President Muhammadu Buhari has ordered each and every Federal Government
Ministry, Department or Agency to start paying into a Treasury Single
Account (TSA) for all government revenues, incomes and other receipts.
Ministry, Department or Agency to start paying into a Treasury Single
Account (TSA) for all government revenues, incomes and other receipts.
transparency and facilitate compliance with sections 80 and 162 of the
1999 Constitution.
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.
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 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.
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.
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.
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.
It would be recalled that President Muhammadu 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 will be treated as such under his watch and that he
will ensure strict compliance with all relevant laws on accounting, allocation and disbursement.
state governors at the inaugural meeting of the National Economic Council,
NEC, in June, that all revenues prescribed for lodgement into the
federation account will be treated as such under his watch and that he
will ensure strict compliance with all relevant laws on accounting, allocation and disbursement.
Since then the presidency has worked with relevant agencies of the federal
government to evolve this policy directive.
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.
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, SEC, CAC, NPA, NCC, FAAN, NCAA, NIMASA, NDIC, NSC,
NNPC, FIRS, NCS, MMSD, DPR are also affected.
NNPC, FIRS, NCS, MMSD, DPR are also affected.
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.
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.
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