Banking & Finance

FG Stops MDAs from Operating Accounts with Commercial Banks

The Federal Government has directed Federal Pay Officers (FPOs) across the country to ensure that Ministries, Departments, and Agencies (MDAs) in the states strictly comply with the Treasury Single Account (TSA) policy by not operating accounts with commercial banks or circumventing its provisions.

The Accountant-General of the Federation (AGF), Oluwatoyin Madein, issued this directive during a working visit to the Federal Pay Office in Benin, Edo State, as part of her ongoing nationwide tour to assess the operations and challenges of FPOs.

A statement from the Office of the Accountant General of the Federation (OAGF), signed by the Director of Press and Public Relations, Bawa Mokwa, said MDAs must adhere strictly to the TSA framework.

Madein reiterated that any MDA seeking to operate an account with a commercial bank must obtain direct approval from the President, which must be communicated through the AGF based on established guidelines.

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