The Accountant General of the Federation (AGF), Alhaji Ahmed Idris, has disclosed that as of 10th February, 2017 the total inflow of funds into Treasury Single Account (TSA) through the mop-up and direct debits by Central Bank of Nigeria was N5.244 trillion.
Alhaji Idris who made this known while making an opening remark at a two-day “retreat on the review of TSA implementation in Nigeria,” holding at International Conference Centre, Abuja, said the implementation of the TSA has brought about considerable gains to the Federal Government and to the Nigeria economy.
His words: “We have successfully eliminated multiple banking arrangements, resulting into consolidation of over 20,000 bank accounts.
“This has further brought about transparency and effective tracking of the Government revenues. It has also led to blocking of leakages and abuse, which characterized the public finance management before implementation of TSA,” Idris said.
The AGF, who posited that TSA has saved the Government from indiscriminate borrowing and associated charges on an average sum of $4.7 billion monthly, is optimistic that the retreat is a timely platform for stakeholders to rub minds and come up with new ideas that would enable significant improvement of the project.
He further made an appeal to the stakeholders to rededicate themselves with full support for the ongoing reforms in the public finance management and other sectors of the economy, assuring that “the President is leading the way; we have no option but to follow and make the desired change to happen for the betterment of Nigeria.”
TSA refers to Treasury Single Account, a public accounting system using a single account, or a set of linked accounts by government to ensure all revenue receipts and payments are done through a Consolidated Revenue Account (CRA) at the Central Bank of Nigeria (CBN). The pilot TSA scheme commenced in 2012 using a unified structure of accounting for 217 government Ministries, Departments and Agencies, MDAs, for accountability and transparency in public fund management.