TSA: 20,000 Bank Accounts Closed As Nigeria Accrues N5.244trn

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The federal government has said that about N5.244 trillion has been accrued to its Treasury Single Account (TSA) with over 20,000 bank accounts shut down.

The disclosure was made by the Accountant-General of the Federation, Mr. Ahmed Idris, on Tuesday in Abuja at a 2-day retreat to review the TSA implementation in the country.

According to him, sequel to the presidential directive in Treasury Circular dated August 7, 2015 that all ministries, departments and agencies should close their accounts with deposit money banks (DMBs) and transfer balances into TSA accounts, over 20,000 bank accounts, which were spread over DMBs across the country were collapsed into the TSA.

“As at 10th February, 2017, the total inflow of funds through the mop-up August 2017, the total inflow of funds through the mop-up and direct debits by Central Bank of Nigeria (CBN) amounted to N5.244 trillion,” he said.

Mr. Ahmed said the implementation of the TSA brought significant gains to the federal government and the Nigerian economy.

“We have successfully eliminated multiple banking arrangements, resulting into consolidation of over 20,000 bank accounts, which were spread over DMBs across the country.

“This has further brought about transparency and tracking of government revenues. It has also led to blocking of leakages and abuse, which characterised the public finance management before TSA implementation,” he said.

It is, however, unclear how much credit balance is left at the CBN from the TSA accruals as at February 10 but according to CBN data, the federal government’s TSA credit balance with the CBN as of 2nd December 2016 was N2.66 trillion.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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