The federal government has recorded over N7tr in the
Treasury Single Account (TSA) at the end of March, Accountant General of the
Federation (AGF), Mr. Ahmed Idris has revealed.
This report was made available by the PRNigeria news
platform, an agency that handles publicity for the federal government and all
its agencies.
In an interview with the Economic Confidential in Abuja, Mr
Idris further said the amount represents monies belonging to different
Ministries, Departments and Agencies (MDAs) put in portal in such a way that
government can view the entire balance as one.
“When we say we have over N5 trillion in TSA, it does not
mean free funds for spending. No! 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. But as I explained
earlier, these are not free money. People should not be thinking of why is
government borrowing to fund budget. These are budgeted monies for MDAs for
projects and developments,” he said.
He said that the federal government through the
implementation of the TSA has saved additional N4 billion monthly which could
have been held by banks, noting that a total collapse of government activities
would have occurred were it not that TSA was in place.
“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. And that is why we are floating and not sinking, and we will not
sink God willing,” he said.
“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.”
Speaking on the transparency in the disbursement of
federation account monthly, the AGF noted that transparency and openness are
key to the present administration, adding that It is a desire to institute
discipline, good governance and trust. The government cannot be trusted if it
says one thing and does another.
“The meager revenue that has been accruing is being
judiciously used and there is fiscal discipline in management of public
resources. Let me give you an example in the previous administration. There was
a time state government kicked against savings. Now because what they know and
being practiced by government of the day, they have decided to imbibe the
culture of savings”.
This Story First Appeared on The Sun
