President Muhammadu Buhari on Sunday ordered all
ministries, agencies and departments of government
to stop forthwith the operation of multiple bank
accounts for the purpose of keeping revenues and
incomes.

The Presidential order affects the Nigerian National
Petroleum Corporation, the Central Bank of Nigeria,
the Federal Airports Authority of Nigeria and the
Nigerian Maritime Administration and Safety Agency.

Also on the list are the Security and Exchange
Commission, the Corporate Affairs Commission, the
Nigerian Ports Authority, the Federal Inland Revenue
Service, the Department of Petroleum Resources and
the National Civil Aviation Authority, among others.

All the agencies must henceforth maintain a Treasury
Single Account, domiciled with the CBN for revenues
and other receipts.

The new directive was contained in a statement made
available to journalists by the Senior Special
Assistant to the Vice President on Media and
Publicity, Mr. Laolu Akande, on Sunday.

Akande explained that the directive was meant to
promote transparency and facilitate compliance with
Sections 80 and 162 of the 1999 Constitution.

“Henceforth, all receipts due to the Federal
Government or any of its agencies must be paid into
TSA or designated accounts maintained and operated
in the Central Bank of Nigeria, except otherwise
expressly approved,” the statement said.

It explained that the presidential directive would end
the previous public accounting situation of several
fragmented accounts for government revenues,
incomes and receipts.

He said the existing system had led to loss of
legitimate income meant for the Federation Account,
and that the directive applied to fully-funded organs
of government like ministries, departments, agencies
and foreign missions, as well as the partially-funded
ones, including teaching hospitals, medical centres
and federal tertiary institutions.

“For any agency that is fully or partially self-funding,
sub-accounts linked to TSA are to be maintained at
CBN and the accounting system will be configured to
allow them access to funds based on their approved
budgetary provisions,” the statement explained.
A TSA, according to Akande, is a unified structure of
government bank accounts, enabling consolidation
and optimal utilisation of government cash
resources.

He said the system would allow the government to
transact all its receipts and payments and get a
consolidated view of its cash position at any given
time.

Buhari had during the inaugural meeting of the Vice
President Yemi Osinbajo-led National Economic
Council, on June 29, promised state governors that
all revenues prescribed for lodgement into the
Federation Account would be treated as such under
his watch.

He had also promised to ensure strict compliance
with all relevant laws on accounting, allocation and
disbursement.

Meanwhile, the Revenue Mobilisation Allocation and
Fiscal Commission on Sunday said the mining sector
had contributed over N2bn to the federation account.

The Chairman, RMAFC, Elias Mbam, according to a
statement, said this during a meeting with the
executive officers of the Miners Association of
Nigeria, led by the association’s president, Sani
Shehu.

Mbam, in the statement issued by the commission,
was also said to have unveiled plans to collaborate
with the miners association in order to enhance the
revenue generation potential of the sector.

The statement read in part, “The chairman
commended the executives and members of the
association for their sustained interest in the growth
and development of the solid minerals sector in spite
of the enormous challenges, promising to partner
the association in its quest to diversify the economy,
especially in the face of dwindling oil revenue.

“In this regard, he disclosed that the commission has
supported the development of the sector through the
Natural Resources Fund domiciled in the CBN.

“Mbam stressed that the Sector has contributed over
N2bn into the Federation Account.”