Fed Govt rakes in N10tr from TSA

Economy

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The Federal Government has collected over N10 trillion from the implementation of the Treasury Single Account (TSA) from 1,674 Ministries, Departments and Agencies (MDAs). An official in the Office of the Account-General of the Federation (OAGF), Afolabi Ajayi, dropped the hint on Thursday at the Peer Review Mechanism of Ministries Departments and Agencies (MDAs) 2019 in Abuja to the Head of Civil Service of the Federation HoCSF). Making the presentation, Ajayi stated that under TSA, the government has been able to save over N45 billion monthly in interest on ways and means that it used to pay before the full implementation of the TSA. He also disclosed that N50 billion revenue have so far been mopped up from commercial banks as a result of the TSA implementation. Ajayi also told the HOCSF that from April 2007 when the Integrated Payroll and Personnel Information System (IPPIS) kicked-off to February 2018, “over N288 billion has been saved as a result of the difference between the amount government would have released to MDAs based on appropriation and actual amount released and paid through IPPIS since payment are made directly to beneficiaries account.” “When IPPIS was introduced to date, 506 MDAs with total staff strength of 344,625 are on the IPPIS platform with the gross pay of N49, 071,961,959.15k as at September,2018. “Since IPPIS commenced, many departments and agencies having realized that personnel cost was no longer coming to them for direct disbursement, have embarked on recruitment to utilise their approved manpower/personnel budget so much so that between September 2011 and now, many Nigerians have been employed in the IPPIS MDAs thereby reducing unemployment in the country.” Read Also: Breaking: FG collects over N10tr from TSA Other achievements recorded since TSA became fully operational include: Elimination of cash handling costs; Ability to determine consolidated Federal Government cash position Significant improvement on Federal Government liquidity position Improved revenue collection mechanism through e-collection Oversight on government cash and better cash management capabilities Reduction in money supply and cost of managing liquidity and 24/7 online collection and payment systems Full implementation of foreign currency component of TSA. The OAGF also stated further: “From available information, the status of the budget implementation in 2017 was 67 per cent.” In his presentation, Ajayi said that the government has initiated the Asset Tracking Management Project (ATMP) to track, monitor and manage its fixed assets. “The mission” he said, “is to ensure efficient and effective utilisation of financial resources in transparent accountable manner in the acquisition of capital assets and fulfil the requirements for fixed assets recognition and measurement in IPSAS accrual accounting system adopted by the Federal Government”. The aim of setting up the Asset Tracking Management Project (ATMP) he noted is: to locate, label and register all fixed assets (property, plant and equipment) of the FGN; revalue the registered assets using approved methods of revaluation and/or depreciation; determine from records all redundant, disposed and disposable assets; recommend those assets to be disposed off, registered and relocated to other centres that need them; to internalize all processes and procedures for assets registration, tracking and management in the MDAs; and create a comprehensive real-time data base of all PPE to guide government in the efficient allocation and utilisation of financial resources for capital investment.

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