TSA: FG begins audit of banks’ remittances to CBN
By Gbenga Olasunkanmi, Abuja

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.
“So, it’s a real comprehensive thing. I must say that some of the lapses that we are seeing, especially among the banks not adhering to the Presidential directive, the truth will surely come out. There is no easy way for them because some few weeks ago, more money was discovered from some of those commercial banks and they are taking steps to ensure the money is brought back into the TSA.”