Tinubu opens new account for revenue collection, shuts down Treasury Single Account
President Bola Tinubu’s government has shutdown the Single Treasury Account (TSA) used by Muhammadu Buhari’s administration for revenue collection.
The federal government has, however, directed that all ministries, departments, and agencies to remit 100 percent of their revenues into a Sub-Recurrent Account, a sub-component of the Consolidated Revenue Fund (CRF).
The CRF is the new account where the Tinubu administration will now receive and consolidate its revenue earnings.
This is according to a circular dated December 28, 2023, issued by the Ministry of Finance on Tuesday, January 2, 2024.
This directive effectively closes the single treasury account operated under the erstwhile Muhammadu Buhari administration.
