TheCable

The Treasury Single Account (TSA) celebrated by President Muhammadu Buhari’s administration was done under Goodluck Jonathan, the Peoples Democratic Party (PDP), said on Sunday. 

But the party argued that the account has its attendant problems and therefore suggested that it is likely to fail.

Speaking on a Channels Television’s Politics today, Olisa Metuh, national publicity secretary of the PDP, said the single account announced by Buhari in August should not be celebrated just yet.

“What is said about treasury single account, the treasury single account, was actually done under the last administration and it came with its attendant problems,” he said.

“So please, do not celebrate something that in a few months down the road you would suddenly find out that it has issues.”

Earlier, Lai Mohammed, the national publicity secretary of the APC, accused the PDP of leading the nation to economic mismanagement with the trillions of naira unaccounted for.

“Between 2011 and 2015, the NNPC generated N8.3 trillion, but remitted only N4.3 trillion into the federation account, leaving a whole gap of N3.8 trillion unaccounted for.”

President Muhammadu Buhari had complained that the Jonathan’s government had too many accounts and had lost track of some of them, necessitating the need for TSA.

According to the International Monetary Fund (IMF), TSA is an essential tool for consolidating and managing governments’ cash resources, thus minimising borrowing costs.