The Federal Government has said it is investing about N300 billion unclaimed funds discovered after the implementation of the Treasury Single Account (TSA) into treasury bills to generate more revenue.
The Director Funds, Office of the Accountant General of the Federation, Mr. Alex Adeyemi, disclosed this yesterday in Abuja at a workshop for financial journalists.
He said about N300 billion has not been claimed by any Federal Government’s ministry, department or agency after the implementation of the TSA but that the money would be invested to yield more revenue to the government.
He also said the Accountant General of the Federal, Alhaji Ahmed Idris, had also ordered a comprehensive audit of the TSA accruals so as to ensure that the process was not been circumvented.
The audit will also cover the funds not yet to be remitted by commercial banks so that all government funds are tracked and kept at the CBN.
Mr. Adeyemi explained that though most of the over N5 trillion mopped up by the TSA have been claimed by the MDAs, some funds remained unclaimed.
“Some funds are still idle and don’t belong to the MDAs as no one has come up to claim them. What government has done is to provide a special CBN window where that money can be invested in federal treasury bills to get interest to the government which is paid back into the main TSA account of government,” he explained.
On the TSA audit, he said, “Presently, the AGF has given approval for the audit of the entire TSA. Presently we have reputable accounting firms like the PriceWaerHouseCoopers, the SIAO, Ernst & Young that are there now in the field auditing the entire TSA so that all the government monies still in the commercial banks will be discovered and paid into TSA.
“We are starting from the balances of the MDAs before the presidential directive in August 2015. They are also auditing the sub accounts of the MDAs and the entire TSA balances. So it’s a detailed audit they are doing,” he noted.
“Just some few weeks ago, some more monies were discovered with the commercial banks and will be remitted to TSA. A lot has been done but a lot still needs to be done,” he also stated.