Why It’s Imperative for All Govt Agencies to Adopt TSA: Insights from Remita’s MD

The Managing Director/Chief Executive Officer (CEO) of REMITA, Mr. Deremi Atanda, emphasizes the critical necessity for all Federal Government agencies to fully integrate into the Treasury Single Account (TSA) system to uphold accountability and transparency.

Atanda reiterated this stance while addressing the House of Representatives Public Accounts Committee’s scrutiny of TSA operations.

This inquiry forms part of the committee’s oversight responsibility to scrutinize the financial records and activities of Federal Government Ministries, Departments, and Agencies (MDAs).

Highlighting the repercussions of non-compliance, Atanda cautioned against fostering a culture of financial opacity and revenue loss.

He emphasized, “Operating outside the TSA framework undermines the core objectives of transparency and accountability envisaged by the initiative.”

Atanda emphasized that the TSA serves as a pivotal tool for real-time monitoring of all government financial transactions, irrespective of currency denomination.

He raised concerns about forex revenue collections continuing to operate outside the TSA, posing risks of diversion into unauthorized channels within MDAs, particularly those handling foreign currency revenues.

Amidst Nigeria’s quest to bolster forex reserves and stabilize the naira, Atanda underscored the imperative to prevent such diversions.

Moreover, Atanda disclosed that an impressive N34 trillion has been amassed through the TSA since its inception in 2015, heralding a transformative shift in cash asset management.

He remarked, “This monumental sum underscores the unprecedented visibility and accountability achieved since the adoption of the TSA, replacing the fragmented approach prevalent prior to 2015.”

The move from operating numerous accounts across multiple banks to a centralized TSA system has revolutionized financial oversight, curtailing clandestine dealings that were rampant before.