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Monday, August 10, 2015

FG OPENS TREASURY SINGLE ACCOUNT FOR NNPC, FAAN, FIRS OTHERS

All monies accruing to the Federal Government will henceforth be remitted into a Treasury Single Account (TSA).

 Vice President Prof Yemi Osinbajo, who broke the news in a statement by his media aide, Mr. Laolu Akande, said President Muhammadu Buhari directed all Ministries, Departments and Agencies (MDAs) to be paying into the TSA all government revenues, incomes and other receipts. 

 The MDAs include: Central Bank of Nigeria (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 vice president 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 reads: 

“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.


Source: The Nation

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