Single Treasury Account (TSA) – Shipping World News Magazine

I want to ask Nigerians one simple question, and I want us to actually answer it together: WHERE DOES OUR MONEY GO? The money you collectively earn as a country, every kobo of oil revenue, every customs duty, every company tax, every regulatory fee, and every court fine. The money that supposedly funds our roads, schools, hospitals, and police. Most Nigerians do not know this, so let me start with something that may shock you: Nigeria has a special bank account. It is called the FEDERATION ACCOUNT. The 1999 Constitution created it in Section 162. Every kobo of revenue the federal government collects on behalf of Nigeria is supposed to flow into that one account. Then it is shared among the federal government, the 36 states, and the 774 local governments according to a sharing formula...

Funds accrued under the Cabotage Vessel Financing Fund (CVFF) are intact and currently held with the Central Bank of Nigeria under the Single Treasury Account (TSA). This contrary to a misleading publication alleging that funds have disappeared from the CVFF account. The report of a missing money is both misleading and false. For the record, the Cabotage Vessel Financing Fund, securely held in the NIMASA account at the Central Bank of Nigeria (CBN), remains intact. There has been no disappearance of funds, and no illegal transactions, as the article suggests. This misinformation is a figment of the authors imagination, aimed at undermining NIMASA’s integrity, and mislead the public about the Agency's operations. The Management of NIMASA will ensure that the CVFF is utilised in line with...

Tag: Single Treasury Account (TSA)

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