TSA Now Over N7trn — AGF, Idris

..As FG saves N4bn monthly on MDAs’ bank
accounts ABUJA—The Federal Government has recorded
over N7 trillion in the Treasury Single Account,
TSA, towards the end of March 2017, Accountant-
General of the Federation, AGF, Mr Ahmed Idris,
has said. Idris, who disclosed this in Abuja, yesterday, also
said the amount represented monies belonging to
Ministries, Departments and Agencies, MDAs, put
in portal in such a way that government could
view the entire balance as one. He said: “When we say we have over N5 trillion in
TSA, it does not mean free funds for spending.
These monies belong to ministries, departments
and agencies put in a portal in such a way that
you can view the entire balance as one. “The movement is now over N7 trillion. People
should not be thinking of why is government
borrowing to fund budget. These are budgeted
monies for MDAs for projects and developments.” FAAC MEETING: From left, Director of Funds, Office of the Accountant General of the Federation, Mr Salawu Zubairu; Accountant- General of the Federation, Alhaji Ahmed Idris and Finance Minister, Mrs Kemi Adeosun, at the Federation Account Allocation Committee (Faac) meeting, in Abuja, Wednesday night. Photo: Nan. He said the Federal Government, through the
implementation of the TSA, had saved additional
N4 billion monthly which could have been held by
banks, noting that a total collapse of government
activities would have occurred, but for TSA. “But let me also make a strong and important
point. If not because TSA is in place and now that
the recession is here, only God knows what would
have happened. A monthly drain of over N4
billion and yet no revenue coming in and leakages
continued. “It could have been a disaster. It was
government’s foresightedness and focus even as
TSA was in place before the recession. That is why
we are floating and not sinking, and we will not
sink God willing.” “For instance, why would one university have
over one hundred and twenty bank accounts,
and some of them even hidden and missing and
carrying huge balances. We also discovered that
there are costs associated with keeping these
multiple bank accounts. Every month the government incurs over N4 billion in maintaining
these accounts! Yet Government is borrowing its
own money. And to stop government from
borrowing its money and for the fact that there
was no commensurate returns on such monies, it
was double tragedy! This is like a sword with two sides that can cut from any of the sides. Sanity was
brought with the introduction of TSA.”