In a bold legislative move, the Nigerian Senate has criticized the continued implementation of the Single Treasury Payment System, describing it as a major impediment to the nation’s economic progress.
Senate President Godswill Akpabio, speaking during Thursday’s plenary session, strongly condemned the centralized payment policy, arguing that it has created bureaucratic bottlenecks that stifle government efficiency and economic growth. He called for an immediate overhaul of the system, emphasizing the urgent need for a more flexible and decentralized approach.
“The current payment structure is frustrating government operations, delaying critical projects, and eroding public trust. If we are serious about national development, we must reform this system without delay,” Akpabio asserted.
Lawmakers echoed similar concerns, highlighting that the policy—which mandates over 700 Ministries, Departments, and Agencies (MDAs) to process payments through a single treasury office—has resulted in severe delays in project execution, particularly in infrastructure development across constituencies. They argued that such inefficiencies are not only slowing economic growth but also frustrating government agencies responsible for implementing key national programs.
The Senate has now set the stage for a potential policy shift, urging the executive arm to reconsider the current framework and explore alternative models that promote efficiency, transparency, and timely disbursement of funds.
With mounting pressure from lawmakers and stakeholders, the debate over the single payment system is expected to intensify in the coming weeks, as Nigeria grapples with the need for economic reforms that can drive sustainable development.
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