Minister of Finance, Mrs Kemi Adeosun has revealed that the Treasury Single Account, TSA, has risen from N2.2trillion in February to N2.9trillion.
Adeosun made the revelation while answering questions alongside the Minister of Budget and National Planning, Udoma Udo Udoma, from the National Assembly Joint Committee on Appropriations.
According to Adeosun, the total sum may not be used to fund the proposed N6.08trillion budget because some part of it will be used as operating cost for key revenue-generating agencies of the Federal Government.
“The total volume of the TSA is now N2.9trillion, but as the money comes, we cannot just mop it up to finance the 2016 budget. Some of the money coming from the NNPC and others into the account, for example, may be used to fund some of its projects,” she said.
Adeosun also informed the lawmakers that, “the oil price decline is a blessing in disguise”, as it enables the government to be creative and to focus on harnessing resources from non-oil sectors.