Abuja – As the deadline for compliance with the Treasury Single Account for Ministries, Departments and Agencies (MDAs) ends on Tuesday, some members of the National Assembly have lauded President Muhammadu Buhari for introducing it.
The lawmakers said that full compliance with the directive would help in blocking leakages and ensure transparency.
Sen. Ali Wakili, (APC-Bauchi), who commended President Buhari for the directive, said the implementation of a TSA was backed by law.
Wakili said the development would enable banks, which hitherto relied majorly on MDAs, to become more resourceful.
According to him, fragmented banking has before now affected government’s ability to undergo successful cash planning and management.
Sen. La’ah Danjuma (PDP-Kaduna) said that the implementation of the policy would go a long way in revamping the economy.
He expressed optimism that the move would yield positive result in the long run.
“It is time for Nigerians to support all policies of government aimed at improving the economy.
“There is no doubt that the TSA would have an immediate impact on banks but the long-term effect will be beneficial, so I support it,’’ he said.
NAN reports that the Treasury Single Account is a unified structure of government bank accounts that allows consolidation and best use of government cash resources.
Section 80 (1) of the 1999 Constitution as amended makes provision for implementation of TSA.
It states: “All revenues, or other moneys raised or received by the Federation shall be paid into and form one Consolidated Revenue Fund of the Federation.” (