FG collects over N10tr from TSA- OAGF

FG collects over N10tr from TSA- OAGF

Ebun Francis|

The Federal Government has collected on Thursday said it has collected over N10 trillion from the implementation of the Treasury Single Account (TSA) from 1,674 MDAs.

Office of the Account General of the Federation (OAGF) made this disclosure on at Peer Review Mechanism of Ministries Departments and Agencies (MDAs) 2019 in Abuja to the Head of Civil Service of the Federation.

The OAGF while making its presentation, said 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 also disclosed that N50 billion revenue from funds have so far been mopped from commercial banks as a result of TSA implementation.

The OAGF equally listed the achievements recorded since TSA became fully operational to include, 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.