Monday, September 8, 2025
23.9 C
Lagos

FG to Expand TSA Coverage in 2017

The Minister of Finance, Mrs. Kemi Adeosun says the Federal Government is determined to expand the coverage of the Treasury Single Account (TSA) to cover more agencies in 2017.

Speaking in Abuja at the opening of a two-day retreat on the TSA, the Minister, who described the implementation of the policy as a success story, said the Federal Government would expand the programme and continue to persuade statutory agencies to come under the Treasury Single Account.

The Minister, who disclosed that the Federal Government is already discussing with service providers said Government would improve the implementation and functionality of the TSA because of its huge benefits.

She also stated that the Government would be reaching out to TSA service providers in order to allow other e-commerce and e-payment providers access the platform, which, according to her, is very important to make the TSA as competitive as possible, in terms of pricing.

“One of the challenges that we have is who should bear the cost of the TSA? Currently, it is being borne centrally but that is not sustainable. We are now working on how to stratify the various agencies. Those who should bear their own costs and costs that should be borne by the Government. This will be rolled out in this year,” the Minister stated.

Speaking to the broader benefits of the TSA, the Minister stated that the Federal Government, through the Office of the Accountant General of the Federation, has issued Circulars to banks arising from revelations through the implementation of the whistleblower policy, that some banks have not fully remitted Government funds in their possession.

She stated, “There are still funds in commercial banks and we have written to the banks, giving them a window to come forward-where in doubt, they have been asked to consult us. We also have an audit team that has started the process of checking the completeness of monies that were transferred into the TSA and already, they have been able to recover a significant amount of money”.

She stated that the TSA policy is here to stay, saying the policy, which she described as an important reform of the current administration, allows Government to reduce its borrowing costs.

“The policy allows us to manage our treasury functions with far more accuracy than what we had in the past. There is still a long way to go but overall, we are very satisfied with the progress we have made and we look forward to it being extended and utilised far more as the year goes on,” the Minister stated.

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

NCC: Telecom Sector Contribution to GDP Rose to 13.5% in Q4, 2022

  The Nigerian Communications Commissions (NCC) says the contribution of...

Royal Exchange General Insurance Names Agili as New CEO

The Board of Directors of Royal Exchange Plc, has...

Global Leaders Commit $8bn in Major Development Initiative for Horn of Africa

• UN Secretary-General, WBG, IsDBG Presidents, other Agency Heads...

Stanbic IBTC Named Amongst Top 10 Brands Making Impact

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC...

ETAP Secures $1.5m Funding to Drive Car Insurance Penetration in Africa

ETAP, an insurtech startup that makes it easier to...

Flutterwave: Kenyan Tech Founder Loses $900, 000 Appeal

Clara Wanjiku Odero, a Kenyan tech founder and CEO...

Nigeria Plans 2,000 MW Power Capacity in 2016

The Nigerian government has unveiled plans to install 2000...

IDC: Cloud Tech is Top Investment Priority in Next 5 Years

The potential for cloud technologies to break down silos...
spot_img

Related Articles

Popular Categories

spot_imgspot_img