President Muhammadu Buhari has explained why the Treasury Single Account was launched by his administration.
The Nigerian leader said the TSA was opened to address irregularities, ensure accountability, curb the incessant number of accounts and enable the tracking of all government revenues.
Buhari stated this Tuesday during his address at the third National Summit on Diminishing Corruption in the Public Sector.
“When we came into government, we found out that some institutions had hundreds of accounts. How can the Accountant General trace them?
“So, we introduced the Treasury Single Account so that all revenues will be followed and directed to it. This is a very positive way of making sure that revenues can be traced to Treasury Single Account and therefore be accounted for,” Buhari said.
He further warned that all ghost workers will be severely punished and those who have engaged in illegal recruitments and those who pad their personal payrolls.
“Government has noted that some MDAs have devised fraudulent practice of presenting new projects as ongoing projects.”
He promised that necessary action and sanctions will continue against the heads of such erring MDAs.
The Treasury Single Account, according to the Central Bank of Nigeria (CBN), is the operation of a unified structure of Government Bank Accounts, in a single account or a set of linked accounts for all government payments and receipts.