Collections through the Treasury Single Account (TSA) by the federal government between January and October 2021 was N86 billion, the Ministry of Finance, Budget and National Planning has disclosed.
The minister, Zainab Ahmed, disclosed this at the inauguration of the reconstituted TSA implementation structures.
She further revealed that between January and November 2021, an aggregate collection of N7 trillion was made from 22 million transactions, while N19 trillion worth of payments were processed from 20 million transactions within the same period.
While extolling the benefits of the TSA, she described the experience as “pleasant.”
The minister said 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 said, “The centralisation 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.
“Using the TSA platform, we have since automated direct deduction of operating surplus of eligible agencies. At the last count, 16 agencies are covered and more will be added in the coming months. The impact on government internally generated revenue performance has been impressive,” Ahmed stated.
The minister said the onboarding of more collectors would reduce the cost of collection, which is presently N150 per transaction.
The inaugural ceremony also saw the institution of new committees saddled with the management and improvement of the operations of the TSA.