FG collects over N10tr from TSA, saves over N45bn monthly
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FG collects over N10tr from TSA, saves over N45bn monthly

- Since the Treasury Single Account became fully operational, the federal government has been able to save over N45 billion monthly interest

- Over N10 trillion has been collected by the government from 1,674 MDAs

- Elimination of cash handling costs and significant improvement on federal government liquidity position are some other achievements recorded since TSA became operational

The federal government has collected over N10 trillion from the implementation of the Treasury Single Account (TSA) from 1,674 MDAs.

Office of the Account General of the Federation (OAGF) made this disclosure on Thursday, July 11, at peer review mechanism of Ministries Departments and Agencies (MDAs) 2019 in Abuja to the head of civil service of the federation, The Nation reports.

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The OAGF while making its presentation stated that under TSA, the government has been able to save over N45 billion monthly in interest on ways and means that it used to pay before the full implementation of the TSA.

It was also disclosed that N50 billion revenue from funds have so far been saved from commercial banks as a result of TSA implementation.

Other achievements recorded since TSA became fully operational include the: elimination of cash handling costs, ability to determine consolidated federal government cash position, significant improvement on federal government liquidity position, improved revenue collection mechanism through e-collection, oversight on government cash and better cash management capabilities, reduction in money supply and cost of managing liquidity and 24/7 online collection and payment systems, TSA has started full implementation of foreign currency component of TSA.

The OAGF also stated that “from available information, the status of the budget implementation in 2017 was 67%."

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Meanwhile, Legit.ng earlier reported that the House of Representatives accused federal government ministries, departments and agencies of failing to follow the TSA policy, leading to revenue leakages.

According to lawmakers, over $900 million (N324 billion) being held outside TSA was discovered.

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Source: Legit

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