With N2.2trn Daily TSA Funds FG to Cut Budget Borrow

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Nigeria Minister of Finance, Mrs. Kemi Adeosun, yesterday, said that the Federal Government keep a balance of N2.2 trillion in the Single Treasury Account (TSA) on a daily basis.

she said this while delivering a keynote address at a one-day Treasury Single Account workshop for accountants-general of the states in Abuja. she disclosed that “the balance, which changes daily as MDAs remit revenues and make payments, according to the latest reports from CBN exceeds N2.2 trillion.

In her word “I can report that work is now ongoing within the treasury to determine how much of these funds can potentially be utilized to part-fund the 2016 budget and how much relates to pending commitments. This, of course, will reduce the amount to be borrowed”

“TSA at federal level has allowed, for the first time, visibility of the total quantity of government funds at any point in time” and that it “has provided us with financial information on the revenues of agencies funded by government and has reduced revenue suppression.