TSA: Fed Govt Consolidates 20,000 Accounts

Filed in News by on August 17, 2017

TWO years after it collapsed all the accounts of Ministries, Departments and Agencies (MDA) into the Treasury Single Account (TSA), the Federal Government has consolidated over 20,000 public sector bank accounts. It has also been saving N4.7 billion monthly from bank charges.

The Accountant-General of the Federation (AGF, Ahmed Idris, spoke yesterday on the gains of TSA in Abuja at a two-day workshop for finance reporters on the TSA and other public financial management reforms.

Ahmed stated that by aggressively implementing of the TSA across board, the Federal Government has been able to eliminate multiple banking arrangements that were hitherto used as fraud channels.

The consolidation of public sector accounts, the AGF said, “has further brought about transparency and effective tracking of government revenues”.

He said the government was incurring N4.7 billion as monthly bank charges, interest on loans and account maintenance fees among others, before the policy was introduced into the public sector as part of the public financial management reforms.

Idris said: “By withdrawing public funds from banks, the Federal Government hasmade it difficult to impose any charges on government funds as it now maintains a single account for all its agencies with the Central Bank of Nigeria (CBN).

The AGF said the TSA policy has helped the government to overcome indiscriminate borrowings by MDAs, thereby saving the government a lot of bank charges associated with these borrowings.

He said: “As part of our stewardship, the TSA has enabled us to make tremendous gains to the Federal Government and to the Nigerian economy. We have successfully eliminated multiple banking arrangements, resulting in consolidation of over 20,000 bank accounts which were spread over Deposit Money banks across the country.”

Stiff implementation of the TSA policy, he said, has led to the blocking of leakages and abuse which characterised the public finance management prior to its advent.

On the payment of backlogs of promotion arrears for civil servants, the AGF stated that that the government has commenced the process of making payments to affected civil servants.

He said a new approach has been adopted to check the rate of abuse of the process.

“Henceforth, the accounts of those that were promoted and are being owed arrears would be credited directly after all the necessary verification exercise”, he said.

To this end, about N13.2 billion, he said “had been provided for the payments of backlogs of promotion for civil servants.”

Idris also disclosed that his Office has concluded plans with Hewlett-Packard (HP) for the training and certification of its software engineers and prospective Nigerians.

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