Buhari Reportedly Saved Billions Of Naira
President Muhammadu Buhari’s determination to rid Nigeria of corruption appears to be yielding results.
The Daily Times reports that President Muhammadu Buhari’s implementation of a Treasury Single Account (TSA) for all government revenues, incomes and other receipts has saved Nigeria billions of naira.
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The president briefly after taking office ordered every federal government ministry, department and agency to commence paying into a TSA.
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A huge amount of N8 billion was exposed through the implementation of the TSA in a single account in an old generation bank.
The amount is said to be functioned in the name of a defence operation account.
However the group head of marketing and corporate communications of the bank, and Garba Shehu, the presidential aide denied speculation regarding the issue.
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Buhari had earlier promised state governors at the inaugural meeting of the National Economic Council in June, that all revenues arranged for lodgment into the federation account will be treated as such under his watch and that he will guarantee strict compliance with all related laws on accounting, allocation and disbursement.
Since then, the presidency has cooperated with appropriate agencies of the federal government to change this policy directive.
A Treasury Single Account is a public accounting system under which all government revenue, receipts and income are collected into one single account, usually maintained by the country’s Central Bank and all payments done through this account as well. The purpose is primarily to ensure accountability of government revenue, enhance transparency and avoid the embezzlement of public funds. The maintenance of a Treasury Single Account will help to ensure proper cash management by eliminating idle funds usually left with different commercial banks and in a way enhance reconciliation of revenue collection and payment.
Source: Legit.ng
