With the new administration seriously bent on tackling excessive waste and corruption in government.
President Muhammadu Buhari has ordered every Federal Government Ministries, Departments and Agencies (MDAs) to start paying their revenues and receipts into a Treasury Single Account (TSA), it was gathered.
The TSA is a unified structure of government bank accounts enabling consolidation and optimal utilisation 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.
It was also gathered that the presidential directive applies to all fully funded organs of government MDAs and Foreign Missions as well as the partially funded ones, like teaching hospitals, medical centres, and Federal Government-owned tertiary educational institutions.
Also affected are agencies like the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Corporate Affairs Commission (CAC), Nigeria Ports Authority (NPA), Nigeria Communications Commission (NCC) and Federal Airports Authority of Nigeria (FAAN).
Others are the Nigeria Civil Aviation Authority (NCAA), Nigeria Maritime Administration and Safety Agency (NIMASA), Nigeria Deposit Insurance Corporation (NDIC), Nigeria National Petroleum Corporation (NNPC), Department of Petroleum Resources (DPR), Federal Inland Revenue Service (FIRS), National Sports Commission (NSC) and the Ministry of Mines and Steel Development (?MMSD).
An Aso Rock press statement which announced the directive, explained that Sub-Accounts linked to the TSA are to be maintained in the Central Bank by fully or partially self-funding agencies while the accounting system would be configured to allow them access to funds based on their approved budgetary provisions.
The statement, issued by Vice-President Yemi Osinbajo’s spokesman, Laolu Akande, said the directive, was “specifically aimed at promoting transparency and compliance with Cections 80 and 162 of the 1999 Constitution, it was learnt.
The statement stressed that 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 CBN except otherwise expressly approved.