Skip to main content

Nigeria Records Over N7 Trillion In Treasury Single Account (TSA)

Image
Posted By
The President Muhammadu Buhari led government has
recorded over N7 trillion in the Treasury Single Account
(TSA) as of March ending 2017.
ThisDay reports that the Accountant General of the
Federation (AGF), Mr. Ahmed Idris, made this known in an
interview with the Economic Confidential in Abuja.
Idris further said the amount represents monies belonging
to different ministries, departments and agencies (MDAs)
put in a portal in such a way that government can view the
entire balance as one.
“When we say we have over N5 trillion in TSA, it does
not mean free funds for spending. 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 monies. People
should not be thinking of why is government borrowing
to fund budget. These are budgeted monies for MDAs
for projects and developments,” he said.
The AGF further disclosed that the Nigerian government,
through the implementation of the TSA, has saved
additional N4 billion monthly which could have been held by
banks.
His words: “But let me also make a strong and
important point. If not because TSA is in place and now
that the recession is here, only God knows what would
have happened. A monthly drain of over N4 billion and
yet no revenue coming in and leakages continued. It
could have been a disaster. It was government’s
foresightedness and focus even as TSA was in place
before the recession. And that is why we are floating
and not sinking, and we will not sink, God willing.
“For instance, why would one university have over 120
bank accounts, and some of them even hidden and
missing and carrying huge balances. We also
discovered that there are costs associated with keeping
these multiple bank accounts. Every month the
government incurs over N4 billion in maintaining these
accounts! Yet government is borrowing its own money.
And to stop government from borrowing its money and
for the fact that there was no commensurate returns
on such monies, it was double tragedy! This is like a
sword with two sides that can cut with any of the
sides. Sanity was brought with the introduction of TSA.”
(80)

Comments

Post a Comment

Feel free to add your comment.

What's Trending..

See the best Governor in the North, and here are 7 of his greatest achievements

Posted By
Ibrahim Hassan Dankwambo , the Gombe state governor, has been rated best governor in northern Nigeria, following an excellent performance within his time i n office. Dankwambo was rated so based on “his outstanding achievements in road infrastructure and maintenance since his swearing in to office on the 29th of May, 2011.” According to The Vanguard, a statement signed by the secretary, Gombe People’s Congress, Aliyu Mohammed on behalf of the Chairman, Aminu Abubakar, it said Governor Dankwambo’s giant strides in infrastructural development as well as road maintenance has drastically reduced the spate of accidents usually recorded on roads in the state due to their bad nature. “On behalf of the entire Leadership of the Gombe People’s Congress and the entire people of Gombe State, We commend the service and developmental strides of His Excellency, the executive Governor of Gombe State, Ibrahim Hassan Dankwambo for his outstandin...
Post a Comment
Read more

Frank Edoho reveals broadcaster, Ejike Ibedilo as the voice of Big Brother Naija

Posted By
Host of Nigeria’s ‘Who Wants To Be A Millionaire’ Frank Edoho, has stated that he is not the voice of Biggie of Big Brother Naija. Ejike Ibedilo Before now, there has been debates on who the face of the voice is in the ongoing BBNaija. Names like Frank Edoho, Yomi Blaq and Yul Edochie were mentioned. Frank in response to a tweet asking if he was the voice said the voice was that of broadcaster, Ejike Ibedilo. Ejike Ibedilo “Biggie is actually Ejike Ibedilo, formerly of Cool FM, moving up in the world. Very proud of him.” he tweeted on his @frankedoho handle. He wrote.
Post a Comment
Read more

President Buhari Scores High on Security

Posted By
The Young Democratic Party (YDP) on Monday commended President Muhammadu Buhari-led government for the achievements recorded so far in addressing security challenges confronting the country. The National Publicity Secretary of the party, Mrs Khairat Animashaun-Ajiboye, told the News Agency of Nigeria (NAN) that the party also scored the government high in its anti graft war. “This administration scores very high in its fight against the insurgents. “The combined efforts of the military to dislodge insurgents in their stronghold, return of 106 Chibok girls, reclaim of our territories and reduced bombings nationwide had redeemed the hope of people from the North East. “The increased sense of responsibility of our gallant soldiers and the renewed professionalism, retraining and retooling of the military is indeed commendable,” Animashaun-Ajiboye, added. She, however, called for viable short term programmes to aid the integration of the Internally Displaced Persons (IDP’s) back ...
Post a Comment
Read more