All Federal Institutiion To Operate A Single Account - Buhari

President Buhari

President Buhari’s has issued a directive to any or all federal ministries, departments and agencies (MDAs) to start out paying all government revenues, incomes and different receipts into a unified pool of single account with the Central Bank of Nigeria (CBN),thisis a daring and extremely commendable move directed at one amongst the bastions of corruption within the public establishments.

Apparently, a master stroke against a tactless monetary strategy emanating from AN unholy alliance between banks and MDAs, the present implementation of this unified accounting structure, justly referred to as the Treasury Single Account (TSA), is laden with high expectations of economic prospects thanks to its risk of guaranteeing transparency and responsibleness.

The agency may be a unified structure of state bank accounts sanctioning consolidation and best use of state money resources. Through this checking account or set of connected bank accounts, the govt transacts all its receipts and payments and gets a consolidated read of its money position at any given time.

Federal institutions affected by this directive embody all absolutely funded organs of state, ministries, departments and agencies (MDAs), foreign missions and part funded government institutions like teaching hospitals, medical centres and tertiary establishments. Others embody the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), corporate Affairs Commission (CAC), Nigerian Ports Authority (NPA), Nigerian Communication Commission (NCC), Federal Airports Authority of Nigeria (FAAN), Nigerian Civil Aviation Authority (NCAA), Nigerian Maritime Administration and Safety Agency (NIMASA). The list of affected organs conjointly has National Deposit Insurance Corporation (NDIC), National Shippers’ Council (NSC), Nigerian National oil Corporation (NNPC), Federal Inland revenue Service (FIRS),Nigerian Customs Services (NCS), Ministry of Mines and Steel Development (MMSD) and therefore the Department of oil Resources (DPR), amongst others.