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TSA cash collection hits N10trn – OAGF

Governor of the Central Bank of Nigeria Godwin Emefiele
Governor of the Central Bank of Nigeria Godwin Emefiele

The Office of the Accountant General of the Federation (OAGF) has said the aggregate cash collection through the Treasury Single Account (TSA) is now in excess of N10trn.

The Director ICT, OAGF, Mr. Afolabi Ajayi, disclosed this yesterday while presenting the scorecard of the OAGF at the 2019 OAGF peer review visit by the Head of the Civil Service of the Federation, Mrs. Winifred Ekanem Oyo-Ita.

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The director also said the full implementation of the TSA policy from 2015 has seen the Federal Government save at least N45 billion monthly on interest on ways and means in addition to the over N50bn revenue from funds mopped form commercial banks.

He also said the policy which runs 24hrs has enabled government to have a better control of its resources, improve its liquidity position, improve revenue collection and eliminated cash handling among others.

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Speaking on other areas the OAGF has recorded successes for the Federal Government, he said the implementation of the Integrated Personnel & Payroll Information System (IPPIS) has saved government N206.16bn. The savings were basically from ghost workers and overhead costs.

Out of the savings, he said, the Ministries, Departments and Agencies (MDAs) accounted for N135.13bn or 66%, the Nigerian Police Force (NPF), N47.26bn or 23 percent and the paramilitary N23.67bn or 11 percent.

On the monthly FAAC allocations for 2018, he said the figures closed at N8.496trn as revenue shared to the three tiers of government, which is higher than N6.689trn shared in 2017. The figure represented N1.807trn or 27.1 percent higher

He also said the VAT realized and distributed to the three tiers of government stood at N1.076trn while in 2017, it was N972.348bn.

In her comment, the Head of the Civil Service of the Federation, Mrs. Oyo-Ita, said the successes in blocking revenues leakages in the ministries will soon be replicated to the entire public service.

“You can imagine what we will be saving if all public service agencies are verified,” she said adding that extension will happen soon.

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