Former president Goodluck Jonathan and President Muhammadu Buhari
The order from the federal government that all ministries, parastatals and agencies to begin remitting its earnings into a Treasury Single Account (TSA) was initiated by the Goodluck Jonathan administration, a source has disclosed.
According to Sahara Reporters, the source who works with the Central Bank of Nigeria, said the Jonathan administration signed the policy in 2012.
Although signed by the Jonathan government, weak regulations and corruption in the system ensured that the agencies refused to conform with the TSA policy.
The coming of President Muhammadu Buhari however signaled the enforcement of the policy as the government made it mandatory. So far, the TSA account has N1.5 trillion deposited in it.
Meanwhile, the CBN source said the apex bank was in the process of developing internal competency to enable it to handle the TSA.
The source said: “We at the Central Bank should be able to handle remittances into the TSA without having to pay any so-called consultants a bloated remittance fee.”
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TSA 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.
In a related development, the Kaduna state deputy governor, Bala Barnabas Bantex, recently revealed that N24 billion was recovered by the state government in 423 bank accounts in the state as a result of the government’s decision to begin remitting its earnings into the TSA.
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