Skip to main content

FG closes 20,000 bank accounts, moves N5.2tn into TSA

Image
Posted By

Since the commencement of the Treasury Single Account in September 2015, over 20,000 accounts with Deposit Money Banks belonging to Ministries, Departments and Agencies have been closed with a total sum of N5.24tn moved into the TSA.

The Accountant General of the Federation, Ali Ahmed Idris, gave the figures on Tuesday in Abuja, while speaking at the opening session of a two day retreat on TSA.

The event which was attended by Vice President Yemi Osinbajo, the Minister of Finance, Mrs Kemi Adeosun, the Secretary to the Government of the Federation, Mr Babachir Lawal among other top government officials had as its theme, “One year anniversary of Treasury Single Account: Benefits, challenges and way forward.”

The TSA is a platform which was used by the government to unify all its accounts by ensuring that all monies belonging to the federal government are kept with the Central Bank of Nigeria.

The initiative which took off fully in September 2015 had been complied with by over 900 agencies of government.

Since the commencement of the TSA, there had been series of job losses in banks owing to decline in deposits.

But the Accountant-General while speaking at the event described the implementation of the TSA as one of the success stories in the management of public finances.

For instance, he explained that through the policy, the government has been able to block leakages and abuse which had characterised the public sector before its commencement in October 2015.

Apart from blocking leakages, Idris said the TSA initiative has assisted the government to overcome the burden of indiscriminate borrowings by MDAs thus saving government a lot of bank charges associated with these borrowings.

For instance, he noted that prior to the full commencement of the TSA, the government was incurring about N4.7bn monthly on bank charges, adding that this has been eliminated through the TSA initiative.

He said, “The TSA journey started way back in April 2012. That journey could not see the light of the day as no significant gains were recorded largely due to the lack of political will.

“However, the issuance of TSA circular in August, 2015, coupled with the political will and enforcement, enabled us to achieve considerable progress on the TSA implementation.

“As at the 10th of February,2017, the total inflow of funds through the mop-up and direct debits by the Central Bank of Nigeria amounted to N5.24trn.

“We have successfully eliminated multiple banking arrangements, resulting into consolidation of over 20,000 bank accounts, which were spread over Deposit Money Banks across the country.

“This has further brought about transparency and effective tracking of government revenues.”

Comments

Post a Comment

Feel free to add your comment.

What's Trending..

MUSIC DOWNLOAD: Selebobo Ft. Davido – Waka Waka

Posted By
Made Men Music Group unveils a massive collaboration with the release “Waka Waka” by Selebobo featuring Davido. Following the massive success of the Yemi Alade assisted “Conquer”; the amazing Selebobo teams up with Davido for yet another smashing single christened “Waka Waka”. The groovy mid-tempo fits in perfectly in Selebobo’s gallery of musical masterpieces; and is a volcanic hit waiting to erupt. “Waka Waka” is available on all music stores and platforms. Enjoy! https://sites.google.com/site/teanaijablogspotcomaudio/home/teanaija-music/Selebobo-Waka-Waka-feat.-Davido.mp3?attredirects=0&d=1
Post a Comment
Read more

Jose Mourinho explains who his one-finger celebration was aimed at

Posted By
Jose Mourinho certainly didn’t hide his emotions after winning the Europa League with Manchester United. After his side triumphed over Ajax 2-0, the Portuguese boss celebrated wildly. Mourinho was seen embracing his son, whilst telling all of his players to hold up three fingers to signify their fairly underwhelming ‘treble’ of the Community Shield, EFL Cup and now the Europa League. But there was one action that nobody could quite understand. Immediately after the final whistle, Mourinho could be seen shaking his index finger rather passionately at the crowd. But what did it mean? Did he mean this was the first major trophy of his spell at United? Did it mean that he was still the Special One? Or was it a message to the victims of the Manchester attacks on Monday? Well, none of the above, actually. Mourinho has actually revealed exactly who his one-finger celebration was aimed at. Mourinho explains his celebration "It's for my family," Mourinho sa...
Post a Comment
Read more

Awaiting the death and burial of recession

Posted By
Judging by how confident the governor of the Cen­tral Bank of Nigeria (CBN) Mr Godwin Emefiele was as he made the announcement, we can only but agree that, all things being equal – like econ­omists the world over always posit – Nigeria will be out of recession latest by the third quarter of this year. Accord­ing to his well-heeled argu­ment, there was nowhere else for the nation’s beleaguered economy to head on account of the abiding positive indica­tors but out of recession. Who indeed would doubt him with inflation trending down­wards, the Gross Domestic Product (GDP) improving and foreign exchange going to the real sector as and when needed? What is more! This opti­mism is no less supported by the recent release of the na­tion’s economic position by the National Bureau of Statis­tics (NBS). According to the release, though the nation’s GDP con­tracted by 0.52 per cent in the 1st Quarter of 2017 repre­senting the fifth consecutive quarter of contraction since the first quarter...
Post a Comment
Read more