Nigeria’s central bank on Wednesday said government ministries and departments were complying with a presidential order for more transparency over revenues as part of a crackdown on graft.
President Muhammadu Buhari, elected earlier this year on an anti-corruption ticket, has ordered all ministries to put revenues into a single account with the apex bank.
A deadline to do so expired on Tuesday night.
Asked by AFP on Wednesday whether the deadline had been met, Central Bank of Nigeria spokesman Mu’azu Ibrahim said: “So far so good.
“We are happy with the level of compliance by the ministries, departments and parastatals with the president’s directive on a Treasury Single Account (TSA).”
Commercial banks are also making efforts to comply with the directive, and no extension to the deadline will be considered, he added.
Nigeria’s Accountant-General Ahmed Idris has lauded compliance with the directive on the single account, his office said in a statement on Wednesday.
“Idris, while expressing satisfaction with the level of compliance, affirmed that the Treasury Single Account has come to stay, that the compliance is an indication that Nigeria is at the threshold of a new era of transparent and accountable management of public finances,” it said.
It said any erring ministry would be penalised, without disclosing the nature of such sanctions.
Industry analysts believe the TSA will end the practice of departments maintaining multiple accounts for government revenues, reducing the chance of fraud and improving monitoring.
Buhari has carved out a reputation as a no-nonsense crusader against graft and has vowed to rid the oil-rich country of the menace.
Since he came to power in May, he has launched a crackdown on corruption at the state-run oil firm, sacking the entire board and ordering an investigation into its finances.