Monday, 10 August 2015

Briefly: FG Opens Treasury Single Account for NNPC, FIRS, Customs, Others

All monies accruing to the Federal Government through its Ministries, Departments or Agencies, MDAs, will henceforth be remitted into a Treasury Single Account (TSA) which will be domiciled at the Central Bank of Nigeria, CBN.

The directive by Mr. President to consolidate the MDAs account was in fulfilment of his promise during the presidential campaign to ensure transparency and accountability in the operation of public accounts

The MDAs include: Central Bank of Nigeria (CBN); Security and Exchange Commission (SEC); Corporate Affairs Commission (CAC); Nigerian Ports Authority (NPA); National Communications Commission (NCC); Federal Aviation Authority (FAAN) and Nigerian Civil Aviation Authority (NCAA).
Others are: Nigerian Maritime Administration and Safety Agency (NIMASA); Nigerian Deposit Insurance Corporation (NDIC); Nigerian Shippers Council (NSC); Nigerian National Petroleum Corporation (NNPC); Department of Petroleum Resources (DPR); Federal Inland Revenue Service (FIRS); Nigerian Customs Service (NCS) and Ministry of Mines and Steel Development (MMSD).
Also agencies that are partially self-funding such as Teaching Hospitals, Medical Centres, Federal Tertiary Institutions will have their sub-accounts linked to TSA maintained at CBN and the accounting system will be configured to allow them access to funds based on their approved budgetary provisions.
The directive was specifically designed in full compliance with Sections 80 and 162 of the 1999 Constitution.
Read more: Vanguard
A TSA is a central bank account system for all government transactions where all its receipts and payments are harmonized for accountability.

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