State governments will soon begin to enjoy the benefits of the Treasury Single Account (TSA) as the Central Bank of Nigeria (CBN) yesterday unveiled guidelines for the operation of TSA by state governments.
The federal government has been able to consolidate its account with a balance of N2.2 trillion through the policy.
The TSA, according to the CBN, would be a major component of financial and treasury management reforms to be undertaken by the states.
The new circular posted on the Central Bank’s website yesterday explained that the Central Bank introduced the guidelines for states in exercise of its powers, as provided in the CBN Act 2007, Section 47, sub section 2(2d).
“The objective of this guideline is to provide state governments with a clear framework to support their successful implementation of the TSA initiative based on standardized banking arrangements, operational processes and IT infrastructure,” it added.
An essential requirement for operating the TSA by states is that government agencies are not to operate any bank account under any guise outside the purview and oversight of the treasury.
In addition, the Central Bank explained that, under the policy, the consolidation of government cash resources should be comprehensive and encompass all government cash resources, both budgetary and extra-budgetary.
The banking sector regulator listed the two TSA models to include: The main TSA and associated ledger sub-accounts (where they exist) are to be maintained in a single banking institution; or the main TSA maintained in a single banking institution and associated zero balance ledger sub-accounts (ZBAs) (where they exist) are maintained in other institutions from where balances are swept daily to the main TSA in CBN or the appointed main TSA hosting financial institution.
“Each state government shall select any TSA model of its choice. The choice of a TSA model shall be informed and guided by the availability of clear operational processes and basic technology infrastructure that supports the implementation of the model of choice.
“Each state government shall inform the governor of the Central Bank of Nigeria of its decision to introduce the TSA scheme, detailing: the state’s preferred TSA model (banking structure) and level of preparedness to commence, operate and support the scheme, which shall include, but not limited to, project organisation and resourcing, operational process workflow, available technology infrastructure, etc.
“Each state government shall maintain contractual agreement(s) with parties involved in the design, delivery and ongoing support of its TSA scheme. Such agreement shall clearly define the terms and the roles and responsibilities of the state government and the relevant parties,” it added.
Credit: Leadership
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