The introduction of the Treasury Single Account, TSA, two years ago was applauded by financial experts, which at the time was designed to curb corruption in the Ministries, Departments and Agencies, MDAs, despite its initial adverse impact on banks’ liquidity and job losses. Interest rates initially went up but are now moderating.

The operation of the TSA was also expected to be closely monitored through a robust internal audit process to ensure that the MDAs do not continue the corrupt practices which had characterised the management of public funds. An effective audit system operates on the basic and time-tested annual cycle at the end of every preceding year. We have had two full years of the TSA being in operation.

So why has no audit been carried out?

An effective audit system is also based on the idea that prevention is better than cure. When public servants realise that their activities are being closely monitored by a competent and honest audit staff, only the most hardened offenders would risk perpetrating questionable conducts.

The lack of serious commitment to the spirit behind the TSA by the Office of the Auditor General of the Federation was recently demonstrated when the House of Representatives invited the Auditor General of the Federation, Mr. Anthony Ayine, to ascertain how much Federal revenue had passed through the system so far.

Shockingly, Mr. Ayine said he did not have the exact figures. However, a House of Representatives Ad Hoc Committee headed by Abubakar Audu (APC-Kaduna) revealed that a total of N4.2 trillion had so far been remitted into the account since... READ MORE http://www.louisjimsblog.com/2017/09/how-much-has-tsa-generated-after-two.html