By Sadiq Umar, Abuja.
President Muhammadu Buhari has directed each Department, Ministry and Agency of government to henceforth make payment into a Treasury Single Account (TSA) for all government revenues, incomes and other receipts.
The measure is meant to promote transparency and facilitate compliance with sections 80 and 162 of the 1999 Constitution in line with the administration’s anti-corruption stance.
The Presidency in a statement by the Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, directed that 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.
The directive is meant to block loopholes that create opportunity for leakages and loss of revenue in the previous administration.
The previous arrangement allows some agencies of government like CBN, NNPC, NPA, NIMASA, FAAN among others to spend a certain percentage of revenue generated without recourse to appropriation from the federation account.
President Muhammadu Buhari had earlier vowed to ensure that every accruable revenue would be lodged in the federation account at the inaugural meeting of the National Economic Council, NEC, in June.
Since then the presidency has worked with relevant agencies of the federal 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.
Agencies like the CBN, SEC, CAC, NPA, NCC, FAAN, NCAA, NIMASA, NDIC, NSC, 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,” the statement added.