Recession finally coming to an end

After the Nigerian economy had collapsedeearlier this year,  cost of goods had been exponentially been on the high side.
But goodnews as the accountant general of the federation made known the fact that the Treasury single account of the nation recorded a sum of N4.36trn on thursday, 10th Nov.
He said the TSA had helped to reduce
inflation and reduce theft of public fund.
He noted that due to the lack of TS in
2011, the country lost a whooping sum of
N70 billion to failed banks,
Idris said that in the past, ministries and
departments operated more than 10,000
accounts that were mostly dormant and
that the funds were not used to develop
the country.
He said: “Even if we detached
accountability, transparency and anti-
corruption from TSA, it is still very
important. That is not the reason why
government started TSA. It is an anti-
corruption tool, no doubt, but it is more
than that.
“We are doing TSA because, sometime in
2011 and 2012, before that time, the
government of Nigeria, working with the
International Monetary Fund (IMF) during
Chief Olusegun Obasanjo’s first tenure,
carried out a broad financial reform
looking at the country’s financial system
and one of the things they asked us to do
was to do a census of bank accounts.
“Even though restricted to mainline
government ministries, we found out that
among the ministries that were based in
Abuja then, there were more than 10,000
bank accounts for about 30 ministries.
“It was not only the number that was the
problem; the practice was that when new
heads of ministries or agencies came on
board, they would go and open new bank
accounts based on personal interest,
forgetting the previous accounts. When
they open these new accounts and change
signatories, whatever balances in the
previous accounts remain there.
“Even the Central Bank of Nigeria (CBN)
was coming to us to draw our attention to
the accounts, telling us to come and close
them.”