The federal government has issued a directive to Ministries, Departments, and Agencies (MDAs) to comply with the Treasury Single Account (TSA) policy. The Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein, gave the directive during a working visit to the Federal Pay Office in Benin, Edo State.
The AGF emphasized that MDAs must adhere strictly to the TSA framework, which prohibits them from operating accounts with commercial banks. Any MDA seeking to operate an account with a commercial bank must obtain direct approval from the President.
Dr. Madein warned that failure to comply with the TSA policy would be viewed seriously. She mandated Federal Pay Officers (FPOs) to ensure that MDAs in their respective states comply with the directive.
The AGF also emphasized the importance of transparency, dedication, and professionalism in the discharge of duties by FPOs. She urged them to maintain high ethical standards and avoid any actions that could undermine the credibility of the Federal Treasury.
Dr. Madein stressed the need for accurate financial records, warning that inefficiency could be perceived if records do not meet the required standards. She assured that officials from the Treasury headquarters would conduct regular inspections of FPOs to ensure compliance.
The AGF also 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 prioritizing the welfare and well-being of FPO staff.
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.
