Central Bank Of Nigeria, Abuja

A financial expert, Dr Samuel Nzekwe, has advised the Federal Government to intensify efforts in addressing the bottlenecks in the running of Treasury Single Account (TSA) in the country.

Nzekwe, former President, Association of National Accountants of Nigeria (ANAN), gave the advice in an interview with the News Agency of Nigeria (NAN) on Monday in Ota, Ogun.

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He said that such step would improve transactions through the Treasury Single Account.

Nzekwe said that there were lots of bureaucracies affecting the smooth running of TSA. He reiterated that this might affect the success of the policy.

“The bureaucracy on TSA should be reduced by the Federal Government. This will greatly ease the transactions carried out through the account.

“They should also look into areas the people are complaining of the TSA and effect the necessary changes,’’ he said.

Insufficient funds

Nzekwe stated that the introduction of TSA had left the financial sector with insufficient funds to give to investors. He also explained that banks depend heavily on public funds to do business.

He, however, urged banks to change from their armchair banking and regulations to doubling their efforts in attracting more customers into the system to enable them to have adequate funds to operate.