FG to Use N2.2trn in TSA Account to Fund Budget- Minister

The Minister of Budget and National Planning, Mr Udo Udoma, on Thursday said  that the Federal government of Nigeria is planning to use the 2.2 trillion Naira proceeds from the Treasury Single Account (TSA)to fund the nation’s 2016 budget.

He gave the hint at an event organised by the Office of the Accountant General of the Federation.

The Minister advised the state governments to implement the Treasury Single Account (TSA) system to reduce cost of governance.

Mr Udoma also said that the TSA system was one way of funding the budget and to impart positively on the lives of Nigerians at the grassroots.

“Efforts should be made to enhance internally generate revenues and also to block financial leakages while introducing cuts and control measures, particularly in the recurrent budget.

“The states should also explore the possibility of introducing devices such as the treasury single account system,” the Budget Minister noted.

The TSA was introduced by the current administration after it took over pay in May last year and was fully adopted by all government ministries and agencies on September 15.

The Muhammadu Buhari-led administration said the TSA was introduced to block leakages and ensure that all government revenues were properly monitored.