BACKGROUND OF THE STUDY
The funding of tertiary education in Nigeria was before now left in the hands of university management .Universities had the autonomy to seek, receive funding and carry out expenditures for their respective institutions. This was the responsibility of the councils of the universities. Consequently, they were expected to submit annual reports of their financial transactions to the national universities commissions. Universities adopted the liberal Treasury system which permitted them to receive and disburse grants and endowments from within and outside the country. Therefore, funds which accrue to tertiary institutions were sent directly into their commercial bank accounts. However, many of this funds were not used for their intended purposes and some were abused by university management.
Consequently, the current administration of President Muhammadu Buhari in the inception of his administration instituted the treasury singly account for all federal institutions, ministries and agencies.
Adeolu (2015) defined treasury single account as a public accounting system in which all government revenue, receipts and income are deposited into one single account, and this account is maintained by the nation’s Central Bank while all approved payments are carried out from the same account. The essence was eliminate corruption and ensure proper cash management. Similarly Akande (2015) defined Treasury Single Account (TSA) as is a unification of all government bank accounts into a single consolidated account where all revenues and expenditures of government are made. Thereby, giving the government a true picture of its cash position for a given period of time. The study seek to appraise Tertiary education funding in Nigeria; the effect of TSA using a case study of University of Lagos.
1.2 STATEMENT OF THE PROBLEM
The university had long operated an autonomous system of managing its funds as the council of universities had the autonomy to receive funds, grants etc to manage the university system. However, the current government of President Muhammadu Buhari adopted a new policy referred to as the treasury singly account which requires that all government revenues and payments be made under a single consolidated account of government. While the system has been successful in many government ministries and agencies, the tertiary institutions are not finding it easy operating under the new system. Tertiary education unions in Nigeria are strongly against the policy stating that the policy has hindered foreign grants for research and trainings and also caused delays in the payment of salaries. They are of the opinion that the policy has hindered projects in higher institutions and that foreign partners are opposed to sending funds meant for research in higher institutions into government accounts. However the while this proposition has been known to the government, the governments insist that all tertiary institutions adhere strictly to the policy of the treasury single account. Consequently, the problem confronting the study is to appraise Tertiary education funding in Nigeria; the effect of TSA a case study of university of Lagos.
1.3 OBJECTIVE OF THE STUDY
The Main Objective of the study is to appraise Tertiary education funding in Nigeria; the effect of TSA. A case study of university of Lagos; The specific objectives include
1 To determine the relevance of Tertiary education funding in Nigeria.
2 To determine the nature of TSA.
3 To determine the effect of TSA on Tertiary education funding in Nigeria; A case study of university of Lagos.
1.4 RESEARCH QUESTIONS
1 What is the relevance of Tertiary education funding in Nigeria?
2 What is the nature of TSA?
3 What is the effect of TSA on Tertiary education funding in Nigeria; A case study of university of Lagos?
1.5 STATEMENT OF THE HYPOTHESIS
The statement of the hypothesis for the study is stated in Null as follows
HO The level of Tertiary education funding in university of Lagos is low.
Ho The effect of TSA on Tertiary education funding in university of Lagos is negative.
1.6 SIGNIFICANCE OF THE STUDY
The study investigates the effect of treasury single account on Tertiary education funding in Nigeria with a case study of university of Lagos. It provides relevant data for the effective formulation and implementation of policies to enhance the realization of envisaged objective.
1.8 LIMITATION OF THE STUDY
The study was confronted with logistics and geographical factors.
1.9 DEFINITION OF TERMS
Treasury single account as a public accounting system in which all government revenue, receipts and income are deposited into one single account, and this account is maintained by the nation’s Central Bank while all approved payments are carried out from the same account. The essence was to eliminate corruption and ensure proper cash management.
TERTIARY EDUCATION DEFINED
This is the Education at a level above that of secondary or high school.
Strike is viewed as the stoppage of work which is the result of the mass refusal of employees to work, as reaction to employee grievances
EDUCATIONAL SUPERVISION DEFINED
Educational Supervision consist of all effort involving school officials directed at t providing leadership to educational workers or teachers to enhance an improved educational system and institution. The process involves the deployment of human and material resources