The federal government has set a deadline of September 15 for all its agencies to implement the Treasury Single Account, TSA, directive issued earlier in August. This follows the discovery that some agencies are yet to comply with the order.

According to a circular issued by the Head of the Civil Service of the Federation, Danladi Kifasi, defaulting agencies will be sanctioned.

“In this regard, His Excellency, Mr. President has directed that all MDAs are to comply with the instructions on the Treasury Single Account (TSA) unfailingly by Tuesday, September 15, 2015.

“Heads of MDAs and other arms of Government are enjoined to give this Circular the widest circulation and ensure strict compliance to avoid sanctions,” part of the circular read.

On August 9, Laolu Akande, spokesperson to Vice President Yemi Osibanjo, issued a statement directing that government revenues be paid into the TSA, “a bank account or a set of linked bank accounts through which the government transacts all its receipts and payments and gets a consolidated view of its cash position at any given time.”

The statement said that the directive applies to all “fully funded organs of government like the Ministries, Departments, Agencies and Foreign Missions, as well as the partially funded ones, like Teaching Hospitals, Medical Centres, Federal Tertiary Institutions.”

It added that even agencies like the Central Bank of Nigeria, CBN, Security and Exchange Commission, SEC, Corporate Affairs Commission, CAC, Nigeria Ports Authority, NPA, Federal Inland Revenue Service, FIRS, and such others are equally affected.