The Office of the Auditor-General of the Federation has asked Price Waterhouse Coopers and EY to audit the Treasury Single Account (TSA). Mr Alexander Oyeyemi, a director in the OAGF’s office disclosed this recently. Mr Oyeyemi also revealed that over N5 trillion has been paid into government coffers since the policy began, while N300 billion that has been unclaimed by MDA’s will be invested in treasury bills.
More facts about the audit
The Federal Government wants to confirm that funds remitted by the Ministries, Departments and Agencies (MDAs) are equal to the amount paid into the bank accounts. The FG had recently taken 7 banks to court for allegedly hiding money meant for the TSA, then withdrew the case citing public interest. The scope of the audit covers MDA balances before and after the implementation of the policy. Minister of Finance, Kemi Adeosun had in February this year stated that the government had recovered some funds from banks that were not remitted into the TSA account.
The Treasury Single Account (TSA) was introduced by the Goodluck Jonathan administration, but implemented by the Buhari administration in November 2015. While the government has witnessed an increase in its revenue,t the policy has led to a huge drop in government deposits with banks. PWC was formed in 1198 from the merger of Pricewaterhouse and Coopers and Lybrand. The company has roots dating to the 18th Century. EY (formerly known as Ernest and Young) was founded in 1989 and is one of the 4 biggest accounting firms in the world.
