(Ecofin Agency) - The Accountant-General of the Federation, Ahmed Idris (photo), has revealed that more than 20,000 accounts with Deposit Money Banks owned by Federal Government Ministries, Departments and Agencies have been closed and moved to a Treasury Single Account (TSA).

According to Idris, the initiative had helped the government block leakages and abuses and had also helped overcome the problem of indiscriminate borrowing by the MDAs, Idris explained.

We have successfully eliminated multiple banking arrangements, resulting into the consolidation of over 20,000 bank accounts, which were spread over the Deposit Money Banks across the country. This has further brought about transparency and effective tracking of government revenues,” he said. “As at the 10th of February, 2017, the total inflow of funds through the mop-up and direct debits by the Central Bank of Nigeria amounted to N5.24tn,” he added.

Set up in 2015, The TSA is a platform used by the Federal Government to unify all its accounts by making sure that all its revenues are kept in a single account in the Central Bank of Nigeria. So far, over 900 government agencies had adhered to the policy.

Anita Fatunji