Why we insist on TSA- Buhari

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The introduction of the Treasury Single Account has helped the government to close many loopholes which had hitherto been used by unscrupulous elements to illegally divert government resources, President Muhammad Buhari has said.

Speaking yesterday at the 10th Banking and Finance Conference, President Buhari said his government took the rather tough decision in order to entrench transparency, efficiency and accountability in government finances.

The president who was addressing bank chief executives through the Permanent Secretary, Minister of Finance, Mahmoud Isa Dutse, at the event said the TSA has encouraged them to look for innovation and more sustainable ways of sourcing funds from the retail market thus promoting greater financial inclusion.

“It has also reduced the unsatisfactory and absurd situation in which the government on one hand kept massive idle balances in various banks and on the other hand was borrowing very expensively through the issuance of treasury bills and other instruments.” he said.

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