The Treasury Single Account, TSA has remained the bone of contention between the federal government and commercial banks since its launch in September 2015.

Two weeks ago, the federal government even accused some of the banks of withholding billions of naira which should have been remitted to TSA.

The federal government even went as far as taking them to court but eventually withdrew the case, opting for an out-of-court-settlement.

But, it appears some banks are holding on the 'misguided' funds.

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This has forced federal authorities to begin an independent audit of the TSA remittances by commercial banks.

Federal authorities created the TSA to unify all its accounts by ensuring government revenue are kept solely with the Central Bank of Nigeria.

Speaking in Abuja at a two-day workshop for finance journalists on the TSA and other public financial management reforms; the Director at the Funds Office of the Accountant General of the Federation, Alexander Adeyemi, said a comprehensive audit of the remittances by banks is ongoing.

He said the is being conducted by Pricewaterhouse Coopers and Ernst&Young.

The auditors will focus on how much of the government’s funds were in banks before the Presidential directive was given; how much was actually moved; and what is still being held.

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