20,000 accounts closed, N5.2trn moved to TSA – FG

The federal government says it has closed 20,000 accounts belonging to Ministries, Departments and Agencies since the implementation of the Treasury Single Account (TSA).

The Accountant General of the Federation, Ali Ahmed Idris, made the disclosure on Tuesday in Abuja, while speaking at the opening session of a two day retreat on TSA.

Idris added that a total sum of N5.24trn had also been saved.

He said, “The TSA journey started way back in April 2012. That journey could not see the light of the day as no significant gains were recorded largely due to the lack of political will.

“However, the issuance of TSA circular in August, 2015, coupled with the political will and enforcement, enabled us to achieve considerable progress on the TSA implementation.

“As at the 10th of February,2017, the total inflow of funds through the mop-up and direct debits by the Central Bank of Nigeria amounted to N5.24trn.

“We have successfully eliminated multiple banking arrangements, resulting into consolidation of over 20,000 bank accounts, which were spread over Deposit Money Banks across the country.

“This has further brought about transparency and effective tracking of government revenues.”

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