Tuesday, 8 September 2015

Treasury Single Accounts: Buhari sets Sept 15 deadline for MDAs

In his bid to maintain accountability and stamp out corruption within the public service system, President Muhammadu Buhari, yesterday, set September 15 as deadline for Ministries, Departments and Agencies, MDAs, to comply with his directive on Treasury Single Accounts, TSA.

He directed them to pay into TSA or designated accounts maintained and operated in the Central Bank of Nigeria (CBN), except otherwise expressly approved.

A circular issued to all MDAs of the Federal Government by the Head of Civil Service of the Federation, Mr. Danladi Kifasi, urged the MDAs to ensure strict compliance with the deadline to avoid sanctions.

The circular dated September 4, 2015, entitled “Re: Introduction of Treasury Single Account (TSA) (e-Collection of Government Receipts)” stated: “Further to the Circular Ref. No. HCSF/428/S.1/120 of August 7, 2015 on the above subject matter, it has been observed that a number of Ministries, Departments and Agencies (MDAs) of the Federal Government are yet to comply with the directive therein.

“In this regard, Mr. President has directed that all MDAs are to comply with the instructions on the Treasury Single Account (TSA) unfailingly by Tuesday, September 15, 2015.

“Heads of MDAs and other arms of government are enjoined to give this circular the widest circulation and ensure strict compliance to avoid sanctions.”

The Head of Service reminded the MDAs that President Buhari approved the establishment and operation of Treasury Single Account for e-Collection of Government Receipts for all federal MDAs with effect from the date of the previous circular dated August 7, 2015 yet MDAs compliance level was nothing to write home about.

To aid transparency and facilitate compliance with sections 80 and 162 of the Constitution of the Federal Republic of Nigeria 1999 (as amended),  Kidasis re-directed that all receipts due to the Federal Government or any of her agencies shall be paid into the TSA as follows: Account Name: Accountant General (Federal Sub-Treasury), Account No. 3000002095 maintained in the Central Bank of Nigeria (CBN), except otherwise expressly approved.

A TSA is a unified structure of government bank accounts enabling consolidation and optimal utilization of government cash resources. It is a bank account or a set of linked bank accounts through which the government transacts all its receipts and payments and gets a consolidated view of its cash position at any given time.
- See more at: http://www.vanguardngr.com/2015/09/treasury-single-accounts-buhari-sets-sept-15-deadline-for-mdas/#sthash.tmlYIg6W.dpuf