Home News TSA Pooled About 30Trillion Cash Remittance, says Okolieaboh

TSA Pooled About 30Trillion Cash Remittance, says Okolieaboh



The Director in charge of the Treasury Single Account (TSA) in the Office of the Accountant General of the Federation (OAGF), Mr. Sylva Okolieaboh, says that the implementation of the TSA policy had pooled about N30 trillion transactions, with about N10 trillion in terms of cash remittance and withdrawals.

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Okolieaboh disclosed this when a delegation from the Republic of Gambia paid courtesy visits separately to the Minister of Finance, Zainab Ahmed and the Accountant General of the Federation (AGF), Mr. Ahmed Idris in their office.

Okolieaboh said,” looking at the turnover interns of transaction, we should be talking of about N20 trillion, N30 trillion. Remember money is in and out”.

On other forms of corrupt practices within the processes, he said: “I am not aware that corruption is going in leaps and bounds. But the truth is that there is a wrong public expectation about the TSA.

He said, TSA is meant to consolidate bank accounts to give you better cash management abilities”.

Minister of Finance, Zainab Ahmed, while welcoming the delegates noted that the presence of government officials from The Gambia to study successful TSA implementation in Nigeria was a reaffirmation of the fact that what the country had done with the TSA was a good example.

Speaking further, the minister said,”TSA has helped us enforce our liquidity management, we have been able to track transactions that are coming in or going out and every agency of government has an account in the TSA. Because the funds are pooled, it has helped us to enhance liquidity management”.

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Zainab therefore urged the delegation to learn from the Nigerian experience and improve on management of their nation’s funds.

She said, “without TSA, you have a lot of challenges with accounting preparation and liquidity management.”

Zainab also advised the delegates to also endeavor to understudy implementation of TSA in the states of the federation that have differences in its operation with the federal government.

The delegation who are in the country on a European Union-funded tour to understudy the successful implementation of TSA in the country was led by Accountant General of Gambia, Momodou Laminate.

Momodou Laminate, said the essence of the two weeks tour was to enable the Gambia learned from Nigeria experience.

He also commended Nigeria for accepting to host the delegation, saying there is need collaboration to consolidate the relationship between Gambia and Nigeria.

Momodou said Nigeria is currently a global reference point in the successful implementation of TSA.

He said there has been lots of literature about Nigeria’s achievements in the implementation of TSA and Nigeria has been a reference point even from the IMF.
“When we talk about reference point, the first country that would come on the list is the Federal Republic of Nigeria and IMF also has an online course and they have used Nigeria in the training materials as reference country for successful implementation of TSA.”

He said, “Therefore, we do not have a second country on our list of options. We have only Nigeria as a country to visit.

“We are also undergoing many reforms not only TSA, that’s why you realise that we have a big delegation because we want everybody to be onboard for all of us to learn together so that we understand things the same way: we hear it from the same people and we have a unified approach also towards our implementation”.

According to him, TSA implementation will enable government to save costs.

On what’s happening, He said, in The Gambia the government will borrow its own funds from the commercial banks, from banks accounts that belongs to the government and then government will pay interest on its own funds”.

“So, it increases government borrowing in addition to the cost of borrowing. So since we have started implementing TSA, we have realised some benefits”.

“Actually we realised that out TSA which we call treasury account is always in the positive region, it used to be over-drawn and then we will go and borrow but now, for quite some time it has remained on the positive side and we have funds thereby reducing the borrowings.

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