APPLICATION OF UNIVERSITY SINGLE TREASURY ACCOUNT FOR THE MANAGEMENT OF INTERNALLY GENERATED REVENUE: A PATHWAY TO SOLVING FUNDING CHALLENGES IN UNIVERSITIES IN NIGERIA

Abstract

In recent pasts, financial support for educational institutions has been increasingly limited. This has 
resulted in a wide range of challenges that educational institutions and those who depends upon it 
must face. However, Universities are commonly associated with innovation and knowledge; however, 
corrupt funding practices can compromise the educational experience. The research presented in this 
paper describes a number of challenges associated with corrupt funding, including financial and legal 
risks, violations of ethical codes of conduct, a negative impact on academic standards, and a lack of 
transparency. These issues have been found to affect all stakeholders in a university, such as students, 
faculty, and staff. In addition, corrupt practices can impede institutions in gaining global 
competitiveness. This paper elucidates Application of University Single Treasury Account (USTA) on 
Internally Generated Revenue: A Pathway to Solving Funding Challenges within University System 
in Cross River State, Nigeria. A Single Treasury Account (STA) is a financial management reform 
that consolidates all organisational revenues, receipts, and payments into one account, usually held by 
the bank, this reform is aimed at promoting transparency, accountability, and efficient management of 
public funds. In the case of university system in Cross River State, Nigeria, implementing a 
University Single Treasury Account could potentially help address some of the funding issues faced 
by institutions. By consolidating all revenue and payment into one account, it would be easier to track 
the flow of funds, reduce leakages, and promote better financial planning and management for 
funding of university in Nigeria.