- The Treasury Single Account (TSA) was reported to have reduced the number of accounts managed by NNPC from over 2000 to less than 200 in August, 2015
- Isiaka Abdulrazaq, the chief financial officer (CFO) of the corporation said that all the old accounts with commercial banks were fully reconciled before being closed
- NNPC has dismissed allegations that it is conspiring with certain banks to prevent the remittance of some funds into the TSA
Isiaka Abdulrazaq, the chief financial officer (CFO) of the Nigerian National Petroleum Corporation (NNPC) has said that the introduction of the Treasury Single Account (TSA) in August, 2015 reduced the number of accounts managed by the corporation from over 2000 to less than 200.
The TSA, which is a centralised federal government revenue account kept by the Central Bank of Nigeria (CBN), was proposed and only partially implemented in 2012 but was effected fully by the Buhari-led administration in 2015, Daily Trust reports.
Abdulrazaq said: “It is on record that NNPC is one of the few parastatals of government that achieved seamless movement of funds from deposit money banks to the various TSA accounts opened by the CBN.
“The process reduced the unwieldy number of accounts managed by the Corporation from over 2000 to a little under 200.” He further said that all the old accounts with the commercial banks have been fully reconciled and closed.
NNPC has been accused of conspiring with certain banks to prevent the remittance of some funds into the TSA.
NNPC has dismissed such allegations explaining that it had previously made moves to notify the presidency, office of the Accountant General of the Federation, (AGF) and the CBN on the existence of the said accounts.
The AGF, Alhaji Ahmed Idris, said recently in Abuja that since the introduction of the TSA in 2015 over 17,000 bank accounts have been closed while massive sums of money had been moved from Deposit Money Banks to the CBN.
Meanwhile, Legit.ng reported that an ad hoc committee of the House of Representatives on Tuesday, February 13 summoned the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over the N17 billion non-performing loans recorded by the National Economic Reconstruction Fund (NERFUND).
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