President Muhammadu Buhari has ordered every federal ministry, department and agency (MDA) to henceforth pay all government revenues, incomes and other receipts into a Treasury Single Account (TSA).
Vice President Yemi Osinbajo who revealed this directive yesterday said it was a measure taken to specifically promote transparency and facilitate compliance with sections 80 and 162 of the 1999 Constitution.
In a statement by his senior special assistant on media, Mr. Laolu Akande, Osinbajo noted that, from now on, all receipts due to the federal government or any of its agencies must be paid into the TSA or designated accounts maintained and operated in the Central Bank of Nigeria (CBN) except otherwise expressly approved.
He explained that the TSA, which is a unified structure of government bank accounts enabling consolidation and optimal utilization of government cash resources, 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, had meant the loss or leakages of legitimate income meant for the federation account,” Laolu stated.
He recalled that President 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 would be treated as such under his watch and that he would ensure strict compliance with all relevant laws on accounting, allocation and disbursement.
The statement made available to LEADERSHIP noted: “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.
“Agencies like the CBN, NNPC, Security and Exchange Commission (SEC), Corporate Affairs Commission (CAC), Nigeria Port Authority (NPA), Nigerian Communications Commission (NCC), Federal Airport Authority of Nigeria (FAAN), Nigeria Civil Aviation Authority (NCAA) Nigeria Maritime Administration and Safety Agency (NIMASA), Nigeria Deposit Insurance Commission (NDIC), NSC, Federal Inland Revenue Service (FIRS), Nigeria Custom Service (NCS), MMSD, Department of Petroleum Resources (DPR) are also affected.
“For any agency that is fully or partially self-funding, sub-accounts linked to the 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.”
Source:Leadership
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