The Chartered Institute of Treasury Management (CITM) says apart from the poor implementation, the backend of the Treasury Single Account (TSA) is not properly secured.

The implementation of the Treasury Single Account (TSA) was done without proper safeguards, the Chartered Institute of Treasury Management (CITM) has said.

The Register of CITM, Olumide Adedoyin disclosed this on Wednesday while briefing journalists at the National Assembly, Abuja.

TSA is a public accounting system using a single account, or a set of linked accounts by the government to ensure all revenue receipts and payments are done through a Consolidated Revenue Account (CRA) at the Central Bank of Nigeria (CBN).

Mr Adedoyin said aside from the poor implementation, the backend of the TSA is not properly secured. He added that the inability to secure the backend is causing the government to lose money.

His position comes barely a week after the government set up a presidential steering committee, chaired by Minister of Communication and Digital Economy, Ali Pantami, to review Integrated Payroll and Personal Information System (IPPIS), the Treasury Single Account (TSA) and Government Integrated Financial Management System (GIFMIS) over irregularities.

Mr Adedoyin called for "continuous training and retraining of personnel handling the process".

"We discovered at the end of the day, that there are some little challenges within that platform because the backend for the platform is not adequately secured.

"So if you did not secure the backend, despite being able to make resources and bring those resources, then there is a little bit of opening in the back that could lead to haemorrhaging of resources and so on," he added.

He said the government ought not to have closed all existing accounts but link them to the TSA.

"They (accounts) receive on your behalf but you cannot disburse from those banks, while at the end of the day you just have an online real-time balance to make sure that what comes in is being accounted for," he said.