FG Nets over N7tr from TSA

April 18, 2017

By Dipo Olowookere

At least N7 trillion has been realised since the Federal Government commenced implementation of the Treasury Single Account (TSA).

This information was revealed to Economic Confidential in an interview in Abuja with the Accountant General of the Federation (AGF), Mr Ahmed Idris.

Mr Idris noted that as at the end of March 2017, there was over N7 trillion in the TSA made from different Ministries, Departments and Agencies (MDAs).

The AGF pointed out that the Federal Government, through the implementation of the TSA, has saved additional N4 billion monthly which could have been held by banks.

“When we say we have over N5 trillion in TSA, it does not mean free funds for spending. No! no! no!  These monies belong to various ministries, departments and agencies put in a portal in such a way that you can view the entire balance as one.

“The movement is now over N7 trillion. But as I explained earlier, these are not free money.

“People should not be thinking why is government borrowing to fund the budget? These are budgeted monies for MDAs for projects and developments,” he said.

Mr Idris disclosed that the present administration has made efforts to make the issue of TSA very transparent.

“All the stakeholders are aware of balances at any point in time. Whatever revenue comes in is shown at National Economic Council meetings including all the governors who will be briefed by the Minister of Finance.

“They have seen the openness and have accepted what government has put in place and the economic team. This is why we are achieving remarkable success amidst recession,” he told Economic Confidential in the interview.


Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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