The Account General of the Federation (OAGF), has disclosed that not less than N10 trillion has been received by the Federal Government from the implementation of the Treasury Single Account (TSA).
The OAGF made this disclosure on Thursday, at Peer Review Mechanism of Ministries Departments and Agencies (MDAs) held in Abuja.
During its presentation to the Head of Civil Service of the Federation, Winifred Oyo-Ita, the OAGF disclosed that the N10 trillion was received from 1,674 Ministries, Departments, and Agencies (MDAs).
According to the OAGF, under the 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 financial policy.
In 2011, the Federal Government (under President Goodluck Jonathan) mandated the commencement of the TSA initiative in Nigeria. A pilot commenced in 2012 on TSA payments (outbound transactions only) with just over 100 MDAs. This was later extended to all the other MDAs.
In 2015, President Muhammad Buhari’s administration mandated the full and comprehensive implementation of TSA across all Federal Government MDAs without any exception.