The Federal Government has ordered all MDAs to submit records of bank accounts held in commercial banks.
The move aims to enforce the Treasury Single Account policy and ensure greater financial discipline.
The Federal Government has directed all Ministries, Departments, and Agencies (MDAs) to submit detailed statements of their accounts held in commercial banks as part of efforts to enforce financial discipline and uphold the Treasury Single Account (TSA) policy.
The directive, issued through a memo signed by the Accountant-General of the Federation, Shamseldeen Ogunjimi, follows reports that several MDAs continue to operate bank accounts outside the TSA despite previous warnings.
Ogunjimi expressed concern that funds belonging to the Federal Government were still being kept in commercial banks, a practice that violates established financial regulations. He reminded MDAs that all revenues and receipts are required to be consolidated into the TSA managed by the Central Bank of Nigeria.
“In view of the above and following the Honorable Minister of Finance’s directive, all Directors and Heads of Finance and Accounts in MDAs and government-owned enterprises must immediately submit statements of all bank accounts maintained in commercial banks over the last six months,” the memo stated.
The Accountant-General emphasized that the directive covers active, dormant, and closed accounts, with each submission expected to include account names, numbers, bank branches, and balances. He described the move as a crucial step to strengthen fiscal discipline and safeguard the integrity of the TSA framework.
Earlier in February, the Federal Government had reminded all MDAs to desist from keeping funds in commercial banks, insisting that such actions undermine transparency and contradict the TSA’s operational structure.
