BREAKING NEWS, Business
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In line with his anti-corruption war, President Muhammadu Buhari has directed all government agencies to pay all monies accruing to the federal government to one account
IN order to ensure transparency and accountability, President Muhammadu Buhari has directed that all monies accruing to the Federal Government should henceforth be remitted into a Treasury Single Account, TSA.
Vice President Yemi Osinbajo broke the news in a statement by Laolu Akande, his media aide on Sunday, August 9. He said President Buhari had directed all ministries, departments and agencies, MDAs, to be paying into the TSA all government revenues, incomes and other receipts.
Osinbajo said the directive was part of measures specifically designed to promote transparency and facilitate compliance with Sections 80 and 162 of the 1999 Constitution.
The statement said in part: “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 approved
“A 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.
“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.”
The MDAs concerned are: the CBN; Security and Exchange Commission, SEC; Corporate Affairs Commission, CAC; Nigerian Ports Authority, NPA; National Communications Commission, NCC; Federal Aviation Authority, FAAN, and Nigerian Civil Aviation Authority, NCAA.
Others are: Nigerian Maritime Administration and Safety Agency, NIMASA; Nigerian Deposit Insurance Corporation, NDIC; Nigerian Shippers Council, NSC; Nigerian National Petroleum Corporation, NNPC; Department of Petroleum Resources, DPR; Federal Inland Revenue Service, FIRS; Nigerian Customs Service, NCS, and Ministry of Mines and Steel Development, MMSD.
The new directive was in fulfillment the promise President Buhari made to state governors at the inaugural meeting of the National Economic Council, NEC, in June.
At the meeting, the president assured them that all revenues prescribed for lodgment into the FA would be channelled to the proper account under his watch.
He also promised to ensure strict compliance with all relevant laws on accounting, allocation and disbursement of national revenue.
Osinbajo disclosed that the presidency had since been working with relevant agencies of the federal government to evolve the new policy directive.
— Aug 10, 2015 @ 12:25 GMT
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