Nigeria’s president, Muhammadu Buhari has revealed his administration had been able to plug leakages and save N2. 2 trillion through the Treasury Single Account (TSA).

Buhari1

Buhari revealed the reason when he spoke on the state of the economy during an interactive session with the Nigerian community in the United Kingdom on the sidelines of the supporting Syria conference in London.

The president said although the TSA was the initiative of the Goodluck Jonathan administration, the immediate past government did not make use of it.

“When we discovered that we were already in trouble, we tried to enforce the TSA. This government did not initiate it, it was the previous government, but it was so unpopular to the previous government,” he said.

“For its own reasons, it couldn’t impose it, but when we came and we found out that we were broke, we saw that this as the way to do it.

“We discovered that the NNPC had more than 45 accounts, the ministry of defence and the military had more than 70 accounts; tell me which of the accounts to trace every year. “So we enforced TSA, we said there must be TSA, and let me tell you by the end of December coming to January this year, last month we mopped up more than N2.2 trillion.”

He also revealed why his government stopped the sale of foreign exchange to bureau de change (BDC) operators.

He said the sale was stopped due to fraudulent acts perpetrated by some directors of the Central Bank of Nigeria (CBN).

“We found out that some directors of CBN owned bureau de change and when foreign exchange comes, they take it to their bureau de change and give government the change,” he said.

“We had to stop the federal government giving bureau the change. I am explaining this to give a tip of the ice berg of the problem we inherited. We are getting so hard because we have no other [option] than to make everybody accountable.”

Culled News Agency of Nigeria

About The Author

Ufuoma Joe Umusu is the ”Editor In Chic” of www.uunista.com.
A digital media platform that inspires , and nurtures , the next generation of Nigerian and African game changers, sharing their personal stories, showcasing their signature style, as well as career and lifestyle aspirations. ‘UUnistaDotCom’ is simply the new cosmopolitan Africa! Subscribe and add us to your digital magazine reading list.

Leave a Reply

Your email address will not be published.