The Federal Government (FG) has ordered all Ministries, Departments, and Agencies (MDAs) to immediately submit their commercial bank statements for the past six months, signaling a major crackdown on violations of the Treasury Single Account (TSA) policy.
The directive, issued through the Office of the Accountant-General of the Federation (OAGF), aims to restore fiscal discipline following “dismay” over the continued operation of accounts outside the mandated TSA framework.
In a memo signed by the Accountant-General of the Federation, Shamseldeen Ogunjimi, the OAGF expressed strong disapproval of MDAs maintaining commercial bank accounts despite repeated government circulars.
“It has been observed with dismay that funds belonging to the Federal Government are still domiciled in several accounts held with commercial banks, contrary to Federal Government Circulars and the operational framework of the Treasury Single Account,” the memo stated.
The TSA framework mandates the consolidation of all Federal Government revenues and receipts into a single account domiciled with the Central Bank of Nigeria (CBN). The government had previously issued a directive in February mandating MDAs to cease using commercial banks for transactions that oppose the TSA’s principles.
Acting on a directive from the Minister of Finance, the memo mandates all Directors/Heads of Finance and Accounts in MDAs and Federal Government-owned Enterprises (FGOEs) to submit comprehensive details immediately.
The required information includes:
Statements for all bank accounts (active, dormant, and closed) maintained in commercial banks.
Statements must cover the last six (6) months.
Submissions must clearly indicate account names, account numbers, bank branches, and current balances.
Ogunjimi stressed that the directive “takes immediate effect and must be treated with the utmost urgency,” as it forms part of a broader strategy “to strengthen fiscal discipline and uphold the integrity of the Treasury Single Account Framework.”
The Accountant-General also reiterated that Federal Pay Officers (FPOs) are required to monitor and ensure MDAs in the states do not operate any commercial bank account or attempt to circumvent the TSA policy. The move is expected to trigger widespread audits and potential sanctions for agencies found to be in breach of the crucial fiscal policy.
