FG rakes in additional N4 billion monthly - TSA Implementation | Felix Omoko Blog

The Accountant General of the Federation, Mr. Ahmed Idris has said the implementation of the Treasury Single Account, TSA has helped the Federal Government blocked multiple accounts where over N4 billion which could have been to banks’ advantage now comes directly to its coffers.

He also said with the TSA, it recorded over N7 trillion towards the end of March. Idris revealed this in an interview with Economic Confidential in Abuja.

He however noted that the said the amount represents monies belonging to different Ministries, Departments and Agencies(MDAs) put in portal in such a way that government can view the entire balance as one.

In his words: “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 money. 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.

He said that the federal government through the implementation of the TSA has saved additional N4 billion monthly which could have been held by banks, noting that a total collapse of government activities would have occurred if the TSA was not in place.

“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.

Felix Omoko Blog