President Muhammadu Buhari has ordered all ministries, agencies and departments of government to stop operating multiple bank accounts for keeping their revenues and incomes.

Henceforth, all agencies must maintain a Treasury Single Account, domiciled with the CBN for revenues and other receipts.

The directive was communicated to the public on Sunday, by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande.

The directive is 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.”

“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 agencies affected by the presidential order includes; Nigerian National Petroleum Corporation, the Central Bank of Nigeria, the Federal Airports Authority of Nigeria and the Nigerian Maritime Administration and Safety Agency.

Some of the others are; Security and Exchange Commission, the Corporate Affairs Commission, the Nigerian Ports Authority, the Federal Inland Revenue Service, the Department of Petroleum Resources and the National Civil Aviation Authority.