The Federal Government has warned banks still illegally holding government funds in their vaults to pay the same to the Treasury Single Account (TSA) at the Central Bank of Nigeria (CBN) or face criminal prosecution from anticorruption agencies.
The Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed stated this at the inauguration of the Reconstituted Treasury Single Account Implementation Structures yesterday in Abuja.
Zainab said: “In 2018, we conducted a post-implementation compliance exercise to determine the extent to which MDAs and Deposit Money Banks complied with the Presidential directive on TSA of 7th August 2015. The finding was that huge amounts of public funds were still trapped in commercial banks” the minister indicated.
“It has been reported that the banks have not been co-operating with the consultants assigned to sweep these funds to the TSA.
“We are compiling the list of affected banks and MDAs for submission to anti-corruption agencies for enforcement. For the avoidance of doubt, except for selected accounts of NNPC and WAEC, no other MDA or fund of Federal Government is exempted from the TSA”
