Magu: No interest on funds in TSA – AGF

Monies kept in Treasury Single Account (TSA) don’t yield interest, the Accountant General of the Federation (AGF), Ahmed Idris, told the Daily Trust on Sunday.

In a telephone interview on Sunday, the AGF said no recovered fund should be kept in an interest yielding account in any commercial bank as that will be a violation of the TSA policy.

There were reports across the media at the weekend alleging that the embattled suspended Chairman of the Economic and Financial Crimes Commission (EFFCC), Ibrahim Magu, had re-looted the interest that accrued on some monies recovered by the anti-graft agency.

The stories were based on a report by the News Agency of Nigeria (NAN), which cited a document from the Presidential Committee on Audit of Recovered Assets that the interests on N550 billion recovered by the EFCC was allegedly re-looted.

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