FG directs MDAs to submit statement of account over TSA violations

All Ministries, Departments and Agencies has been directed by the FG to submit their statements of accounts in commercial banks.

The statement includes active, dormant and closed account maintained in all commercial banks over the last six months.

The development comes after the FG lamented the operations of illegal account by some MDA’s, describing it as a violation of the Single Treasury Account ( TSA).

The FG in the directive through the Office of the Accountant General of the Federation said the move was part of its efforts to maintain financial discipline.

The directive which was contained in a memo signed by the Accountant-General of the Federation, Shamseldeen Ogunjimi, expressed concerns over the continuous usage of commercial banks by MDAs despite an earlier directive ordering MDAs to close such accounts and focus on the use of the Treasury Single Account domiciled in the Central Bank.

“It has been observed with dismay that funds belonging to the Federal Government are still domiciled in several accounts held with commercial banks, contrary to Federal Government Circulars and the operational framework of the Treasury Single Account, which mandates the consolidation of all Federal Government revenues and receipts into the TSA domiciled with the Central Bank of Nigeria.

“In view of the above and following the Honourable Minister of Finance directive, all Directors/Heads of Finance and Accounts in Federal Government Ministries, Departments and Agencies and Federal Government-owned Enterprises are immediately required to submit Statements of all Bank Accounts (active, dormant and closed) maintained in all commercial banks over the last six (6) months, clearly indicating account names, account numbers, bank branches and current balances.”

“This directive takes immediate effect and must be treated with the utmost urgency, as it is part of the ongoing efforts to strengthen fiscal discipline and uphold the integrity of the Treasury Single Account Framework.”

The federal government had in a statement in February mandated MDAs to stop the use of commercial banks, as it opposes the framework of the TSA.

Despite the Accountant-General directing the Federal Pay Officers to monitor and ensure full compliance, some MDAs has continued to operate illegal accounts.