TSA transactions hit N30trn as countries copy Nigeria’s model

Federal Government transactions through the Treasury Single Account (TSA) now stands at over N30 trillion.

The coordinator of TSA in the Office of the Accountant-General of the Federation (AGF), Sylva Okolieaboh, disclosed this in Abuja yesterday while playing host to a Gambian delegation which is in Nigeria to understudy the implementation of the TSA.
His words, “If you start from 2012 when we started the TSA, and you look at the volume of transactions, I think you will be looking at something in the region of N30trillion. But like I said, that is in terms of transaction volume, not in terms of balances or anything, so we are looking at turnover. So the turnover should be over N30 trillion.

“When we started the full TSA implementation, sometime around March 2015, as at that time, a lot of people didn’t believe. We are very happy that as at today, what we are doing has attracted so much international attention. It is not only The Gambia, we are expecting Ethiopia in the next four weeks and then another country, maybe in the next six weeks and we are aware that the international community appreciates the strides we have made in implementing TSA in Nigeria.”

Earlier, the Minister of Finance, Mrs. Zainab Ahmed, who also hosted the delegation in her office, said that the TSA has made the management of federal government funds much easier.
According to her, the account which is domiciled with the Central Bank of Nigeria, CBN, as the account holder, with the Ministries Departments and Agencies (MDAs) as sub-account holders, runs on a Remita platform.

In his remarks, The Gambian High Commissioner to Nigeria, H.E Amedou Taal, urged concerted efforts by the two countries and other members of the Economic Community of West African States, ECOWAS, towards achieving a single currency in the sub-region.

According to him, a single currency in ECOWAS would facilitate trade and increase the movement of people and goods within the sub-region, a development he argued is critical to the advancement of the community.

“If we can achieve a single currency within ECOWAS, it will help us in terms of trade, the people to people relations as well as the movement of people, goods and services,” he said.