President Muhammadu Buhari on Tuesday explained his administration’s reason for opening the Treasury Single Account, TSA. According to the President, the TSA was opened to address irregularities, ensure accountability, reduce the incessant number of accounts, and enable the tracking of all government revenues. President Buhari disclosed this at the third National Summit on Diminishing Corruption in the Public Sector.
While speaking on ways to address the critical challenge of the high cost of governance, the President pledged that all ghost workers will be severely punished alongside those who have engaged in illegal recruitments and those who pad their personal payrolls. He also promised that necessary action and sanctions will continue against the heads of such erring Ministries, Department and Agencies.
The Secretary to the Government of the Federation, Boss Mustapha who was also at the event, affirmed that the current administration is determined to curb unnecessary expenditure hence reducing the cost of governance touted as a major contribution to corruption in the country. The Treasury Single Account according to the Central Bank of Nigeria is the operation of a unified structure of Government Bank Accounts, in a single account or a set of linked accounts for all government payments and receipts.
