President Muhammadu Buhari said he has saved 2.2 trillion Naira by enforcing a Treasury Single Account (TSA). He spoke about it at the Supporting Syria and the Region Conference in London on Thursday February 4, 2016.
According to him, the Nigerian National Petroleum Cooperation, NNPC had over 45 accounts scattered in different banks. The same situation, the president said, was also pervasive across the branches of the military. He said:
“We are really in trouble. What we discovered was that we tried to enforce what we called treasury single account, TSA. And the reason was simple. This government did not initiate it. It was the previous government. But it was so unpopular to the bureaucracy and the previous government for its own reasons couldn’t enforce it. But when we came and found that we were broke, we said this is the way to do it. And I will just tell you two examples to convince you.
“First, NNPC, the cow that was giving the milk had more than 45 accounts, ministry of defense, that is the military Army, Navy and air force had over 70 accounts. Tell me which account we can trace in these several accounts. So we enforce TSA. We said there must be TSA. “By the end of December, coming to January this year, that is last month, we mopped up more than N2.2trn which we have used through the bureaucracy system to raise vouchers and sign cheques so that they don’t go into the next budget.”
He also spoke about possibly giving Nigerians abroad the chance to vote, and the exchange rate.