The Federal Government has commenced an independent audit of remittances of its funds into the Treasury Single Account by Deposit Money Banks.
The TSA is a platform used by the government to unify all its accounts by ensuring that all funds belonging to the Federal Government are kept with the Central Bank of Nigeria.
The initiative, which began fully in September 2015, has been complied with by over 900 agencies of the government with 20,000 bank accounts closed while over N5tn has been moved from banks to the CBN.
There was a discovery last week that about seven banks had yet to remit a total of $793m government funds into the TSA.
But speaking in Abuja at a two-day workshop for finance journalists on the TSA and other public financial management reforms, the Director, Funds, Office of the Accountant General of the Federation, Alexander Adeyemi, said a comprehensive audit of the remittances by banks was being carried out by the office.
He said the audit, which was being conducted by renowned accounting firms such as Pricewaterhouse Coopers and Ernst and Young, would focus on how much of the government’s funds was in banks before the Presidential directive was given; how much was actually moved; and what was still being held by banks.
Adeyemi also said that the government was putting in place a mechanism to monitor and ensure that the funds were paid back into the government coffers.
He said the entire funds in the TSA could not be used to fund all the programmes of government as they belonged to the agencies of government, some of which were for projects of previous years.