Buhari orders ministries, all agencies of the FG to remit all revenue into Treasury Single Account.

President Muhammadu Buhari today directed all ministries, agencies and departments of the federal government to henceforth open and start paying into a Treasury Single Account (TSA) for all government revenues, incomes and other receipts.
A statement released on Sunday evening by the senior special assistant on media and publicity to the Vice President, Mr. Laolu Akande, explained the directive to mean that all receipts due to the federal government or any of its agencies must be paid into TSA or designated accounts.
He stated that the measure is specifically to promote transparency and facilitate compliance with sections 80 and 162 of the 1999 Constitution.
Akande further clarified that the directive applies to fully funded organs of government like the MDAs and foreign missions, as well as the partially funded ones, such as teaching hospitals, medical centres and federal tertiary institutions.
Agencies such as the CBN, SEC, CAC, NPA, NCC, FAAN, NCAA, NIMASA, NDIC, NSC, NNPC, FIRS, NCS, MMSD, DPR are also affected.
The accounts mentioned in the directive are to be maintained and operated in the Central Bank of Nigeria (CBN), except otherwise expressly approved.
Nigerian newspaper, Vanguard reports that a “TSA is a bank account or a set of linked bank accounts through which the government transacts all its receipts and payments and gets a consolidated view of its cash position at any given time.”
It is believed that the directive issued by President Buhari today will lead to the end of the previous public accounting situation of several fragmented accounts for government revenues, incomes and receipts which facilitated loss or leakages of legitimate income meant for the Federation Account.