA model. The study was underpinned by the stakeholder and public finance management theories. Mulled after the ex post facto research template, before (pre) and after (post) implementation data of the corresponding periods were obtained from the annual bulletins/reports of Federal Inland Revenue Service (FIRS), Central Bank of Nigeria (CBN) and Nigerian Bureau of Statistics (FBS). While, actual reported tax revenue for the corresponding periods were obtained, gross domestic product was deployed to proxy national economic performance. Paired sample t-test was used to process the data on the Statistical Package for Social Sciences (SPSS) template. The results revealed that, in gross terms more revenue was collected pre-TSA. However, a significant increase in federally collected revenue post TSA implementation was achieved, granted that the economy slipped into recession from the third quarter of 2015, also a considerable growth in GDP. In essence, both measures performed better in the post implementation period from a comparative strand. This implies that, the TSA policy has a positive bearing on both non-oil tax revenue generation and economic performance. Following, it is recommended that government should improve on the existing TSA framework by incorporating complementary, supportive control and monitoring measures to perfect the operation of the system, and to escalate the system further towards monitoring outflows (expenditure),},
 year = {2020}
}

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TY  - JOUR
T1  - Federally Collected Non-oil Tax Revenue and National Economic Performance in Nigeria: A Pre - post Treasury Single Account Implementation Assessment
AU  - Stanley Ogoun
AU  - Odogu Terry Keme Zuode
Y1  - 2020/07/13
PY  - 2020
N1  - https://doi.org/10.11648/j.jfa.20200804.14
DO  - 10.11648/j.jfa.20200804.14
T2  - Journal of Finance and Accounting
JF  - Journal of Finance and Accounting
JO  - Journal of Finance and Accounting
SP  - 190
EP  - 198
PB  - Science Publishing Group
SN  - 2330-7323
UR  - https://doi.org/10.11648/j.jfa.20200804.14
AB  - This paper examined the implementation of Treasury Single Account (TSA) on federally collected non-oil tax revenue and national economic performance in Nigeria, via an inter-period comparative milieu. This study was stimulated by the divergent opinion amongst stakeholders on the justification and efficacy of the TSA model. The study was underpinned by the stakeholder and public finance management theories. Mulled after the ex post facto research template, before (pre) and after (post) implementation data of the corresponding periods were obtained from the annual bulletins/reports of Federal Inland Revenue Service (FIRS), Central Bank of Nigeria (CBN) and Nigerian Bureau of Statistics (FBS). While, actual reported tax revenue for the corresponding periods were obtained, gross domestic product was deployed to proxy national economic performance. Paired sample t-test was used to process the data on the Statistical Package for Social Sciences (SPSS) template. The results revealed that, in gross terms more revenue was collected pre-TSA. However, a significant increase in federally collected revenue post TSA implementation was achieved, granted that the economy slipped into recession from the third quarter of 2015, also a considerable growth in GDP. In essence, both measures performed better in the post implementation period from a comparative strand. This implies that, the TSA policy has a positive bearing on both non-oil tax revenue generation and economic performance. Following, it is recommended that government should improve on the existing TSA framework by incorporating complementary, supportive control and monitoring measures to perfect the operation of the system, and to escalate the system further towards monitoring outflows (expenditure),
VL  - 8
IS  - 4
ER  -

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