No abstract

Successive governments in Nigeria have continued to operate multiple accounts for the collection and disbursement of government revenues in flagrant disregard to the provision of the constitution which requires that all government revenues be remitted into a single account. The Treasury Single Account (TSA) was recently implemented fully in the Nigerian economy by the present government in order to ensure prudence and probity in the management of financial resources. Treasury Single Account (TSA) came as a quick fix to regulate the level of accountability and transparency in managing the financial resources of the government of the country. With the TSA, government expects to block all loopholes and leakages of financial resources of the government and also ensure a robust financial management system. This paper therefore provides the conceptual meaning of the TSA, and also outline its expected benefits to the economy of Nigeria such as, enhanced system of financial management and control, unification of various Accounts of government, reduction of the costs of government borrowing and ensuring the optimum utilization of government financial resources. This paper also analyses the objectives of the TSA systems and its various Accounts such as TSA main account, Subsidiary Account, ZBAs, Transit and Imp rest Account among others. This paper finally discussed the prospects of the TSA system and its challenges and concludes that, the system requires political will, honesty and determination so as to overcome the various challenges identified in the paper in order to achieve the expected benefits of the system.

Effect of exchange rate volatility on industrial productivity has been a controversial debate among academia and experts. This study examines effect of exchange rate volatility on industrial productivity, many studies have mixed results on the direction of exchange rate volatility and the scope of the thesis covers 35years (1981-2015), the pre-and post-Structural Adjustment Programme while primary and secondary data gathered from the Nigeria industrial sector by questionnaire and time series obtained from the Central Bank of Nigeria statistical bulletin, 2014/2016 were used. The data were estimated using descriptive statistical methods: chi-square and mean scores and Phillip Perron and Augmented Dickey Fuller used to determine the unit roots and non-stationarity among the variables. ARDL and Bound test was applied to determine short and long run co-integration among independent and dependent variables. Diagnostic and Normality test applied to test for stability. The Fstatistics is 159.3 and the R-squared is 99.7 shown that variables are jointly significant and model a good fit. The Durbin Watson of 3.04 showed no serial correlation. The results shown that foreign exchange rate has a positive relationship with industrial performance, however, the exchange rate volatility crumbled industrial production as machinery and raw materials are imported for the industry productions, while bank lending rates, FDT, Inflation and PCI have negative coefficient. The ADRL and Bound test revealed a long run relationship among the variables at 5% significance level. The government should pursue currency appreciation as exporter of mono product and encourages non-oil exports and discourage Nigerian cosmopolitan pattern of consumptions.

This paper investigated on the institutionalization of the internal control system in service companies in Lagos State. The objective is to understanding if organization wide processes put in place to guide against regulatory infractions are monitored; to determine the effect of the control environment in safeguarding organizational unit operation; effectiveness of control activities in mitigating against financial irregularities in the organization; to determine the effectiveness of information and communication to safeguard the organization against fraud, and evaluate if the risk assessment system implemented in the processes of the organization is not sufficient according to the regulatory requirement to checkmate and prevent financial irregularities. The primary data were questionnaire administered to two hundred and fifty (250) respondents selected service companies in Lagos State while secondary data were from the internet, journals and textbooks. Self-designed questionnaires were used to collect data and were analyzed using simple percentage, and bar chart. Therefore, the findings recorded that the performance of any organization cannot do without internal control as true and fair presentation of financial statement may never be possible if the board and senior management are not committed to providing a well-planned internal control system. It was Recommended that management should ensure that there are adequate organizational controls and that each staff knows his duties and equally ensures effective segregation of duties to reduce interference in terms of funds, assets management and controls and the auditor's work is to make a critical review of the internal control in order to decide the extent of examination of the available evidence which is necessary.