Buhari orders MDAs to run Treasury Single Account

President Buhari used just one stroke of the pen yesterday to block what many Nigeria believe is the biggest source of leakage in Government revenues, when he directed all ministries and government agencies to maintain the Single Treasury Account (TSA) domiciled at the Central Bank of Nigeria (CBN).

Henceforth, all Federal Government Ministries, Department and Agencies are now to run a single account, the Treasury Single Account (TSA) for all revenues, incomes and other receipts.

This is a directive issued by President Muhammadu Buhari to specifically to promote transparency and facilitate compliance with sections 80 and 162 of the 1999 Constitution, a press statement to this effect said.

“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 (CBN), except otherwise expressly approved” Senior Special Assistant to the Vice President, Media & Publicity, Laolu Akande, said in press statement on Sunday.

The TSA is a unified structure of government bank accounts enabling consolidation and utilization of government cash resources.
It can be a singular bank account or a set of linked accounts through which the government transacts all its receipts and payments and gets a consolidated view of its cash position at any given time.

The 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, Federal Tertiary Institutions, etc.

Agencies like the CBN, SEC, CAC, NPA, NCC, FAAN, NCAA, NIMASA, NDIC, NSC, NNPC, FIRS, NCS, MMSD, DPR are also to comply.

For agencies that are 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.

According to Laolu, the 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.

It can be recalled that the President had promised state governors at the inaugural meeting of the National Economic Council, NEC, in June, that under his watch, all revenues prescribed for lodgement into the federation account will be treated as such and that he will ensure strict compliance with all relevant laws on accounting, allocation and disbursement.

http://businessdayonline.com/2015/08/buhari-orders-mdas-to-run-treasury-single-account/#.VchFuHFVhBc

cc Lalastica

This development is more than welcome...El-Rufai did same and I hope all other State Govt will adopt same.

Possibly

*yawns* too long
Only read two paragraphs..

I believe he did something right!

BABA carry go, we agents progression dey ur back..

really? ?

I hope its not only Buhari that is @work. Where are the state governors? They should enrol for courses on how to curb corruption , in Buhari University. Learn and also implement concurrently at state level. So that Nigeria can be 85% if not totally free of corruption come 2019.

This was done by GEJ

yang:
This was done by GEJ

Oga wake up. It's past 8'

Good morning Lalasticlala. Hope you had a splendid weekend. Wishing you a fantastic and fruitful week ahead. Ditto Ishilove.

N o n s e n s e

Good one..

God bless Gej, sorry buhari..


Check my signature for ur customised wristband.

PMB is back to the drawing board and getting the basics right!!!

More like laying a solid foundation to build on. Even if 4years is small to build a castle, the next president would be left with no option than to consolidate.

yang:
This was done by GEJ

yes, we knw...in his dreams

Reforms especially concerning finance everywhere.
When individual accounts were now used for government transactions, it showed the highest level of corruption and ruthlessness in stealing our common wealth.
Baba working and reforming Nigeria slowly and steadily

Abugab:
Reforms especially concerning finance everywhere.
When individual accounts were now used for government transactions, it showed the highest level of corruption and ruthlessness in stealing our common wealth.
Baba working and reforming Nigeria slowly and steadily

Seriously I don't understand all these hype! This initiative started in 2013 by NOI... She moved all capital accounts of the MDAs into a single account! The second segment is the recurrent, so please there is nothing new here but rather continuing with the initiatives of the previous "corrupt government"

http://www.punchng.com/business/business-economy/fg-moves-mdas-capital-accounts-to-cbn-2/

This will block every possible leakage in the system. As soon as you make money, forward it straight to the account, no story.

yang:
This was done by GEJ

No mind them they think everyone is dumb as they are! Buhari will end up queuing up with all policies and programs with some ignorant chaps clapping in gullible ecstasy.

http://dailyindependentnig.com/2015/01/fgs-deadline-mdas-treasury-single-account-tsa/

chudionu58:
Seriously I don't understand all these hype! This initiative started in 2013 by NOI... She moved all capital accounts of the MDAs into a single account! The second segment is the recurrent, so please there is nothing new here but rather continuing with the initiatives of the previous "corrupt government"

http://www.punchng.com/business/business-economy/fg-moves-mdas-capital-accounts-to-cbn-2/

bros, i guess u dnt fully undastand d diff btw d two propositions of noi(GEJ) and what buhari is offering. Wat NOI did is simply to regulate and make more transparent how govt agencies and ministries spends money. But wat buhari is saying is dat money earned and accrued to govt shld first be paid into one account b4 onward payments to various MDA's to spend.
D simple reality is dat we must first be fully able to transparently ascertain what govt can earn b4 even talking about how what is earned is now spent. That is what d TSA is all about.

mathinips:
I hope its not only Buhari that is @work. Where are the state governors? They should enrol for courses on how to curb corruption , in Buhari University. Learn and also implement concurrently at state level. So that Nigeria can be 85% if not totally free of corruption come 2019.

El rufai did exactly the same thing last week

I agree that they should all adopt the same policy so as to block all leakages

NNPC, FIRS, NIMASA and imigration will be d biggest casualty of this TSA cos dats d 4 biggest revenue-generating govt agencies and dats also where a whole loads of shady dealings are practiced.
One onli needs to look again into dat pricewater audit report on nnpc and u will undastand dat this directive is a big deal.

chudionu58:
Seriously I don't understand all these hype! This initiative started in 2013 by NOI... She moved all capital accounts of the MDAs into a single account! The second segment is the recurrent, so please there is nothing new here but rather continuing with the initiatives of the previous "corrupt government"

http://www.punchng.com/business/business-economy/fg-moves-mdas-capital-accounts-to-cbn-2/

If all the accounts with MDAs were moved into a single account in 2013 how come this govt in June asked that the same be done?
We had a govt in the past that lacked implementation and that is the difference here.
Do your findings and check how many accounts of MDAs were moved into a single account till this govt took over.
There is no hyping here as the previous govt lacked the will to follow up on their policies and directives

shegxi:
bros, i guess u dnt fully undastand d diff btw d two propositions of noi(GEJ) and what buhari is offering. Wat NOI did is simply to regulate and make more transparent how govt agencies and ministries spends money. But wat buhari is saying is dat money earned and accrued to govt shld first be paid into one account b4 onward payments to various MDA's to spend.

Saying basically the same thing! NOI began the single accounts ish all for greater transparency and responsibility with graduated movements of capital >>recurrent accounts !!...Giving an order to continue in the same line of thought shouldn't be painted more than it's worth coming especially from a supposedly corrupt regime.That's my only source of fury.

Abugab:


If all the accounts were MDAs were moved into a single account in 2013 how come this govt in June asked that the same be done?
We had a govt in the past that lacked implementation and that is the difference here.
Do your findings and check how many accounts of MDAs were moved into a single account till this govt took over.
There is no hyping here as the previous govt lacked the will to follow up on their policies and directives

Park well bros...these started with capital accounts and was completed early this year! Recurrent to follow immediately afterwards... so Buhari is merely continuing with a natural trajectory! So please spare us an overeactive aplomb.

http://www.punchng.com/business/business-economy/fg-moves-mdas-capital-accounts-to-cbn-2/

lol

chudionu58:
Seriously I don't understand all these hype! This initiative started in 2013 by NOI... She moved all capital accounts of the MDAs into a single account! The second segment is the recurrent, so please there is nothing new here but rather continuing with the initiatives of the previous "corrupt government"

http://www.punchng.com/business/business-economy/fg-moves-mdas-capital-accounts-to-cbn-2/

so how come all those billions went missing?

Its a nice move by pmb...(let the truth b told)

am +1 2day! Can sum1 help me celebrate?

Truly the idea was started by gej administration going by d link the poster above gave, but for baba buhari to want to continue and implement it, i think it's a thumbs up. Continuity of good policies and scrapping of the bad one is a good development for way forward in Nija