Buhari sets up TSA for e-payments

Last updated: 2015/08/11 at 8:51 PM

starconnect Published 11 August 2015

Emmanuel Thomas

August 11, 2015 – President Muhammadu Buhari has approved the establishment and operation of a Treasury Single Account (TSA) for e-collection of government receipts for all federal ministerial departments and agencies with effect from August 7, 2015.

He also directed all parastatals, ministerial departments and agencies to make all payments into a single account with Central Bank of Nigeria (CBN).

The circular HCSF/428/S.1/120 signed by Head of the Civil Service of the Federation, Mr. Danladi Kifasi said that the measure is to aid transparency and facilitate compliance with sections 80 and 162 of the Constitution of the Federal Republic of Nigeria 1999 (as amended).

According to the circular, all receipts due to the Federal Government or any of her agencies shall be paid into the TSA as follows: Account Name: Accountant General (Federal Sub-Treasury), Account No. 3000002095 maintained in the Central Bank of Nigeria (CBN), except otherwise expressly approved.

The circular added that government has put in place effective monitoring mechanisms to ensure strict compliance.

“All Accounting Officers, Directors of Finance and Accounts, Directors of Internal Audit, Heads of Accounts and Heads of Internal Audit Units of MDAs and other arms of Government are enjoined to give this Circular the widest circulation and ensure strict compliance to avoid sanctions”, the circular noted.