TSA Money Not Meant To Fund Budget – Finance Minister

Minister of Finance, Mrs. Kemi Adeosun, h disclosed that the amount in the Treasury Single Account had risen to N2.9 trillion.

She made this known during a meeting of the Joint Appropriation Committees of the National Assembly with government officials on the 2016 budget.

However, she explained that contrary to popular impression that the money in the TSA was meant to fund the budget, the money belonged to different agencies of government, which had the right to access the funds.

Her explanation was against suggestions by the legislators that the Federal Government should use the TSA to fund the 2016 budget amidst liquidity problem arising from the slump in global crude oil prices.

Adeosun said all the Ministries, Departments and Agencies of the government had their monies transferred into the TSA and should have access to them.

She also disclosed that the government had commenced the training of its personnel on the operation of the TSA such that any agency of government that needed its share of the funds in the account would not find it difficult accessing it.