The President Muhammadu Buhari led government has recorded over N7 trillion in the Treasury Single Account (TSA) as of March ending 2017.
ThisDay reports that the Accountant General of the Federation (AGF), Mr. Ahmed Idris, made this known in an interview with the Economic Confidential in Abuja.
Idris further said the amount represents monies belonging to different ministries, departments and agencies (MDAs) put in a 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. These monies belong to various 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 monies. 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.
The AGF further disclosed that the Nigerian government, through the implementation of the TSA, has saved additional N4 billion monthly which could have been held by banks.
His words: “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.
“For instance, why would one university have over 120 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 with any of the sides. Sanity was brought with the introduction of TSA.”