MDAs Under Fire As FG Probes TSA Violations
The Federal Government has launched a sweeping probe into the financial activities of its Ministries, Departments, and Agencies (MDAs) over alleged violations of the Treasury Single Account (TSA) policy.
The directive, issued through the Office of the Accountant-General of the Federation (OAGF), mandates all MDAs to immediately submit statements of their bank accounts in commercial banks as part of efforts to strengthen fiscal discipline and transparency.
In a memo signed by the Accountant-General of the Federation, Shamseldeen Ogunjimi, the government expressed deep concern over the continued operation of commercial bank accounts by MDAs, despite an earlier directive mandating all funds to be consolidated into the TSA domiciled with the Central Bank of Nigeria (CBN).
Ogunjimi said it was “observed with dismay” that several MDAs still maintain funds in commercial banks, describing the act as a breach of the Federal Government’s financial regulations and the TSA operational framework.
“In view of the above and following the Honourable Minister of Finance’s directive, all Directors and Heads of Finance and Accounts in MDAs and Federal Government-owned enterprises are required to submit statements of all bank accounts (active, dormant, and closed) maintained in all commercial banks over the last six months,” the memo read in part.
The document further directed that the submissions must include account names, numbers, bank branches, and current balances, noting that the exercise must be treated with utmost urgency.
This renewed move follows an earlier circular from the Office of the Secretary to the Government of the Federation (OSGF) in February, reminding MDAs of the Federal Government’s prohibition on the use of commercial banks for public funds.
The TSA policy, introduced in 2015, was designed to consolidate all government revenues and receipts into a single account with the CBN, aimed at blocking leakages, curbing corruption, and ensuring efficient management of public funds.
However, the persistent non-compliance by some MDAs has raised concerns about transparency and accountability within the public sector.
According to sources at the OAGF, the government may sanction erring agencies found to have violated the TSA policy after the probe.
“This directive takes immediate effect and must be complied with fully,” Ogunjimi emphasized.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
