House of Representatives yesterday resolved to investigate the Nigerian Postal Services (NIPOST), the Central Bank of Nigeria (CBN) and some commercial banks on the allegation of unremitted stamp duties taxes to the Treasury Single Account (TSA).

With the general elections now over, it seems a good time to reflect on one of the major success stories of the current government which affects every Nigerian one way or the other – the Treasury Single Account (TSA) initiative.

In a bid to block revenue leakages and promote transparency, Ekiti state government on Thursday disclosed that it would commence the Treasury Single Account.

IT is good to note that the presidential directive  to consolidate inflows from all Ministries, Departments and Agencies of government into a unified account, known as the Treasury Single Account, TSA –  has recorded countless strides in Nigeria’s public financial regime within three years of its full implementation.

The federal government has indicated that, from November 1 2018, the service charge on all payment to its ministries, departments and agencies [MDAs] would be borne by the payer.

Since its full implementation in 2015, the Treasury Single Account (TSA) remains one of the current administration’s greatest accomplishments which the leading figures in this government do not fail to boast about at every opportunity they get. Truly, without meaning to take away from the feat TSA represents in a country like ours, it is proper to also bring to public attention some areas where its managers seem to consistently either overlook or ignore. One of such areas is in the aspects of monitoring.

Minister of Finance, Mrs Kemi Adeosun, yesterday, disclosed that the Federal Government has recovered the sum of N1.6 billion from a single account in a commercial bank.

The Federal Government, yesterday, said it has continued to save up to N24.7 billion monthly as a result of Treasury Single Account, TSA, policy.

The Chairman of the House of Reps Ad-hoc Committee on the Treasury Single Account (TSA), Abubakar Danburam Nuhu has indicted the Federal Government for poor ownership and handling of the TSA policy, even though it is frequently highlighted by the presidency as one of its greatest achievements.

Keystone Bank Limited has denied having in its custody any illegally hidden money belonging to the Federal Government of Nigeria or any of its agencies.

Investigations have shown that the rate of compliance with the Federal Government’s Treasury Single Account (TSA) directive has significantly improved across all the 104 Federal Government Colleges also known as Unity Schools.
According to a large number of parents and guardians, they are now able to make payment of school fees through different electronic channels and commercial and microfinance bank branches across the country directly into the accounts of the schools at the Central Bank.

When Mr. Abubakar Danburam-Nuhu, Chairman of the House of Representatives’ ad-hoc committee on Treasury Single Account (TSA) met with stakeholders last Wednesday, he made some strong observations and remarks.

Rivers State Governor, Chief Nyesom Wike, has commended President Muhammadu Buhari-led Federal Government on the implementation of Treasury Single Account, TSA and the Integrated Personnel Payroll System.

The Nigeria National Petroleum Corporation (NNPC) has disclaimed reports credited to its Group Managing Director, Mr. Maikanti Baru, linking Abba Kyari to N50 billion kept away from Treasury Single Account (TSA).

Cross River State Finance Commissioner, Mr Asuquo Ekpenyong Jnr, has said that the introduction of Ministerial Treasury Single Account in the state has eliminated idle bank account balances and plugged the traditional leakages.