Nnamdi Ebo | NewsBlog

In my NewsBlog Nnamdi Ebo, I provide perspectives on news, events and analysis of unique stories, and I also offer original content, articles and photos; with contributions from some of the best minds.

Nnamdi Ebo | NewsBlog

In my NewsBlog Nnamdi Ebo, I provide perspectives on news, events and analysis of unique stories, and I also offer original content, articles and photos; with contributions from some of the best minds.

Nnamdi Ebo | NewsBlog

In my NewsBlog Nnamdi Ebo, I provide perspectives on news, events and analysis of unique stories, and I also offer original content, articles and photos; with contributions from some of the best minds.

Nnamdi Ebo | NewsBlog

In my NewsBlog Nnamdi Ebo, I provide perspectives on news, events and analysis of unique stories, and I also offer original content, articles and photos; with contributions from some of the best minds.

Nnamdi Ebo | NewsBlog

In my NewsBlog Nnamdi Ebo, I provide perspectives on news, events and analysis of unique stories, and I also offer original content, articles and photos; with contributions from some of the best minds.

 

CBN inherits empty TSA accounts

The Treasury Single Account (TSA) policy unearthed from the 1999 Constitution and introduced by President Muhammad Buhari may have hit the rocks. The TSA compliance commenced yesterday on a good note as it recorded total compliance – according to reports from the apex bank.

However, contrary to the expected N1.2 trillion believed to be in various bank accounts, what the apex bank got from the reported 22,000 bank accounts was disappointing as the banks reportedly transferred empty accounts to the CBN.

The SUN reports that with the connivance of bank chiefs, money simply moved from old government agency accounts into new ones with sundry identities.

Leading up to the deadline, bank sources said signatories to the government accounts really outsmarted the Federal Government on the policy.

CBN . Godwin Emefiele, Gov. CBN

“Yes, the money the government wanted to recover through the policy has remained a pipe dream because before the last date, the new tradition in the banks was the opening of new accounts where the money that used to be in the government accounts were transferred. The N1.2 trillion declared by the CBN as expected deposits from the banks would only be on paper. In real terms, the money had vanished; part of it was transferred, part of it hurriedly withdrawn and channeled into jiffy spendings,” a source, a bank manager revealed to the SUN.

The development in the past weeks resulted in the proliferation of new corporate, individual and foundation accounts that sprang overnight.

Meanwhile, the Accountant-General of the Federation (AGF), Ahmed Idris has commended all MDAs for complying with the president’s directive on the TSA.

He expressed his satisfaction with the level of compliance and promised that the policy has come to stay.

A statement signed by the Head of Media and Public Affairs of the AGF office, Mrs. Kenechukwu Offie said the compliance is an indication that Nigeria is at the threshold of a new era of transparent and accountable management of public finances.

NE | Financial desk