President Muhammadu Buhari has issued a directive ordering all federal government agencies and ministries to begin paying in all revenue and receipts to a treasury single account.
This directive is intended to discourage corruption and embezzlement in Federal agencies, which before now usually operate different fragmented accounts and making accountability impossible.
According to a statement by the Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, on Sunday, “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, except otherwise expressly approved,”
“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 added
Agencies affected by the new directive include Security and Exchange Commission, the Corporate Affairs Commission, the Nigerian Ports Authority, the Federal Inland Revenue Service, the Department of Petroleum Resources and the National Civil Aviation Authority, among others.
