The Institute
of Chartered Accountants of Nigeria (ICAN) has commended the Federal Government
over the management of public funds through the establishment of
Treasury
Single Account (TSA) in the country.
The 52nd
President of the institute, Deacon Titus A. Soetan, who spoke at the workshop
on TSA organised by ICAN in Lagos, said the TSA, which was an initiative of the
Federal Government, was a bold and commendable move directed at stamping out
corruption in the polity.
According to
him, the implementation of the scheme would enable all government Ministries,
Departments and Agencies (MDAs) to remit all their revenue collections into a
single account with commercial banks acting as agents.
He added that
at the close of the day’s transactions, the banks are required to remit all the
moneys collected to TSA at the CBN, adding that it was a departure from the
past where government revenues were collected through several segmented
channels giving rise to leakages in the revenue collection chain.
“About 400
days since the commencement of the scheme, ICAN as an institute whose interest
is not limited to its members but also to the public, believes that now is the
time to assess the working of the scheme so far to advise where appropriate,
areas of improvement in order to maximise its benefits.
“It is against
this background that the theme of the workshop: ‘Operation, Implementation and
Challenges of Treasury Single Account’ was chosen. There is no doubt that with
diligent implementation, the Treasury Single Account will enhance transparency
and accountability in the management of public funds. Management of public
funds is an area of interest to us as professional accountants and also as
citizens. We are therefore in support of initiatives designed to plug any
leakages in income and revenue collection.”
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