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» » FG NETS N5.24TRN FROM TREASURY SINGLE ACCOUNT IN ONE YEAR
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The Treasury Single Account (TSA) domiciled with the Central Bank of Nigeria (CBN) has netted N5.244 trillion as of February 10, 2017, a year after the scheme’s implementation. The Accountant-General of the Federation, Ahmed Idris, disclosed this yesterday.

The scheme, he said, had led to successful elimination of over 20,000 hitherto multiple banking arrangements and accounts spread across deposit money banks (DMBs), thus allowing Federal Government’s close view into its finances for proper tracking.

The disclosure came just as the TSA consultant, Systemspecs Limited, which developed the enabling software, Remitta, for the remittances, pleaded with the Federal Government to expedite action in paying the agreed one per cent collection fees.

The AGF’s revelation was part of activities to mark one-year anniversary of TSA. The event kicked off yesterday in Abuja with top government officials in attendance.

“The TSA has taken us out of the era of indiscriminate borrowings by ministries, departments and agencies (MDAs) and saved government charges associated with those borrowings, which amounted to an average of N4.7 billion monthly prior to full implementation of TSA,” he said.

Idris said there was need to evaluate the scheme for the gains recorded and also identify areas of challenges.

“You will agree with me that though considerable gains had been made in TSA implementation, there is need to evaluate the programme and identify most feasible ways to take it to the desired level.

“Furthermore, TSA needs to go beyond mere cash management. We should explore the inherent potential of TSA and identify most economically viable options of resource utilisation and deployment, particularly under the current economic recession,” the AGF said.

Also, the Special Adviser on Economy to the Vice- President, Dr. Adeyemi Dipe Olu, said President Muhammadu Buhari’s administration was committed to resource allocation to key sectors in need of funds, as well as blocking leakages for transparent cash flow. He underscored the need to activate TSA scheme beyond federal level down to states and local government councils.

“There is need for activation of TSA, not only in Federal Government, but both at the states and local government levels,” he said. Speaking on the sidelines, Managing Director of Systempecs Limited, Mr. John Obaro, described the TSA as a good development, which has added value to the economy.

Asked to be specifics on unresolved issues and challenges, Obaro said: “Issues about the fee have been reasonably resolved, but not completely resolved. We have effectively not been paid since May last year, almost a year. We have not been paid, but we believe in what we are doing.

We have good cooperation from senior officials of government, but we are assured that with the passage of time, this kind of problems would be resolved. That is why we really don’t want to see it as a big problem. We believe the people are seeing the benefits of the platform we have provided; we would ensure that these issues are resolved in a fair manner.”

The TSA started in April 2012, but was truncated due to lack of political will for its implementation until the full implementation in 2016.

Source:New Telegraph

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