From Lateef Dada, Osogbo
A Professor of Accountancy, Prof Lawyer Obara, has recommended legislation to back up Treasury Single Account (TSA) implementation to curb the menace of corruption in Nigeria.
He made the recommendation yesterday while delivering a lecture on “Treasury Single Account and Economic Development in Nigeria: The Ethical Accounting Question,” during the 3rd Candido Da Rocha Annual Memorial Lecture at Osun State University (UNIOSUN), Osogbo.
Prof Obara who is a lecturer at the Department of Accountancy, Rivers State University, Port-Harcourt, posited that TSA is capable of curbing corruption if legislation can be made with strict punishment for whoever fails to comply with it.
He expressed displeasure over the recent ranking of Nigeria as the fourth country in the world with the highest debt, saying TSA is intended to reduce the cost of borrowing but Nigeria is still borrowing.
He posited that there should be strong legislation to back up TSA policy with stringent punishment for those who fail to comply with it at all levels, saying “such laws should make it illegal to operate separate accounts for TSA implementation.
“There should be an ethical revolution. All MDAs involved in the use of TSA must be ethical in its implementation and management of accounts,” he added.
The Vice-Chancellor of the university, Prof Clement Adebooye, disclosed that three best students of the universities were selected for prizes instead of the usual one person to encourage other students to work hard.