TSA: We’ve mopped up N2.2trn – Buhari

President Muhammadu Buhari has disclosed that his administration has mopped up over N2.2 trillion through the implementation of the Treasury Single Account (TSA).
The president said this in London yesterday during an interactive session with members of the Nigerian community resident there.

 The president, who was in London to attend the Supporting Syria and The Region Conference, said that though the TSA was an initiative of the previous administration, it was “unpopular” then because the government did not enforce it.
 Buhari had on August 9, 2015 ordered every federal government ministry, department or agency to start paying into a TSA or designated accounts maintained and operated in the Central Bank of Nigeria (CBN), except otherwise expressly approved, for all government revenues, incomes and other receipts.
 The measure, according to the Presidency, was aimed at promoting transparency and facilitating compliance with sections 80 and 162 of the 1999 Constitution.
 The Presidency had expressed optimism that the directive would end the previous public accounting situation of several fragmented accounts for government revenues, incomes and receipts, which in the recent past had meant the loss or leakages of legitimate income meant for the federation account.
“For any agency that is 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”, the Senior Special Assistant on Media and Publicity to Vice President Yemi Osinbajo, Mr. Laolu Akande, had then said.

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