TSA guidelines under review – FG

The implementation of the Treasury Single Account for ministries, departments and agencies has commenced and the guidelines to further strengthen the process are currently being reviewed, the Federal Government has said.

The government however said the modalities for the TSA implementation were clear and that no MDA could claim ignorance of what to do.

The Accountant-General of the Federation, Mr. Ahmed Idris, said this in Abuja on Saturday during a ceremony in his honour. The event was organised by old classmates of the AGF in Ahmadu Bello University, Zaria, Kaduna State.

Speaking on TSA compliance level, Idris said, “Implementation has already started. We are already on course. It is the policy of government and I don’t think there is any institution that doesn’t know what to do and the modalities are very clear.

“The guidelines are being developed, they are being reviewed and they will soon be made available to the public. That settles all the issues.”

On the panic caused by the withdrawal of Federal Government funds from Deposit Money Banks as a result of the TSA, the AGF said the new policy would not result in job losses in the financial institutions but that it would rather make the banks to be focused on how to make more profits.

He said operators in the banking sector should not panic, stressing that the policy would not warrant job losses as being speculated in some quarters.

On Thursday, the Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, ruled out a naira devaluation and told DMBs not to panic about the effects of the implementation of the TSA policy on the financial system.

Analysts had stated that the TSA policy would drain billions of dollars from the financial system.

At the ceremony for the AGF, he noted that the event afforded him the opportunity to reunite with his friends.

“I feel great. It is joyful and it is an honour and I will live to remember this day. It is a day we all come together as a family and classmates,” he said.

A member of the class, Idris Saidu, commended the AGF for his dogged implementation of the Federal Government’s directive on the TSA by MDAs.

He said that in spite of pressure, the accountant-general stood his ground by ensuring adherence to the deadline set for the transfer of the public sector funds to the Federal Government account with the CBN.