Treasury Single Account: FG saves N24.7bn

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Treasury Single Account: FG saves N24bn

By Udeme Clement & Joel ThankGod

The Federal Government is saving a total of N24.7billion every month from the implementation of Treasury Single Account, ,TSA, and the removal of ghost workers from  Nigeria’s Civil Service system.

President Muhammadu Buhari made this disclosure while speaking at the opening ceremony of the e-Nigeria Conference in Abuja, yesterday, stressing that the TSA implementation enables government to save more money for the economy.

The President stated, “The contributions of Information and Communications Technology  sector to the country’s Gross Domestic Product, GDP, has increased from 10 per cent in 2017 to 11.8 per cent by the second quarter.

“This was achieved following strict enforcement of TSA policy of the government, with Integrated Payroll, Personnel Information System and the Bank Verification Number, which made impact on the administration’s public financial management reforms”.

He went on, “In addition to consolidation of accounts, as well as removal of ghost workers, which resulted in a combined monthly savings of about N24.7billion, the TSA facilitated recovery of huge sums of money, including N1.6 billion recovered from a single account recently”.

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