FG generated N86bn from TSA in 10 months – Minister

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The Honorable minister of Minister of Finance, Budget and National Planning Her excellency Zainab Ahmed, has said the Federal Government generated N86bn through the Treasury Single Account between January and October this year. Mrs. Ahmed added this while enumerating the benefits of the TSA at the inauguration of the reconstituted TSA implementation structures on Tuesday.

According to Ahmed, the newly inaugurated committees are expected to pave the way for the onboarding of multiple service providers, as against the use of Remita, as the TSA’s sole payment system service provider

She further added, “Our TSA experience has been a pleasant one. The centralization of our banking arrangement has made it easier to determine government cash balances, reduce cost of borrowing, enhance liquidity, block leakages and improve internally generated revenue performance.

Between January and October 2021, a total of N86bn in revenue was generated through this means. That showed the enormous volume of transaction processed on the TSA platform and the need to leverage the onboarding of additional PSSPs to reduce the cost of collection, currently N150 per transaction

– Punch

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