The Central Bank of Nigeria (CBN) has threatened to “impose severe sanctions” on banks that fail to comply with President Muhammadu Buhari’s September 15 deadline for the treasury single account (TSA).
On Monday, Buhari gave a deadline of next Tuesday for full compliance with his earlier directive that all federal government revenue must be paid into the treasury single account (TSA) or designated accounts operated in the central bank.
“A circular – HCSF/428/S.1/125 of September 4, 2015 noted that a number of MDAs were yet to comply with Circular Ref. No. HCSF/428/S.1/120 of August 7, 2015, which conveyed President Buhari’s original directive on the payment of all federal government revenue into a treasury single account,” Femi Adesina, special adviser to the president on media and publicity, had said in a statement.
“In this regard, His Excellency, Mr. President has directed that all MDAs are to comply with the instructions on the Treasury Single Account (TSA) unfailingly by Tuesday, September 15, 2015.”
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On Tuesday, Tokunbo Martins, director of banking supervision at CBN, stressed that the apex bank intends to impose severe sanctions on any bank that fails to comply on or before the deadline.
“The federal government of Nigeria recently gave a deadline of September 15, 2015, for all balances/receipts due to the government or its agencies to be paid into the TSA maintained with the CBN,” she said in a letter addressed to all deposit money banks.
“Banks are therefore directed to ensure that all such funds are remitted in line with the directive on or before the given deadline.”
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The TSA is a unified structure of government bank accounts that gives a consolidated view of government cash resources, such that all funds belonging to the federal government are domiciled in one account with the CBN.
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