LEGISREPORTS NG – President Muhammadu Buhari in a bid to fast track the effective management of Nigeria’s finances has set Tuesday, September 15, 2015 deadline for full compliance with his administration’s directive that all Ministries, Departments and Agencies of government revenue be paid into the Treasury Single Account (TSA) or designated accounts maintained and operated by the Central Bank of Nigeria (CBN).
A circular – HCSF/428/S.1/125 of September 4, 2015 issued by the Head of Civil Service, Danladi Kifasi urged all MDA’s to ensure compliance with the deadline to avoid sanctions.
“In this regard, His Excellency, Mr. President has directed that all MDAs are to comply with the instructions on the Treasury Single Account (TSA) unfailingly by Tuesday, September 15, 2015.
“Heads of MDAs and other arms of Government are enjoined to give this Circular the widest circulation and ensure strict compliance to avoid sanctions,” Mr. Kifasi wrote.
President Buhari had on August 9, 2015 ordered all MDA’s to stop maintaining multiple accounts and ordered the operation of Treasury Single Account (TSA), into which all MDAs of government, which are funded from the Federation Account, will henceforth pay their earnings.
THE TSA is a process and tool for effective management of government’s finances, banking and cash position. In accordance with the name, it pools and unifies all government accounts through a single treasury account.
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