Treasury Single Account Rises to N2.7trillion

Nigeria has collected more than N2.7 trillion ($13.57 billion) through the Treasury Single Account set up by government to consolidate all states revenues in an effort to improve fiscal transparency.

The Accountant General of the Federation, AGF, Ahmed Idris, on Thursday, April 21 revealed this.

He further stated that these monies belong to Federal Government Ministries, Departments and Agencies, and meant for their operations and not for sharing or for any other purposes as being reported in some quarters.

According to him, the TSA has helped government to have a firm and full control of its resources, block leakages, helped it reduce the cost of borrowing and to monitor spending in the MDAs.

Speaking at an interactive session with newsmen in Abuja, Idris said that all ministries and state agencies now pay their revenues into the account, held at the central bank and known as the Treasury Single Account (TSA). Before now, ministries and agencies of government operated more than 10,000 bank accounts with commercial banks.

But the TSA has helped government to have a firm and full control of its resources, blocking leakages, helping it to reduce the cost of borrowing and to monitor spending,” Accountant-General Ahmed Idris said in a statement issued by his office.

President Muhammadu Buhari ordered all state accounts to be merged into one last August to curb corruption.