TSA grows to N5.2tr, government lists gains, challenges

Accountant General of the Federation, Ahmed Idris (left), Minister of Finance, Mrs. Kemi Adeosun and Chief Executive officer, Remita, Mr. John Obaro, at the opening of the two-day Retreat on Treasury Single Account, at the International Conference Centre, Abuja…yesterday PHOTO: Philip Ojisua  

Policy to go mobile soon, acting president to inaugurate Akure Dome on Fri

Following the commencement of the Treasury Single Account (TSA) in September 2015, the sum has grown into N5.224 trillion as at February 10, 2017.The Accountant General of the Federation (AGF), Mallam Idris Ahmed, gave this figure yesterday in Abuja at a review workshop of the TSA fiscal policy implementation, to mark its one-year successful operation.

A treasury circular of August 7, 2015 had directed all ministries, departments and agencies of the Federal Government to transfer their balances into a TSA account created at the Central Bank of Nigeria (CBN). About 20,000 accounts scattered in banks across the country and overseas were thus consolidated into a single account. It generated a balance of N3 trillion by May last year and jumped to N4.36 trillion six months latter, in November, before growing to the latest balance of N5.224 trillion.

An elated acting president and Head of Nigeria’s Economic Management Team, Prof. Yemi Osinbajo said there was still more work to bring the policy in tandem with what obtains in civilised societies.

Osinbajo, who was represented at the event by the Economic Adviser, Dr. Adeyemi Dipeolu, said: “This workshop is of vital importance because of the key role of TSA implementation in the wider effort of improving public financial management. This in turn is pivotal to sound allocation and utilisation of public resources which is crucial for improved macroeconomic management and governance.”

Osinbajo recalled that President Muhammadu Buhari had pledged to work towards changing the way Nigeria conducts government business. He added that in this regard, the administration was committed to blocking leakages inherent in the system.

Meanwhile, the acting president will this Friday inaugurate the international event centre, also known as The Dome in Akure, the Ondo State capital.

The structure has three oval domes with full architecture and the hall in each is capable of sitting 5,000 guests and three events simultaneously. It also has a 3,000 capacity complementing event hall with syndicate room stores.

Ondo State Commissioner for Information, Kayode Akinmade, said aside this, the Aboto Water Scheme in Ilaje Local Government Area, in the Southern Senatorial District of the state will be commissioned on Saturday.

At the TSA event, Idris had disclosed that the implementation is also saving the country an average of N4.7 billion monthly bank charges associated with indiscriminate borrowings by MDAs before the implementation.

The Managing Director/Chief Executive Officer of SystemSpec, operators of the Remita IT infrastructure solution provider in the implementation of the TSA, Mr. John Obaro, expressed delight at the huge success recorded in the one year of its implementation.

Obaro said because of the challenges being encountered in making payments at banks, another software, this time a mobile app would soon be launched by his firm to make payments very easy, even from the comfort of homes or offices.

On the controversy surrounding the fees and Federal Government’s indebtedness and the new technology plan, he said: “There are issues with the fees and implementation of the programme, like I said. We have not optimally being paid to date but we believe in what we are doing, we have good co-operation from government officials and we are assured that with the passage of time, this kind of problem will be resolved.”

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