ASUP says Buhari's TSA is not good for Nigeria's tertiary institutions

President Muhammadu Buhari's Treasury Single Account policy introduced to block financial leakages in government will hamper the smooth running of Nigeria's tertiary institutions.

The National President of the Academic Staff Union of Polytechnics (ASUP), Comrade Chibuzo Asomugha, said this while addressing journalist in Abuja.

Asomugha said though ASUP is fully in support of Buhari's effort to block financial leakages and prevent mismanagement of government's revenue, there is a need for a special consideration for educational institutions in the country.

“We are aware of Federal Government’s directives on the immediate commencement of the implementation of the Treasury Single Account," the union boss said.

"We recognise and acknowledge this as a welcome development that will block financial leakages, stem profligacy and track government’s revenue profile."

According to him, if the revenue generated by tertiary institutions, which are needed for their day-to-day running, are to be remitted as prescribed by the TSA policy, the effect would be counterproductive.

“The tertiary sub-sector is purely service-oriented and its revenue is specifically tied to the daily running of the institutions and for the provision of consumables needed for teaching and learning.

"The TSA, though well-intended, will tie down the processes of provision of daily needs of the institutions and therefore hamper efficient service delivery.”

READ: JAMB, TETFund, FG discriminate against polytechnic graduates and teachers — ASUP

In a related development, the Head of Department of Banking and Finance, Nasarawa State University Keffi (NSUK) Professor Uche Uwalek has said the TSA will ensure effective and appropriate system of internal financial control and probity.

TSA is a tool for effective management of government’s finances, banking and cash position which unifies all government accounts through a single treasury account, enabling it to prevent revenue loss and mismanagement by revenue-generating agencies

Since President Buhari's administration took over 29th of May, the government has severally stated its resolve to fight corruption and the TSA is seen as one of the masterstrokes in its grand economic agenda.

It will be recalled that former President, Goodluck Jonathan, introduced the process in 2014 as part of his administration’s Transformation Agenda, but it was not fully implemented.