President Muhammadu Buhari has instructed Federal Government Ministries, Departments and Agencies (MDAs) to open and start paying into a Treasury Single Account (TSA) for all government revenues, incomes and other receipts.
According to the directive, the measure is specifically to promote transparency and facilitate compliance with sections 80 and 162 of the 1999 Constitution.
A statement by the Senior Special Assistant on Media and Publicity to the Vice President, Mr Laolu Akande, said on Sunday that henceforth, all receipts due to the Federal Government or any of its agencies must be paid into TSA or designated accounts.
It said such accounts should be 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.
The directive would end the previous public accounting situation of several fragmented accounts for government revenues, incomes and receipts.
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