The Accountant General of the Federation, AGF, Ahmed Idris, has said the total inflow into the Treasury Single Account, TSA, was N3 trillion ($15 billion) as at March ending while the number of Ministries, Departments and Agencies on single account has risen to 976.
The AGF disclosed this at the ICAN UK International Zonal Conference in London, a statement on Tuesday, May 3, by a Lagos-based Public Relations firm – eMaginations, said.
He said the successful TSA implementation rests on a tripod, which includes the collection of MDA receipts, payment by MDAs and budgetary control of MDAs spends.
Idris said the federal government has stopped borrowing from itself as commercial banks use MDAs idle balances to buy treasury bills and other short-term instruments.
The AGF explained that two core systems supported TSA, the Government Integrated Financial Management and Information System (GIFMIS) at OAGF and the CBN Payment Gateway called Remita at CBN were integrated and deployed in 2012.
“TSA became fully operational in April 2012 with 93 pilot MDAs accessing their allocations directly from the Consolidated Revenue Fund Account. Incrementally, MDAs on TSA went to 225 (2013), 345 (2014) and 706 (2015). Currently over 900 MDAs are on TSA,” he said.
While listing the benefits of the TSA, Idris said the adoption of the system provides better information on the cash resources available to government at any point in time and the financing gap that needs to be met.