For more transparency and accountability, President Muhammadu Buhari has ordered every federal government ministry, department and agency (MDAs) to run a treasury single account (TSA) for all government revenues, incomes and other receipts.

The measure is to promote transparency and facilitate compliance with sections 80 and 162 of the 1999 constitution. The TSA was created by the administration of former President Goodluck Jonathan to ensure transparency in the management of federal government revenue.

According to a statement by senior special assistant to the vice president on‎ media and publicity, Laolu Akande, all receipts due to the federal government or any of its agencies must now be paid into the 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,” he said.

“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.

‎”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, and federal tertiary institutions,” it said.

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,” it added.