How Buhari’s TSA saved Nigeria billions of naira

bibing

Already, President Muhammadu Buhari’s resolve to rid Nigeria of corruptive elements is fast yielding results as billions of naira are being saved in the process.

Shortly after his inauguration, President Buhari ordered every Federal Government Ministry, Department and Agencies to start paying into a Treasury Single Account (TSA) for all government revenues, incomes and other receipts.

The Daily Times gathered that through the implementation of the TSA, a whopping N8 billion was uncovered in a single account in an old generation bank. The said amount is said to be operated in the name of a defence operation account.

A text message to the Group Head, Marketing and Corporate Communications of the bank, to authenticate the story, was not responded to as at press time. Similarly, Senior Special Assistant to President Buhari on Media and Publicity, Mallam Garba Shehu, did not also respond to a text message sent to him to speak on the alleged uncovering of the amount in the bank as at press time.

Col. Rabe Abubakar, Acting Director of Defence Information was also contacted through a text message but failed to respond to it as at press time.

It would be recalled that President 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.

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.

Source: Daily Times