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Corruption: Buhari Orders Federal MDAs To Open Treasury Single Account

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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 receipts.

According to the directive, this measure is specifically to promote

transparency and facilitate compliance with sections 80 and 162 of the

1999 Constitution.
Henceforth, all receipts due to the Federal Government or any of its

agencies must be paid into TSA or designated accounts maintained and

operated in the Central Bank of Nigeria (CBN), except otherwise expressly

A TSA is a unified structure of government bank accounts enabling

consolidation and optimal utilization of government cash resources. It is

a bank account or a set of linked bank accounts through which the

government transacts all its receipts and payments and gets a consolidated

view of its cash position at any given time.
This presidential directive would end the previous public accounting

situation of several fragmented accounts for government revenues, incomes

and receipts, which in the recent past has meant the loss or leakages of

legitimate income meant for the federation account.

It would be recalled that President Muhammadu Buhari had earlier promised

state governors at the inaugural meeting of the National Economic Council,

NEC, in June, that all revenues prescribed for lodgement into the

federation account will be treated as such under his watch and that he

will ensure strict compliance with all relevant laws on accounting,

allocation and disbursement.
Since then the presidency has worked with relevant agencies of the federal

government to evolve this policy directive.
This directive applies to fully funded organs of government like the

Ministries, Departments, Agencies and Foreign Missions, as well as the

partially funded ones, like Teaching Hospitals, Medical Centres, Federal

Tertiary Institutions, etc.

NNPC, FIRS, NCS, MMSD, DPR are also affected.
For any agency that is fully or partially self-funding, Sub-Accounts

linked to TSA are to be maintained at CBN and the accounting system will

be configured to allow them access to funds based on their approved

budgetary provisions.
The post Corruption: Buhari Orders Federal MDAs To Open Treasury Single Account appeared first on Pointblank News .