Tuesday, 9 February 2016

TSA Money Now N2.3trillion; 98% of MDAs Have Complied

The Office of the Accountant-General of the Federation (OAGF), has revealed that it has mopped up as much as N2.3trillion into the Treasury Single Account (TSA).

Its Director of Funds, Mr. Mohammed Dikwa, disclosed this at the opening session of the workshop on TSA in Abuja. He said with over 17,000 bank accounts being operated at the federal level in commercial banks, government had no choice but to introduce the TSA which has so far helped in mopping up about N2.3trillion into the account maintained and operated at the CBN.
In similar vein, the Accountant-General of the Federation (AGF), Mr.Alhaji Ahmed Idris, said 98 per cent of the Ministries, Departments and Agencies (MDAs) have complied with the TSA.

He said following government’s February last year directive, all federal MDAs are now on TSA operating their account successfully through the CBN.

Idris said: “As at December 2015, 726 MDAs, which are responsible for almost 98 per cent of the national budget have complied fully.”

Some challenges encountered in the adoption of the TSA were resistance from banks and the MDAs, which the Federal Government has now overcome, especially with the fear of President Buhari.

TSA has eliminated opportunities for corrupt practices that previously encouraged agencies to accumulate funds with commercial banks rather than apply them to their intended uses for all Nigerians.

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