From inception in 2015, over N20 trillion payments may have been processed through the Treasury Single Account (TSA), Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed yesterday.
Of the amount, N19 trillion was generated between when the initiative came on stream and the end of February this year Ahmed, who made the revelation while signing a Memorandum of Understanding (MoU) with a delegation from The Gambia, who were in the country to understudy and adopt the project, listed some of the achievements of the fiscal prudence and transparency policy to include, “blocking of the usual borrowing through the Way and Means that was costing the nation N43 billion monthly in charges; another N25 million monthly revenue collection charges to banks, and the fact that the Federal Government can now at anytime determine her consolidated cash position.”
The minister also boasted that through the TSA, the most populous black nation had improved its foreign exchange reserves arising from the consolidation of ministries, departments and agencies’ (MDAs) forex holding at the Central Bank of Nigeria (CBN).
Ahmed recalled that the West African nation visited Nigeria in May 2019 based on the recommendation of the International Monetary Fund (IMF) in a weeklong study tour of the concept, and an MoU was slated for March 2020, but could not materialise due to the COVID-19 pandemic.
Responding, Gambian High Commissioner to Nigeria, Amadou Sheikh Oman Taal, said Nigeria was a big example within the Economic Community of West African States (ECOWAS) region.
“We are trying to make reforms in our financial management. Therefore, this collaboration with Nigeria is very important to us. So, The Gambia Central Bank will get closer to the Central Bank of Nigeria (CBN) so as to learn and get the necessary experience,” he stated.