Minister of Finance, Kemi Adeosun, has confi rmed that the Treasury Single Account (TSA) has been saving about N40 billion monthly for the country.
Represented by the Accountant General of the Federation, Mr.
Ahmed Idris, made the disclosure yesterday during an interactive session with the House of Representatives’ special committee on the management of the TSA.
The Minister said before the introduction of the policy, federal government’s ministries, departments and agencies (MDAs) were running about 17,000 accounts with money deposit banks, and with that, there was inability of government to have a genuine consolidation of its finances.
She explained that there were no more multiple cash ball cars as was the case hitherto, and now, the “timely regular remittance of funds for government’s use, as well as improved monitoring policy.
” He said all receipts into the TSA as at February stood at N8.
9 trillion, with a current consolidated balance of N303 billion, while a total of 1,674 agencies have been enrolled on the TSA.
On some of the accounts exempted, the Minister said that of the West African Examinations Council (WAEC) was granted because of the multi-national ownership status, and some of the Joint Ventures Accounts of the Nigeria National Petroleum Corporation (NNPC), which were offered exemptions over similar reasons.
Earlier, the Chairman of the committee, Hon.
Abubakar Danbura, said the interaction was necessitated by the need to ensure transparency in the management of the TSA.
