By Dipo Olowookere
Transactions valued at N13.53 trillion have been recorded on the Treasury Single Account (TSA) operated by the federal government as at 2017.
This information was disclosed by the Central Bank of Nigeria (CBN) in its 2017 Annual Activity Report released by the Banking and Payments System Department of the apex bank.
Ministries, Departments and Agencies (MDAs) of federal government are mandated to make payments to the TSA to allow transparency and accountability.
In the report, the central bank said the N13.53 trillion worth of transactions achieved in 2017 was 27.01 percent higher than the amount recorded in 2016, which stood at N10.65 trillion.
The apex bank also said that volume of transaction grew with an increase of 3.84 percent to record 39.7 million in 2017 as against the 38.24 million recorded in 2016.
According to the CBN, the payment instructions comprise recurrent, overhead and capital expenditure.
On the TSA implementation, the bank added that during the year, stakeholders’ engagements took place to improve the operations and address some of the challenges facing it.
“In order to engender healthy competition and ensure effective service delivery, the Federal Government’s TSA payment gateway model was modified to accommodate other service providers.
“The aggregator model was developed to bring in more players into the e-collection process, thereby providing a level playing ground for all the Payments Service Providers (PSPs), with NIBSS as the aggregator.
“The initiative was driven by the Federal Ministry of Finance (FMF) with the Office of the Accountant General of the Federation (OAGF) as the implementing agency, in collaboration with the Central Bank of Nigeria,” the report stated.
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