Treasury Single Account

ohimaiconsulting.com Treasury Single Account (TSA): This is defined as a unified structure of government bank accounts for MDA’s. TSA is a single account in the custody of the Central Bank of Nigeria (CBN).TSA is a bank account or a set of linked accounts through which the government transacts all its receipts and payments. Treasury Single Account is a concluding phase of the E-collection scheme. The Federal Government of Nigeria commenced the implementation of e-collection component of TSA in January 2015. The first Treasury Circular on e-Collection was issued on the 19th of March 2015. E-collection automates and streamline revenues and other monies payable to MDAs as well as other Institutions and Parastatal directly into the Consolidated Revenue Fund (CRF) or designated accounts of each MDA at CBN using the CBN Payment Gateway. This is one of the good initiative of federal government of Nigeria that has help to bring about transparency and accountability. This initiative has given Nigeria government control over the management of fund in the hand of Ministries, Department and Agencies (MDAs). OBJECTIVES OF FGN E-COLLECTION Ensure total compliance with the relevant provisions of the 1999 Constitution of the Federal Republic of Nigeria (FRN) (Section 162 & 80).Collect and remit all revenues due to the Federation Account and Federal Government Consolidated Revenue Fund.Block all leakages in government revenue generation, collection and remittance.Enthrone a new regime of transparency and accountability in the management of government receipts.Improve on availability of funds for development programs and projects.Align with the CBN Cashless policy.Ease the burden of revenue payers. BENEFITS OF TSA Government have oversight of all revenue and other monies collected...
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