Mr Oliver Wolugbom, the Director, National Orientation Agency (NOA) in Rivers, on Monday commended President Muhammadu Buhari on the implementation of the Treasury Single Account (TSA).
Wolugbom told the News Agency of Nigeria (NAN) in Port Harcourt that TSA would block so many loopholes created by multiple accounts operated by government agencies.
He said that the policy would enable government to have more funds and control how the monies would be expended.
Wolugbom said that the introduction of TSA became ” very necessary’’ with the falling oil prices in the international market that had affected revenue generation.
“Every prudent government will always increase its revenue and reduce cost for the benefit of the masses,” he said.
The director said that the policy would also afford the banks to mobilise unbanked monies in the market to strengthen their liquidity.
“You know that the Nigerian banks are mainly dependent on funds from government ministries, agencies and parastatals.
“This is the time for them to go into real banking,” he said.
Wolugbom said that the innovative and creative banks would survive the harsh effects of the policy and eventually grow stronger.