By Emman Ovuakporie and Johnbosco Agbakwuru

ABUJA-Members of the House of Representatives, Tuesday described President Muhammadu Buhari’s directive to Ministries, Departments, Agencies, MDAs to lodge all monies into a single treasury account as a step in the right direction to check financial leakages. The lawmakers were unanimous in their reactions saying the president’s directive to all Ministries, Departments and Agencies of government to lodge all incomes into one account will go a long way in checkmating corruption.

The president had issued the directive last Friday to all MDAs. In his reaction, Hon.  Philip Shuaibu, APC, Edo said, “it is a welcome development and a step in the right direction to plug all financial leakages”. He explained that “multiple accounts made it possible for the MDAs to conceal some accounts they have ulterior interests and only show Nigerians the ones they want to show”.

According to the lawmaker such accounts are never disclosed to audit firms as this will expose the underbelly of such MDAs. “If you recall the NNPC $20billion saga you will know that it is inappropriate for MDAs to keep multiple accounts because Nigerians were almost fooled”. Also, a House member representing Ukwa East/West Federal Constituency in Abia state, Hon. Uzoma Nkem-Abonta described the presidential move as a laudable one but insisted that it could be another way of mopping funds from the system.

The Abia lawmaker explained that”though there is need to monitor such accounts,  the Central Bank of Nigeria, CBN,  inspectorate could have been mandated to properly monitor such accounts or better still the CBN should be the custodian of such an account”. “My greatest fear is whether such an account if managed by CBN  will not lead to serious liquidity squeeze or limitation of liquidity flow of cash in the system”, Abonta wondered.

“It could also lead to acute shortage of liquidity flow and I now ask, do banks have excess cash and no investors?  The answer is ”No.” More persons are chasing for funds and banks are cautious of giving for want of liquidity”. “The spirit behind it is good to curb corruption, but its consequence on our economy, growth and commercial banks may be very negative”. “I think  there are better and thorough methods of controlling the MDAs revenue base,” he stated.

Also speaking, Hons.  Chike Okafor, of  Imo state and Igariwe Enwo representing Afikpo North/South, Ebonyi said, respectively, that it would also make audit easy and that it was not yet Eldorado for the Nigerian political system, hence, should not be seen as an end by itself but a means to an end. “This is a very laudable move. Maintaining a Single Treasury Account will make for accountability and  probity. It makes Tracking of accruing government revenues easier,” Okafor said.

“it’s no eureka because STA is the spirit behind S80 (1)of the 1999 constitution, in other words, it’s already provided for by the constitution. STA without transparency, accountability and  rule of law, amounts to nothing,” said Enwo. It is a good remedy for the cancerous corruption in our nation” agreed Hon. Ehiozuwa Agbunayima, PDP, representing Egor Federal Constituency, Edo.