The federal government has directed Ministries, Departments, and Agencies (MDAs) to comply with the Treasury Single Account (TSA) policy. The directive, issued by the Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein, aims to promote transparency and accountability in government finances.
Dr. Madein emphasized that MDAs must adhere strictly to the TSA framework, which prohibits them from operating accounts with commercial banks. She warned that any MDA seeking to operate an account with a commercial bank must obtain direct approval from the President.
The AGF issued the directive during a working visit to the Federal Pay Office in Benin, Edo State. She stressed the importance of accurate financial records, warning that inefficiency could be perceived if records do not meet the required standards.
Dr. Madein also emphasized the need for Federal Pay Officers (FPOs) to be well-versed in financial regulations, including the Constitution, Financial Regulations, and the Public Procurement Act. She urged FPOs to maintain high ethical standards and avoid any actions that could undermine the credibility of the Federal Treasury.
The TSA policy is aimed at promoting transparency and accountability in government finances. The policy requires all MDAs to remit their revenues to the TSA, which is managed by the Central Bank of Nigeria.
Dr. Madein disclosed that the federal government is constructing new office buildings in some states to provide permanent solutions to accommodation issues faced by FPOs. She reaffirmed the OAGF’s commitment to prioritising the welfare and well-being of FPO staff.
The directive is expected to boost compliance with the TSA policy and reduce the incidence of MDAs operating commercial bank accounts. The move is also expected to enhance transparency and accountability in government finances.
