Nigeria says it makes $413m daily from its single treasury account

The Nigeria Government today  revealed that the country makes over N13b($413m) daily and  N5.2 trillion from October 2015  since the introduction of Single Treasury Account. The TSA is a financial policy in use to consolidate all inflows from all agencies of government into a single account at the Central Bank of Nigeria.

According to the Accountant-General of the Federation, AGF, Alhaji Ahmed Idris, who disclosed this at the beginning of a two-day retreat on TSA in Abuja, yesterday, said that more than 200,000 bank accounts of Federal Government Ministries, Departments and Agencies had been closed in the process.

He said the TSA had brought a lot of sanity and transparency into the Federal Government management of its funds, eliminating an average of N4.7 billion bank charges paid by federal MDAs, monthly, in addition to plugging several leakages and corruption.

According to Idris, the TSA policy had been put in place since 2012 but was not implemented due to lack of political will. He noted that it was only the current administration that provided the political will for its implementation.

He said: “The TSA journey started way back in April 2012. That journey could not see the light of the day as no significant gains were recorded largely due to the lack of political will.

“However, the issuance of TSA circular in August, 2015, coupled with the political will and enforcement, enabled us to achieve considerable progress on the TSA implementation.”

Also speaking, the Acting (Ag) President, Prof. Yemi Osinbajo noted that a lot had been achieved through the TSA, the Integrated Personnel Payroll and Information System (IPPIS) and the Government Integrated Financial Management Information System (GIFMIS) but that the tempo must be sustained to bring in all MDAs and by so doing further curtail corruption and leakages.

“Alot has been achieved through the Integrated Payroll and Personnel System (IPPIS), and unprecedented success has been realized through implementation of the Government Integrated Financial Management Information System (GIFMIS)”, he said.