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Nigerian Treasury Single Account Reaches $13.6 Bln- Accountant-General

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The Nigerian government has reportedly generated more than 2.7 trillion naira ($13.57 billion) in a bank account set up to harmonize all state receipts under a drive to improve fiscal transparency, the accountant-general said on Thursday.

President Muhammadu Buhari, elected a year ago on an anti-corruption platform, is of the belief that government officials have stolen around $150 billion from the public purse in the past decade, ordered all state accounts to be merged into one last August.

According to reports by Reuters, all ministries and state divisions now pays their revenues into the account, held at the central bank and known as the Treasury Single Account (TSA).

In the past, ministries and agencies operated more than 10,000 bank accounts with commercial lenders, officials said.

Africa’s top oil producer, Nigeria, is in the midst of its worst economic crisis in years due to the drop in the price of crude oil. Revenue from oil accounts for about 70 percent of state income.

In a statement issued by his office, Accountant-General of the federation, Ahmed Idris said, “TSA has helped government to have a firm and full control of its resources, blocking leakages, helping it to reduce the cost of borrowing and to monitor spending.”

However, the statement did not give a breakdown of the period over which the 2.7 trillion naira was collected, and the accountant-general’s spokesman could not be reached to clarify this.

As at February, Finance Minister Kemi Adeosun stated that the account contained 2.2 trillion naira, President Buhari is planning a record 6.06 trillion naira budget for the year to March 2017 to stimulate the economy.

The budget also projects a deficit of 2.2 trillion naira, over which authorities in Africa’s biggest economy have held exploratory funding talks with the World Bank, African Development Bank and China Exim Bank.

 

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