BEVERLY HILLS, July 11, (THEWILL) – The Federal Government has received over N10 trillion from the implementation of the Treasury Single Account (TSA) from 1,674 MDAs.
This was disclosed on Thursday by the Office of the Account General of the Federation (OAGF) at Peer Review Mechanism of Ministries Departments and Agencies (MDAs) 2019 in Abuja to the Head of Civil Service of the Federation.
It stated that under TSA, the government has been able to save over N45 billion monthly in interest on Ways and Means that it used to pay before the full implementation of the TSA.
It was also disclosed that N50 billion revenue from funds have so far been mopped from commercial banks as a result of TSA implementation.
Other achievements recorded since TSA became fully operational include the: elimination of cash handling costs; ability to determine consolidated Federal Government cash position; significant improvement on Federal Government liquidity position; improved revenue collection mechanism through e-collection.
Others are oversight on government cash and better cash management capabilities; reduction in money supply and cost of managing liquidity and 24/7 online collection and payment systems.
It also revealed that TSA has started full implementation of its foreign currency component.
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