FG Directs all MDAs to Submit Bank Account Statements for TSA Compliance

The Federal Government has directed all Ministries, Departments, and Agencies (MDAs) to immediately submit statements of their bank accounts held in commercial banks, as part of renewed efforts to ensure full compliance with the Treasury Single Account (TSA) policy.

The directive, issued on Wednesday, is aimed at strengthening transparency, accountability, and efficient management of public funds across government institutions.

According to the circular, all MDAs are to forward comprehensive statements of all accounts operated in commercial banks to the Office of the Accountant-General of the Federation (OAGF) within a specified timeframe to enable proper reconciliation and migration into the TSA platform.

A senior official at the Ministry of Finance, Budget, and National Planning, who confirmed the development, said the renewed enforcement became necessary after recent audits revealed that several MDAs still operate undisclosed accounts in commercial banks in violation of the TSA directive.

“The Federal Government is determined to enforce strict compliance with the TSA policy. Any agency found to be operating unauthorized accounts outside the TSA framework will face appropriate sanctions,” the source said.

The TSA policy, introduced in 2015, mandates all government revenues and payments to be made through a unified account domiciled at the Central Bank of Nigeria (CBN), in order to block leakages and enhance fiscal discipline.

Analysts say the latest move underscores the government’s commitment to financial prudence and transparency, especially as the administration seeks to optimize revenue amid current economic challenges.