TSA: FG has Daily Balance of N2.2trn

Minister of Finance Mrs. Kemi Adeosun Monday in Abuja disclosed that the federal government has a balance of N2.2 trillion in the Single Treasury Account on a daily basis.

 

Mrs. Kemi Adeosun

Delivering a keynote address at a one day Treasury Single Account workshop for the states Accountant General in Abuja on TSA, the minister disclosed “The balance, which changes daily as MDA’s remit revenues and make payments, according to the latest reports from CBN exceeds N2.2 Trillion. 

I can report that work is now ongoing within The Treasury, to determine how much of these funds can potentially be utilised to part fund the 2016 budget and how much relates to pending commitments. This, of course, will reduce the amount to be borrowed”.

She said that “TSA at Federal Level has allowed, for the first time, visibility of the total quantity of government funds at any point in time” and that it “has provided us with financial information on the revenues of agencies funded by government and has reduced revenue suppression. What is your reaction to this disclosure by the minister? Do share your views.

By Omoh Gabriel, Business Editor