The Chartered Institute of Treasury Management (CITM) has called for proper safeguards to be put in place to ensure effective implementation of the Treasury Single Account (TSA) and to check loopholes and vulnerabilities of the system.
The Registrar/Chief Executive of the institute, Olumide Adedoyin, made the call at a press briefing on the activities of the institute held at the House of Representatives on Wednesday.
He said, “like every government policy, the TSA as it is, functions as just an account. not an application, a policy, but just an account.
“What the TSA tries to do is to make sure that the government has its resources in place and are able to know what they have at any given time. Now the first step the government was supposed to take was to do what we call cash pulling. Call up your resources from every bank into one single account.
“Once you do so, those bank accounts you have should not be closed down, rather you try to moderate them into receiving banks.”
He however said there were some processes and challenges within that platform because the back end for the audit was not adequately secured.
“I think as it is, we have actually reached out to the government on different fora, trying to make them understand that the importance of putting these back ends in check is quite important.”
Adedoyin, therefore, called for continuous training and retraining of personnel handling the process.
He said other means of checking wastage in the system, laws governing the procurement and other things have to be further strengthened.