Jonathan govt had over 700 bank accounts – says SGF

The Federal Government has revealed that administration of former President Goodluck Jonathan had over 700 bank accounts, and had no idea of the amount of money it had at any given time, even as it borrowed to fund its projects.

Secretary of the Government of the Federation (SGF), Engineer Babachir Lawal, said this when he played host to the management team of the Daily Times newspaper led by its Chairman/Publisher, Mr. Fidelis Anosike, in his office in Abuja.

This development, Engr. Lawal pointed out, made it practically impossible for the government to know the actual amount of money in its coffer at any given point in time.

He said the immediate past Federal Government continued to borrow money at ridiculous rates to fund projects whereas revenues belonging to the Federal Government were stashed away in commercial bank accounts opened by civil servants.

“The TSA had revealed that they had over 700 bank accounts, most of them the accountant general had no idea about. In many cases, the Central Bank of Nigeria (CBN) and the Accountant General of the Federation had different figures of what the Federal Government had, or where the monies were,” Lawal stated.

According to him, before the full implantation of the TSA, civil servants opened accounts with government revenues in commercial banks of their choice and constituted the signatories. Various Ministries, Departments and Agencies (MDAs), he added, also opened separate accounts in different banks where they usually lodge their allocations.

He also said that revenues from Customs and other agencies of government, including the Nigerian National Petroleum Corporation (NNPC) were rarely captured by the federation account.

“Cost of governance was very high because the Jonathan administration was living on rents that came with huge costs and commissions. The TSA has taken care of the financial recklessness that characterised the past Jonathan administration,” the SFG said.

TSA, he further stressed, was set up to establish a single account for the Federal Government and eradicate meddlesomeness, which bred corruption. He pointed out that the MDAs would still get their allocations and will spend according to their plans without interference, but this time it is easy for the Ministry of Finance to track and determine expenditures before making fresh approvals.

He said the discovery of the secret accounts and shutting them down has boosted government revenue base, adding that in the coming months, the efforts being made by President Muhammadu Buhari to return Nigeria back to the path of glory will begin to manifest.

The full implementation of the TSA, the SGF pointed out, has however helped, tremendously, as it has brought about decency into the goverment financial system.

Lawal explained further that under the TSA arrangement, money is now being spent effeciently, while the system has equally reduced corruption.

The system, he said, has helped government to know how much it now has in its coffers without unnecessary borrowing.