Corruption: Buhari orders MDAs to operate Treasury Single Account

Hamilton Nwosa
Writer
new-diplomat default image
new-diplomat default image

Ad

How Obasanjo Got Angry at Me Over Diesel Deregulation – Otedola Opens Up

By Abiola Olawale Nigerian billionaire businessman, Mr Femi Otedola has shared a dramatic encounter with former President Olusegun Obasanjo over the 2004 diesel deregulation policy. This was detailed in his upcoming memoir, Making It Big: Lessons from a Life in Business, set for release on August 18, 2025, by FO Books. Otedola, then chairman of…

Trump-Putin Talks Put Oil Markets on Edge

The Trump-Putin meeting has become the main commodity market news of this week, with analysts speculating about the likelihood of a comprehensive deal and the impacts this could have on oil markets. ICE Brent has been gradually sliding closer to $65 per barrel as lower sanction risks on Russia could further erode the market’s in-built…

2027: PDP Warns Wike, Fayose: Endorse Tinubu, Risk Expulsion, Sanctions 

By Abiola Olawale The Peoples Democratic Party (PDP) has warned its members, including prominent figures like the Minister of Federal Capital Territory (FCT), Nyesom Wike, and former Ekiti State Governor, Ayo Fayose, against endorsing President Bola Ahmed Tinubu for re-election in 2027. The party’s National Working Committee (NWC) declared that such actions constitute anti-party activities…

Ad

President-Muhammadu-Buhari1-360x225ABUJA—To ensure transparency and accountability in the operations of public accounts, Muhammadu Buhari has ordered the Ministries, Departments or Agencies, MDAs, under the Federal Government to run a Treasury Single Account, TSA, which will be domiciled at the Central Bank of Nigeria, CBN.

Also affected by the directive were Foreign Missions,Teaching Hospitals, Medical Centres, Federal Tertiary Institutions. Agencies like the Central Bank of Nigeria, CBN, Security and Exchange Commission SEC, Corporate Affairs Commission CAC, Nigeria Ports Authority, NPA, Nigerian Communications Commission, NCC, Federal Airport Authority of Nigeria, FAAN.
Others are NCAA, NIMASA, NDIC, NSC, NNPC, FIRS, NCS, MMSD, DPR. President Buhari’s directive is drawn from section 80 of the 1999 Constitution. The section 80 (1) reads:
All revenues or other moneys raised or received by the Federation (not being revenues or other moneys payable under this Constitution or any Act of the National Assembly into any other public fund of the Federation established for a specific purpose) shall be paid into and form one Consolidated Revenue Fund of the Federation.
(2) No moneys shall be withdrawn from the Consolidated Revenue Fund of the Federation except to meet expenditure that is charged upon the fund by this Constitution or where the issue of those moneys has been authorised by an Appropriation Act, Supplementary Appropriation Act or an Act passed in pursuance of section 81 of this Constitution.
(3) No moneys shall be withdrawn from any public fund of the Federation, other than the Consolidated Revenue Fund of the Federation, unless the issue of those moneys has been authorised by an Act of the National Assembly. (4) No moneys shall be withdrawn from the Consolidated Revenue Fund or any other public fund of the Federation, except in the manner prescribed by the National Assembly.
Meanwhile, a TSA is a central bank account system for all government transactions where all its receipts and payments are harmonized for accountability.

Ad

X whatsapp