The Federal Government is set to wield the big stick in its determined bid to enforce discipline and adherence to rules, the Accountant- General of the Federation (AGF), Ahmed Idris disclosed.
As a result, the AGF warned agencies that were yet to transit to the Treasury Single Accounts to do so immediately or face sanctions.
The Federal Government last week gave September 15 as the deadline for all its agencies to move their accounts to the Central Bank of Nigeria (CBN) preparatory to the implementation of the single account for government revenues.
At the close of business yesterday, which marked the deadline, almost all MDAs, especially the revenue generating agencies have all complied with the Presidential directive to transit to the Treasury Single Account (TSA).
TSA, a unified structure of government bank accounts gives a consolidated view of government cash and is expected to bring about transparency, efficiency and accountability in compliance with sections 80 and 162 of the 1999 Constitution
Idris who affirmed that the Treasury Single Account has come to stay, assured that the current rate of compliance was an indication that Nigeria was at the threshold of a new era of transparent and accountable management of Public finances.
He assured MDAs and the general public of the preparedness of government to ensure a hitch-free implementation that will bring about the actualization of the objective of the policy.
The new policy has raised the hope that hitherto obvious leakages in government purse would be effectively blocked, and ensure accurate tracking activities of revenue generating Ministries, Departments and Agencies.
Its implementation is expected to pool together into one account in the CBN, all receipts and payments of the government handled by MDAs, partially funded by the Federal Government and all government controlled Trust Funds and Social Security Funds
The new policy will also end the previous public accounting situation whereby, several fragmented accounts for government revenues, incomes and receipts, which in the recent past had led to loss or leakages of legitimate income, meant for the federation account.
It would be recalled that President Muhammadu Buhari had earlier promised state governors at the inaugural meeting of the National Economic Council, NEC, in June, that all revenues prescribed for lodgment into the federation account will be treated as such under his watch and that he would ensure strict compliance with all relevant laws on accounting, allocation and disbursements
Comments are closed.