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Banks in Nigeria will lose N2trillion deposits when the Treasury Single Account policy is fully implemented.
The nation’s banks would be losing about N2 trillion deposits to the Central Bank of Nigeria, CBN, with the implementation of the Treasury Single Account, TSA, as ordered last week by President Muhammadu Buhari.
The report on accounts of banks with CBN shows that as at beginning of this current quarter, banks’ total public sector deposits was N1.3 trillion but additional net flows from Federation Accounts Allocation Committee, FACC, as at end of last month (about N240 billion) as well as expected inflows by end of this month may push the figure close to N2.2 trillion by the time the pull out begins next month.
According to the directive from the Presidency, the implementation of the TSA by all ministries, departments and agencies (MDAs) is to enable compliance of MDAs with the provisions of the constitution. This is also in line with the Presidency’s directives to the National Economic Council, NEC, to ensure full compliance of MDAs to relevant laws on accounting, allocation and disbursement of public funds.
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SOURCE: VANGUARD
The nation’s banks would be losing about N2 trillion deposits to the Central Bank of Nigeria, CBN, with the implementation of the Treasury Single Account, TSA, as ordered last week by President Muhammadu Buhari.
The report on accounts of banks with CBN shows that as at beginning of this current quarter, banks’ total public sector deposits was N1.3 trillion but additional net flows from Federation Accounts Allocation Committee, FACC, as at end of last month (about N240 billion) as well as expected inflows by end of this month may push the figure close to N2.2 trillion by the time the pull out begins next month.
According to the directive from the Presidency, the implementation of the TSA by all ministries, departments and agencies (MDAs) is to enable compliance of MDAs with the provisions of the constitution. This is also in line with the Presidency’s directives to the National Economic Council, NEC, to ensure full compliance of MDAs to relevant laws on accounting, allocation and disbursement of public funds.
Click here to read more
SOURCE: VANGUARD
