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Thursday, 16 February 2017

Federal Government Closes 20,000 Bank Accounts And Moves N5.2tn Into TSA

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Twenty thousand accounts with Deposit Money Banks have been closed with a total sum of N5.24tn moved into the TSA, the federal government, has disclosed.

Since the commencement of the Treasury Single Account in September 2015, over 20,000 accounts with Deposit Money Banks belonging to Ministries, Departments and Agencies have been closed with a total sum of N5.24tn moved into the TSA.
The Accountant General of the Federation, Ali Ahmed Idris, gave the figures on Tuesday in Abuja, while speaking at the opening session of a two day retreat on TSA.

The event which was attended by Vice President Yemi Osinbajo, the Minister of Finance, Mrs Kemi Adeosun, the Secretary to the Government of the Federation, Mr Babachir Lawal among other top government officials had as its theme, “One year anniversary of Treasury Single Account: Benefits, challenges and way forward.”

The TSAis a platform which was used by the government to unify all its accounts by ensuring that all monies belonging to the federal government are kept with the Central Bank of Nigeria.

The initiative which took off fully in September 2015 had been complied with by over 900 agencies of government.
Since the commencement of the TSA, there had been series of job losses in banks owing to decline in deposits.

But the Accountant-General while speaking at the event described the implementation of the TSA as one of the success stories in the management of public finances.

For instance, he explained that through the policy, the government has been able to block leakages and abuse which had characterised the public sector before its commencement in October 2015. He also explained that the TSA initiative has assisted the government to overcome the burden of indiscriminate borrowings by MDAs thus saving government a lot of bank charges associated with the borrowings.

Punch