FIGHT AGAINST CORRUPTION !

Buhari stops multiple accounts by
ministries, agencies
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President Muhammadu Buhari on Sunday
ordered all ministries, agencies and
departments of government to immediately
put a stop to the current arrangement in
which they operate multiple bank accounts
for the purpose of keeping revenues and
incomes.
He said henceforth, agencies of
government must start paying revenues,
incomes and other receipts into what he
called a Treasury Single Account domiciled
with the Central Bank of Nigeria.
The directive was contained in a statement
made available to journalists by the Senior
Special Assistant to the Vice President on
Media and Publicity, Mr. Laolu Akande.
Akande explained that the President's
directive was meant to promote
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, except otherwise expressly
approved," the statement said.
Akande further explained that the
presidential directive would end the
previous public accounting situation of
several fragmented accounts for
government revenues, incomes and
receipts.
He said the existing system had been
leading to loss or leakages of legitimate
income meant for the Federation Account.
He added that the directive applied to fully
funded organs of government like
ministries, departments, agencies and
foreign missions, as well as the partially-
funded ones like teaching hospitals,
medical centres and federal tertiary
institutions among others.
"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," he further
explained.
A TSA, according to Akande, is a unified
structure of government bank accounts
enabling consolidation and optimal
utilisation of government cash resources.
He further described it as 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.
Buhari had, during the inaugural meeting
of the Vice President Yemi Osinbajo-led
National Economic Council on June 29,
promised state governors that all revenues
prescribed for lodgement into the
Federation Account would be treated as
such under his watch.
He had also promised to ensure strict
compliance with all relevant laws on
accounting, allocation and disbursement.
Since then, the Presidency was said to have
been working with relevant agencies of the
government to evolve this policy directive.
Source -#Thepanaceareports
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