A total sum of N5.24trn ‘mopped up’ into TSA- FG

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While speaking at the opening session of a two-day retreat on TSA on Tuesday, the accountant-general of the federation, Ali Ahmed Idris, disclosed that a total sum of N5.24trn had been “mopped up” into the treasury single account (TSA).

Idris also said that over 20,000 accounts with deposit money banks belonging to ministries, departments and agencies have been closed down since the inception of the TSA.

The government in September 2015 began the implementation of the TSA  in order to unify all its accounts by ensuring that all funds belonging to the federal government are saved with the Central Bank of Nigeria (CBN).

The accountant-general according to TheCable said the introduction of TSA had recorded significant improvement in the management of public finances.

He said: “The TSA journey started way back in April 2012. That journey could not see the light of the day as no significant gains were recorded largely due to the lack of political will.

“However, the issuance of TSA circular in August, 2015, coupled with the political will and enforcement, enabled us to achieve considerable progress on the TSA implementation.

“As at the 10th of February,2017, the total inflow of funds through the mop-up and direct debits by the Central Bank of Nigeria amounted to N5.24trn.

“We have successfully eliminated multiple banking arrangements, resulting into consolidation of over 20,000 bank accounts, which were spread over Deposit Money Banks across the country.

“This has further brought about transparency and effective tracking of government revenues.”

 

Posted by Juliet Ekwebelam

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