President Muhammadu Buhari has ordered each and every Federal Government
\nMinistry, Department or Agency to start paying into a Treasury Single
\nAccount (TSA) for all government revenues, incomes and other receipts.<\/p>\n
According to the directive, this measure is specifically to promote
\ntransparency and facilitate compliance with sections 80 and 162 of the
\n1999 Constitution.<\/p>\n
Henceforth, all receipts due to the Federal Government or any of its
\nagencies must be paid into TSA or designated accounts maintained and
\noperated in the Central Bank of Nigeria (CBN), except otherwise expressly
\napproved.<\/p>\n
A TSA is a unified structure of government bank accounts enabling
\nconsolidation and optimal utilization of government cash resources. It is
\na bank account or a set of linked bank accounts through which the
\ngovernment transacts all its receipts and payments and gets a consolidated
\nview of its cash position at any given time.<\/p>\n
This presidential directive would end the previous public accounting
\nsituation of several fragmented accounts for government revenues, incomes
\nand receipts, which in the recent past has meant the loss or leakages of
\nlegitimate income meant for the federation account.<\/p>\n
It would be recalled that President Muhammadu Buhari had earlier promised
\nstate governors at the inaugural meeting of the National Economic Council,
\nNEC, in June, that all revenues prescribed for lodgement into the
\nfederation account will be treated as such under his watch and that he
\nwill ensure strict compliance with all relevant laws on accounting,
\nallocation and disbursement.<\/p>\n
Since then the presidency has worked with relevant agencies of the federal
\ngovernment to evolve this policy directive.<\/p>\n
This directive applies to fully funded organs of government like the
\nMinistries, Departments, Agencies and Foreign Missions, as well as the
\npartially funded ones, like Teaching Hospitals, Medical Centres, Federal
\nTertiary Institutions, etc.<\/p>\n
Agencies like the CBN, SEC, CAC, NPA, NCC, FAAN, NCAA, NIMASA, NDIC, NSC,
\nNNPC, FIRS, NCS, MMSD, DPR are also affected.<\/p>\n
For any agency that is fully or partially self-funding, Sub-Accounts
\nlinked to TSA are to be maintained at CBN and the accounting system will
\nbe configured to allow them access to funds based on their approved
\nbudgetary provisions.<\/p>\n","protected":false},"excerpt":{"rendered":"
President Muhammadu Buhari has ordered each and every Federal Government Ministry, Department or Agency to start paying into a Treasury Single Account (TSA) for all government revenues, incomes and other…<\/p>\n","protected":false},"author":1,"featured_media":40691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-41115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n