The Federal Government has launched a fresh probe into the financial operations of Ministries, Departments, and Agencies (MDAs) over alleged violations of the Treasury Single Account (TSA) policy.
In a directive issued through the Office of the Accountant-General of the Federation (OAGF), all MDAs have been ordered to submit statements of their accounts in commercial banks within days, as part of renewed efforts to enforce financial discipline and curb revenue leakages.
The order, contained in a memo signed by the Accountant-General of the Federation, Shamseldeen Ogunjimi, and obtained by our correspondent on Tuesday, expressed displeasure over the continued retention of government funds in commercial banks — a practice that contravenes existing circulars and the TSA operational framework.
“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,” Ogunjimi stated.
He emphasised that the TSA, domiciled with the Central Bank of Nigeria (CBN), remains the only authorised account for the consolidation of all federal revenues and receipts.
The Accountant-General further directed all Directors and Heads of Finance and Accounts in MDAs and government-owned enterprises to submit comprehensive statements of all bank accounts — active, dormant, or closed — maintained in commercial banks over the past six months.
The statement must include details such as account names, numbers, bank branches, and current balances.
“This directive takes immediate effect and must be treated with utmost urgency as part of the ongoing efforts to strengthen fiscal discipline and uphold the integrity of the Treasury Single Account framework,” the memo read.
The renewed enforcement follows an earlier circular issued in February, in which the Federal Government warned MDAs to discontinue the use of commercial banks, describing such practices as inconsistent with the TSA policy.
At the time, the OAGF reaffirmed the government’s commitment to full implementation of the TSA, directing Federal Pay Officers across the states to ensure strict compliance and prevent any circumvention of the policy.
The TSA, introduced in 2015, was designed to consolidate all government revenues into a single account at the CBN, eliminating multiple accounts across commercial banks—a system long criticized for promoting inefficiency and corruption.
However, recent audits by the OAGF reportedly revealed that several MDAs continue to maintain unauthorised accounts in commercial banks, prompting the latest clampdown.
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