FG Closes 20,000 Bank Accounts, Moves N5.2tn into TSA

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Over 20,000 accounts with Deposit Money Banks belonging to Ministries, Departments and Agencies have been closed with a total sum of N5.24tn moved into the TSA, since the the commencement of the Treasury Single Account in September 2015.

The Accountant General of the Federation, Ali Ahmed Idris, disclosed the figures on Tuesday in Abuja, while speaking at the opening session of a two day retreat on TSA.

The event which was attended by Vice President Yemi Osinbajo, the Minister of Finance, Mrs Kemi Adeosun, the Secretary to the Government of the Federation, Mr Babachir Lawal among other top government officials had as its theme, “One year anniversary of Treasury Single Account: Benefits, challenges and way forward.”

Idris explained at the event that the TSA initiative has assisted the government to overcome the burden of indiscriminate borrowings by MDAs thus saving government a lot of bank charges associated with these borrowings.

For instance, he noted that prior to the full commencement of the TSA, the government was incurring about N4.7bn monthly on bank charges, adding that this has been eliminated through the TSA initiative.

The TSA is a platform which was used by the government to unify all its accounts by ensuring that all monies belonging to the federal government are kept with the Central Bank of Nigeria.

© 2017, Ayandola Ayanleke. All rights reserved.

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Ayandola Ayanleke
Ayandola Ayanleke is a reporter for Premium Herald. She focuses on political and entertainment news. Ayandola studied History and Strategic Studies in the University of Lagos. She has been a contributor with Premium Herald for over 2 years now.

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