TSA now over N7 Trillion - Accountant general of the federation
- The federal government said that over N7 trillion has been recorded in the Treasury Single Account
- The announcement was made by the Accountant General of the Federation Ahmed Idris
- Idris said N7 trillion represents money accrued from different ministries, departments and agencies in Nigeria
- He also said that through the implementation of the TSA, the federal government has saved an additional N4 billion monthly
The accountant general of the federation Ahmed Idris on Monday, April 17, said the federal government has recorded N7 trillion in the Treasury Single Account (TSA).
Speaking in an interview with Economic Confidential, Idris said the N7 trillion represents money accrued from different ministries, departments and agencies in Nigeria.
Idris said the money is also put in a portal in such a manner that the federal government can view the entire balance at once.
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Idris said: “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 of why is government borrowing to fund budget. These are budgeted monies for MDAs for projects and developments,” Idris said.
The accountant general added that the through the implementation of the TSA, the federal government has saved an additional N4 billion monthly.
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Legit.ng gathered that the AGF said the money which could have been held by banks would have led to a collapse of government activities.
“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,” he said.
“For instance, why would one university have over one hundred and twenty 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!
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"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 from any of the sides. Sanity was brought with the introduction of TSA.” he said.
Recall that the TSA was implemented by the President Muhammadu Buhari led administration upon resumption of office in 2015.
The TSA, the government said would help track internally generated revenue and spending by government agencies as well as ensure transparency and accountability.
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Source: Legit.ng
