Contrary to earlier belief that President Buhari began the Treasury Single Account, a new revelation has shown that former President Jonathan actually began the process.
Goodluck Jonathan and Muhammadu Buhari
The order from the federal government that all ministries, parastatals and agencies to begin remitting its earnings into a Treasury Single Account (TSA) was initiated by the Goodluck Jonathan administration, a source has disclosed.
According to Sahara Reporters, the source who works with the Central Bank of Nigeria, said the Jonathan administration signed the policy in 2012.
Although signed by the Jonathan government, weak regulations and corruption in the system ensured that the agencies refused to conform with the TSA policy.
The coming of President Muhammadu Buhari however signaled the enforcement of the policy as the government made it mandatory. So far, the TSA account has N1.5 trillion deposited in it.
Meanwhile, the CBN source said the apex bank was in the process of developing internal competency to enable it to handle the TSA.
The source said: “We at the Central Bank should be able to handle remittances into the TSA without having to pay any so-called consultants a bloated remittance fee.”