Law Amadi* and Peter Chukwuma Obutte**
ABSTRACT
The Treasury Single Account (TSA) policy was designed to block revenue loopholes, promote transparency and accountability, prevent mismanagement of government’s revenue, unify government bank accounts, improve the processing of payments and collections, and reduce borrowing costs. It aims to ensure complete, real-time information on cash resources and improves operational and appropriation’s control. Despite its clear conceptual aims, its practical implementation has been fraught with several legal challenges and questions. This article examines the concept and historical origin of TSA in Nigeria as well as its application in petroleum revenue management with a view of determining its legality and constitutionality. The article further considers whether the application of TSA had occasioned conflict or confusion between the Federation Account and the Consolidated Revenue Fund as provided under the 1999 Constitution of the Federal Republic of Nigeria, as amended in the aftermath of the reform. It argues that TSA is not an account, but a policy nomenclature directed towards the compliance with sections 80 (1) and 162 (1) of the 1999 Constitution as amended. Although it is currently not provided for in any law or the Constitution, the article insists that the constitutionally recognized accounts for the payment of revenue are the Federation Account and the Consolidated Revenue Fund. TSA is a good and effective policy for the management of petroleum revenue. The article recommends a robust legal and institutional reform to secure its legality, continuity and sustainability. It urges the legislature to review some of the laws and amend the Constitution to entrench TSA in the legal regime.
* LL.B (RSU), BL (Lagos), LL.M (Ibadan), Doctoral candidate, Center for Petroleum, Energy Economics and Law (CPEEL), University of Ibadan, Nigeria.
** LL.B (Ibadan), BL, LL.M (Ife), Cert. Antitrust (Fordham), Sp. LL.M, LL.D (Oslo). Ag Head, Department of Jurisprudence and International Law, Faculty of Law, University of Ibadan