The implementation of the Treasury Single Account (TSA) has fetched the Federal Government over N10 trillion from 1,674 MDAs.
This was disclosed on Thursday by the Office of the Account General of the Federation (OAGF) at Peer Review Mechanism of Ministries Departments and Agencies (MDAs) 2019 in Abuja to the Head of Civil Service of the Federation.
Making its presentation, the OAGF stated that under TSA, the government has been able to save over N45 billion monthly in interest on Ways and Means that it used to pay before the full implementation of the TSA.
It was also disclosed that N50 billion revenue from funds have so far been mopped from commercial banks as a result of TSA implementation.
Other achievements recorded since TSA became fully operational include the: Elimination of cash handling costs; ability to determine consolidated Federal Government cash position; Significant improvement on Federal Government liquidity position; improved revenue collection mechanism through e-collection; Oversight on government cash and better cash management capabilities; reduction in money supply and cost of managing liquidity and 24/7 online collection and payment systems; TSA has started full implementation of foreign currency component of TSA.
The OAGF also stated that “from available information, the status of the budget implementation in 2017 was 67%.”