FG generated N86bn from TSA in 10 months – Minister

FG generated N86bn from TSA in 10 months – Minister

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the Federal Government generated N86bn through the Treasury Single Account between January and October this year.

Ahmed said this while enumerating the benefits of the TSA at the inauguration of the reconstituted TSA implementation structures on Tuesday.

The inaugural ceremony also saw the institution of new committees saddled with the management and improvement of the operations of the TSA.

According to Ahmed, the newly inaugurated committees are expected to pave the way for the onboarding of multiple service providers, as against the use of Remita, as the TSA’s sole payment system service provider.

She said, “Our TSA experience has been a pleasant one. The centralisation of our banking arrangement has made it easier to determine government cash balances, reduce cost of borrowing, enhance liquidity, block leakages and improve internally generated revenue performance.

“Using the TSA platform, we have since automated direct deduction of operating surplus of eligible agencies. At the last count, 16 agencies are covered and more will be added in the coming months. The impact on government internally generated revenue performance has been impressive.

“Between January and October 2021, a total of N86bn in revenue was generated through this means.”

She said between January and November 2021, an aggregate collection of N7tn was made from 22 million transactions, while N19tn worth of payments were processed from 20 million transactions within the same period.

She added that this showed the enormous volume of transactions processed on the TSA platform and the need to leverage the onboarding of additional PSSPs to reduce the cost of collection, currently N150 per transaction.

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