Today was the deadline for compliance with the Treasury Single Account (TSA) for Ministries, Departments and Agencies (MDAs) and despite all calls against the move, the government has stood its ground to the applause of some lawmakers.
According to them, full compliance with the directive would help in blocking leakages and ensure transparency.
Sen. Ali Wakili, (APC-Bauchi), who commended President Muhammadu Buhari for the directive, said the implementation of a TSA was backed by law.
Section 80 (1) of the 1999 Constitution as amended makes provision for implementation of TSA.
It states: “All revenues, or other moneys raised or received by the Federation shall be paid into and form one Consolidated Revenue Fund of the Federation.”
Wakili said the development would enable banks, which hitherto relied majorly on MDAs, to become more resourceful.
The senator said fragmented banking has before now affected government’s ability to undergo successful cash planning and management.
In a similar vein, Sen. La’ah Danjuma (PDP-Kaduna) said that the implementation of the policy would go a long way in revamping the economy.
“It is time for Nigerians to support all policies of government aimed at improving the economy.
“There is no doubt that the TSA would have an immediate impact on banks but the long-term effect will be beneficial, so I support it,” he said.