- The Treasury Single Account appears to be saving billions of naira of taxpayers' money that ordinarily would have ended in private accounts
- The federal government is saving a total of N24.7 billion per month as a result of this financial policy
- The elimination of ghost workers from the civil service has also saved the federal government millons of naira
President Muhammadu Buhari has said the federal government is saving a total of N24.7 billion per month as result of the implementation of the Treasury Single Account (TSA) and the elimination of ghost workers from the civil service.
Punch reports that the president made the disclosure at the opening of the e-Nigeria Conference in Abuja on Monday, November 5. The conference was organised by the National Information Technology Agency.
Legit.ng gathers that President Buhari asked the organiser to report any ministry, department and agency that fails to clear its IT projects with it before its implementation.
He said: “The enforcement of the use of the policy on TSA, the Integrated Payroll and Personnel Information System and the Bank Verification Number and the impact they have made on the administration’s public financial management reforms cannot be overemphasised.
“In addition to the consolidation of accounts and elimination of ghost workers that resulted in a combined monthly savings of about N24.7bn, the TSA facilitated the recovery of huge sums of money including the recent N1.6bn from a single account.
“You may recall that in my address at last year’s event, I raised a number of issues relating to ICT’s role in fostering the digital economy in Nigeria, including the sector’s contribution of about 10 per cent of the nation’s GDP.
“I am pleased to note that this has been taken seriously and stakeholders’ efforts resulted in ICT emerging as one of the key performers of the second quarter of 2018 by recording 11.81 per cent growth."
In his own remark, minister of communications, Adebayo Shittu, said: “The Nigerian ICT sector is open for investment and it is noteworthy that the Foreign Direct Investment in the sector has increased from $3.2bn in 2015 to $4bn in 2018.
“Emerging disruptive technologies are also creating new industries and we can take advantage of this to further attract FDI to the sector.”
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Meanwhile, Legit.ng previously reported that President Muhammadu Buhari said that the Treasury Single Account (TSA) only existed as an idea under the Goodluck Jonathan administration instead of using it to block financial leakages.
Buhari, who disclosed this in Abuja on Monday, May 7, at the opening ceremony of the Open Government Partnership (OGP) week, also said some officials of the previous administration cornered Nigeria’s resources for the use of themselves and their immediate families.
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