Corruption, a global malaise, has not been known to absolutely spare any nation in the World. Therefore its occurrence in African States is not unique. This paper examined the nagging issues of accountability and good governance crisis in public sector finance in Nigeria with particular reference to the policy directive of the Federal Government on the Treasury Single Account (TSA). Following the emergence of President Muhammadu Buhari, the Federal Government issued a directive that all revenues generated by the federal ministries, departments and agencies (MDAs) should be remitted directly into a single pool of fund for the government of the federation. The study examined issues, challenges and prospects of TSA in promoting good governance and sustainable economic thrive anchoring on prudent public sector finance management. In carrying out this study descriptive research method was adopted, data were sourced through secondary sources-texts and other related articles as well as personal observations. The data collected were analyzed qualitatively. The study revealed amongst others, that TSA engenders transparency, accountability and probity in conducting public financial transactions thereby curbing corruption and reducing wastages. The study also showed that TSA can constitute a setback to timely implementation of respective mandate of the MDAs, this was borne out of bureaucratic bottleneck involved. Revealed in the study was the envisaged mass downsizing/retrenchment of workers especially in the banking sector that over time relied on patronage from these MDAs for their operations. The study concluded that until TSA is strictly implemented in Nigeria public sectors corruption and strict of accountability might continue.