President Muhammadu Buhari has directed Ministries, Departments, Agencies including the CBN, NNPC, NPA and NIMASA, among others to make payments into a Treasury Single Account, TSA and failure to do so will be an offence.
According to the Federal Government, this directive is meant to promote transparency and facilitate compliance with sections 80 and 162 of the 1999 constitution.
Other agencies are Security and Exchange Commission (SEC), Nigeria Communication Commission (NCC), Federal Airport Authority of Nigeria, (FAAN), Nigeria Civil Aviation Authority (NCAA) and the DPR .
According to a statement by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, “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.
“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 statement explained that the 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.”