Treasury Single Account scheme takes off today

Accounting. Image source waldkirch

Accounting. Image source waldkirch

THE new initiative of the Federal Government to harmonise its revenue accruals through the Treasury Single Account (TSA) takes off today.

This means that the Ministries Departments and Agencies (MDAs) and other revenue earning establishments of government have by now accustomed themselves with the unique account number, which the Head of Service of the Federation, Danladi Kifasi, designated “Accountant General: 300002095.”

Recently, President Muhammadu Buhari had reinforced his determination for the initiative by setting the September 15 deadline for the full compliance/implementation of the directive that would ensure that all revenue due to the Federal Government are gathered in the designated account to be manned by the Central Bank of Nigeria (CBN).
Before the new directive, according to The Guardian’s report, all the country leadership had flouted the constitutional mandate, which spelt out the collection and management of national earnings.

The law, first enacted in 1954 under the Oliver Lyttelton Constitution, was bridged not too long after passage and since then was passively observed under former President Goodluck Jonathan.

Since the new resolve by the Buhari to implement the law on the subject matter to the letter, stakeholders from the civil society groups, financial market operators/analysts, lawyers, among others have expressed hope that the development would bring about positive results, despite dissenting opinions.

Some have expressed reservations over the modus operandi of TSA, noting that while it is a great idea, there was also the need to look into the peculiarities of various agencies to ensure that their calls for funding are urgently met to forestall hitches.

From the academia, a don who pleaded anonymity, said “the issue of implementing the TSA is not optional, especially as it is a clear instruction, with specific date of compliance. For those of us whose monies were mopped up from the commercial banks to the Central Bank of Nigeria (CBN), we had no option but go along with the process.”

“I am optimistic that if things are done the way it should, the initiative holds great benefit for the country. Many would be exposed. All the government’s idle funds, used for round tripping through public officers’ collaboration with banks will end tomorrow (today). But we should not expect hitch free operations, particularly at the onset.

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