FG closes 20,000 bank accounts, moves N5.2tn into TSA | Nigeria News Today. Your online Nigerian Newspaper

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Since the commencement of the Treasury Single Account in September 2015, over 20,000 accounts with Deposit Money Banks belonging to Ministries, Departments and Agencies have been closed with a total sum of N5.24tn moved into the TSA.


The Accountant General of the Federation, Ali Ahmed Idris, gave the figures on Tuesday in Abuja, while speaking at the opening session of a two day retreat on TSA.

The event which was attended by Vice President Yemi Osinbajo, the Minister of Finance, Mrs Kemi Adeosun, the Secretary to the Government of the Federation, Mr Babachir Lawal among other top government officials had as its theme, “One year anniversary of Treasury Single Account: Benefits, challenges and way forward.”

The TSA is a platform which was used by the government to unify all its accounts by ensuring that all monies belonging to the federal government are kept with the Central Bank of Nigeria.

The initiative which took off fully in September 2015 had been complied with by over 900 agencies of government.

Since the commencement of the TSA, there had been series of job losses in banks owing to decline in deposits.

But the Accountant-General while speaking at the event described the implementation of the TSA as one of the success stories in the management of public finances.

For instance, he explained that through the policy, the government has been able to block leakages and abuse which had characterised the public sector before its commencement in October 2015.

Apart from blocking leakages, Idris said the TSA initiative has assisted the government to overcome the burden of indiscriminate borrowings by MDAs thus saving government a lot of bank charges associated with these borrowings.

For instance, he noted that prior to the full commencement of the TSA, the government was incurring about N4.7bn monthly on bank charges, adding that this has been eliminated through the TSA initiative.

He said, “The TSA journey started way back in April 2012. That journey could not see the light of the day as no significant gains were recorded largely due to the lack of political will.

“However, the issuance of TSA circular in August, 2015, coupled with the political will and enforcement, enabled us to achieve considerable progress on the TSA implementation.

“As at the 10th of February,2017, the total inflow of funds through the mop-up and direct debits by the Central Bank of Nigeria amounted to N5.24trn.

“We have successfully eliminated multiple banking arrangements, resulting into consolidation of over 20,000 bank accounts, which were spread over Deposit Money Banks across the country.

“This has further brought about transparency and effective tracking of government revenues.”

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  1. God bless PMB for d will to do d right thing. # Nigeria will forever be grateful for this step. #long live Nigeria # God bless president Buhari..

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  2. Was it Buhari that also started TSA? Why is it that the man cant think and only hijacked peoples projects and is making noise with it as achievements? If he releases his own thought out policies it will be crap and he will go, making noise with another person's ideas! I think plagiarism is in his blood, it wasn't a mistake that day it came to light.

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    1. Hi, i doubt the president has ever claimed TSA however what he always say is "full implementation" meaning it was there before him but wasn't implementated. Just passing by

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    2. He who does the work & deserves the glory is not he who started it but he that implemented & completed it.
      So go and chill yourself anonymous 7:06pm.

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    3. This is a ridiculous comment. Can't you ever commend someone who has done well. The AG of the Federation even noted that TSA was introduced in 2012, but was never implemented due to lack of political will. Who do you think he was referring to? May be you lack the ability to read and understand. Sure you passed English Language at O'Level. What is so difficult to understand this simple English? Keep wailing over what happened in 2015, this is 2017. We have gone past where you are.

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  3. TSA was GEJs idea.. Buhari implemented
    Stamp Duty was GEJs.. Buhari implemented
    Andrew Yakubu was sacked by GEJ.. Buhari prosecuted him
    GEJ allowed treasury looting... Buhari is consolidating it

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  4. @7.06 you be mumu. what is government? Even if na your mumu brother Jona introduced and some one came on board to continue it, what is bad in that? Any for your education mumu, Government is a continuation ode

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    1. What is bad is that this administration has never accepted inheriting anything but liabilities. The one that is good they remain silent, enjoying it and the one that does not favour them, they blame. Government is a continuity; therefore, you inherit assets and liabilities without complaints or blame games

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  5. You all can see how the guy who called himself anonymous exposed his ignorance. This are the half baked primary school leaver, tomorrow he will go and buy his PHD just like Jonathan he will come to tell us that he is educated. Since jonathan disappointed me I have long lost respect for certificates. Do something from your head and act well, don't show me fake certificate. Idiot telling us that jonathan introduced TSA yet he could not implement it, is not an irony. Go the that region called Niger Delta sorting is the other of the day in their schools right from primary to all the higher institutions. Imagine a PHD holder under his nose our common wealth was shared among them selves. For 16 good years pdp where training Nigerians on how to be corrupt fantastically.

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    1. I dunno the kind of partisan moron you've been.

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  6. @7.06 the beginner of the race is not the winner but the finisher.

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  7. God bless all those who can think right and say the truth.We are moving forward if we see people thinking and giving constructive contribution.

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  8. All that this lying administration has inherited cannot be anything other than evil. They politick virtually with everything with their cynical and xenophobic attitudes towards one section of the country. All the years eaten away by the corruption of northern and southwestern cankerworms and caterpillars can't be compared to the said GEJ's corruption raised to power 99. The problem of this country has been Yorubas and their loud mouths with their bat-like life just because they control printing and publishing. They easily forget their past when given a mere handout. For others that think they are progressives, I wouldn't blame your ignorance.

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  9. Halleluyah!!! This is very commendable. So what's next? If your father is sooooo rich that he can boast of N5.2trn in his account and his children are losing jobs, many are committing suicide out of frustration and many are sleeping hungry, not because there's no food in the market, but because they do not have money to buy 'anymore'; what then can you say of your father who claims he's saving for the future- WHOSE FUTURE?

    You have mopped up this money from banks, leaving them with what they have left to do business, thousands lost their jobs and there are no jobs outside anywhere. Under this same govt, we recorded highest number of immigration through sahara desert- many died in Mediterranean sea, many in the desert of thirst, of hunger and many were batch-shot in libya- And you are here celebrating 5.2trn saved. FOR WHO?
    The last time we had it this bad was his 1984-85 reign, and here we are again- My qsn is: CAN'T WE FIGHT CORRUPTION WITHOUT INNOCENT PEOPLE SUFFERING?

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