The Accountant- General of the Federation, Ahmed Idris has disclosed that the Treasury Single Account (TSA) recently initiated by the Federal Government has so far consolidated over 20,000 bank accounts.
According to him, the TSA was set up by the Federal Government to ensure that all revenue receipts and payments are done through a Consolidated Revenue Account (CRA) at the Central Bank of Nigeria (CBN), has eliminated multiple banking arrangements that were being used as fraud channels.
On the upside, the AGF noted during a 2-day workshop for financial correspondents yesterday in Abuja that the consolidation of accounts has further brought about transparency and effective tracking of government revenues.
He attributed the success recorded by the TSA policy in locking of leakages and fixing the lapses in the public finance management to firm implementation of the policy.
“TSA has taken us out of the era of indiscriminate borrowings by MDAs and saved government the charges associated with those borrowings which hitherto amounted to N4.7 billion monthly,” he said.
You may recall that the pilot TSA scheme commenced in 2012 using a unified structure of accounting for 217 government Ministries, Departments and Agencies, MDAs, for accountability and transparency in public fund management.
All government MDAs remit their revenue collections to the CRA through their individual commercial banks a fee-for-service remuneration basis.
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