by Azeez Adeniyi

The Accountant-General of the Federation, Ahmed Idris has disclosed that the implementation of the Treasury Single Account (TSA) has uncovered over 100 accounts by a federal university.

He said this during the TSA retreat which ended in Abuja on Wednesday.

Idris who refused to mention the name of the institution said the university had several accounts it didn’t remember existed until they were discovered.

“If you lose track of what you have it means it has gone. TSA has stopped all that” he noted.

“Despite the challenges, the advantages outweigh the disadvantages and indeed the Nigerian economy is better for it” he said.

He also said the Federal Government is seeking ways to deploy idle funds in the vault of the Central Bank of Nigeria (CBN).

“Beyond mere cash management of TSA, there is need to look at how best we can deploy the large balances that we have been keeping with CBN, particularly in this recession” he said.

“So, how do we deploy the funds for the betterment of the economy? This retreat is just the beginning of discussion. All the stakeholders must continue to talk while AGF will be central in the discussions. We will advise government appropriately on how best to use the TSA money,” he said.

He also said “people should understand that the TSA is out to achieve efficiency and effectiveness. It is one of the critical aspects of our economic reform. If you are talking of accountability and transparency, the best way to go is TSA”.