The multiple global endorsements of the home-grown Treasury Single Account (TSA) is a most welcome development. The endorsements, especially by the International Monetary Fund (IMF) and the European Union (EU), is the laudable outcome of President Muhammadu Buhari’s characteristic commitment to unreserved implementation of policies targeted at containing corruption.
The Buhari Media Organisation (BMO) in a statement signed by Niyi Akinsiju and Cassidy Madueke, its Chairman and Secretary respectively said that it is a thing of pride for the IMF and the EU to endorse the TSA which is a home-grown public finance management policy.
“The international acknowledgement of the essence of the TSA by these bodies is a direct consequence of the vigorous implementation template adopted by the President Buhari’s administration.
“The TSA is not only a Nigerian home-grown policy to address and contain systemic corruption, its unwavering and vigorous implementation is another cause for commendation.
“Now, these two international bodies have not only endorsed the TSA, but the IMF has actually designed a course of study of the TSA to be offered to countries in Africa as part of public finance management strategies. The course is being funded by the EU.
“With the implementation of the TSA in Nigeria, the government now has complete and timely information on all its revenue sources. This has also reduced banking fees and transaction costs which before now counted in billions of Naira. The fiscal savings has helped in redirecting revenue to funding critical infrastructures.” BMO added.
The group noted that the implementation of the TSA has also ensured that government payments are transparent through a Consolidated Revenue Account (CRA) which has consequently improved its revenue generation threshold.
According to the group, a further testimony to the global endorsement of the TSA was the public acknowledgement of the policy on Monday, May 13, by a delegation of the Gambian government which visited Nigeria to understudy the implementation of the TSA. The Gambian delegation was led by the Accountant General of The Gambia, Mr Momodou Lamin Bah who disclosed that the team was on a two-week TSA study mission on the back of his country’s plan to introduce TSA with technical support from the IMF and EU who funded the trip.
