Since the implementation of the Treasury Single Account in 2012, over N30tn worth of transactions have been recorded through it, the Accountant-General of the Federation, Alhaji Ahmed Idris, has said.
Idris said this on Monday in Abuja when he received a delegation from The Gambia which is in the country to understudy Nigeria’s TSA system.
The TSA initiative, which is one of the public financial management reforms, had led to the closure of over 20,000 bank accounts while over 1,674 Ministries, Departments and Agencies of government had been enrolled into the TSA platform.
Idris, who was represented at the event by the Director of Funds, Office of the Accountant-General of the Federation, Mr Mohammed Usman, said the TSA initiative had been commended by the international community.
He said while the delegation from The Gambia was currently understudying the initiative, another delegation from Ethiopia was being expected in Nigeria in the next four weeks.
He said, “If you start from 2012 when we started the full TSA, and you are looking at the volume of transactions, I think you will be looking at something in the region of N30tn.
“But as I said, that is in terms of transaction volume, not in terms of balances or anything; so we are looking at turnover and it should be over N30tn.
“We are aware that the international community appreciates the strides we have made in implementing the TSA in Nigeria.”
In a related development, the Minister of Finance, Zainab Ahmed, said the Federal Government was considering another option of capturing all accruals by foreign missions into a single account.
Speaking during a meeting with the delegation from The Gambia, Ahmed stated that one of the challenges facing the full implementation of the TSA in Nigeria was how to bring in revenues generated by foreign missions.
The revenues from foreign missions which are usually in different currencies might pose reconciliation challenges owing to the various exchange rates that may be applicable for the conversion of the transactions involved.
To address this challenge, the finance minister said the government was looking at a different option to interface with the TSA for foreign missions.
She told the delegation that with the introduction of the TSA, balances in the account were regularly reconciled.
She also urged the delegation to take advantage of their two weeks of study in Nigeria to visit some states in the country that had implemented a different variant of the TSA from the Federal Government.
The Permanent Secretary in the Ministry of Finance and National Planning of The Gambia, Ada Gaye, said the delegation was in the country to learn from Nigeria how it had managed its TSA.
He said this would enable her country to effectively implement the public finance reforms taking place in The Gambia, especially in the area of monitoring of funds.