The Federal Government has commenced audit of remittances of its funds into the Treasury Single Account (TSA) by Deposit Money Banks.
Speaking in Abuja at a two-day workshop for finance journalists on the TSA and other public financial management reforms, the Director, Funds, Office of the Accountant General of the Federation, Mr. Alexander Adeyemi, explained that the audit would focus on how much of the government’s funds was in banks before the Presidential directive was given; how much was actually moved; and what was still being held by banks.
He said:“The AGF (Accountant General of the Federation) has given the approval for the audit of the entire TSA, and we have reputable accounting firms like Pricewaterhouse Cooper, Ernst and Young that are now doing the audit of the entire TSA so that any money that is still remaining in commercial banks would be discovered.
“They are doing three-leg reconciliation. We are starting out with the balance of the MDAs (Ministries, Departments and Agencies) before the Presidential directive. Then, we are proceeding to the CBN in terms of how much was moved. Was it the total money in banks? We are also auditing the balance in these various accounts.
