The gross accruals into the Treasury Single Account (TSA) surpassed N19 trillion between August 2015 and February 2020, according to data released by the Office of the Accountant-General of the Federation (OAGF).
The federal government currently records on an average a monthly savings of N45 billion monthly in interest payments following the implementation of the financial policy. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, made this known on Tuesday.
Former President, Goodluck Jonathan introduced the TSA in 2012 to consolidate all inflows from all agencies of government into a single account at the Central Bank of Nigeria, it became strictly enforced in 2015 at the outset of the administration of President Muhammadu Buhari.
Figures from the OAGF, highlighting the milestones of the TSA implementation, also showed that over N6.9 billion was received in November 2019 from the re-mapping of service types.
The federal government’s stoppage of payment for collection charges since November 2018 also further yielded an average monthly savings of N250 million to the TSA coffers, it was learnt yesterday.
The minister of finance at the signing of a Memorandum of Understanding (MOU) on TSA between Nigeria and the Republic of The Gambia, said that Nigeria could easily determine its aggregate cash balance, which is critical for managing public finances at a time of acute fiscal constraints
“On the monetary policy side, we have better control over money supply and, therefore, able to rein in inflation and undue pressure on the naira. Our foreign reserves position has also recorded appreciable improvement through the consolidation of the federal government foreign currency earnings under the TSA,” she said.
