The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed told newsmen that the federal government saves as much as N45 billion monthly following the introduction of TSA.
Speaking on the occasion of the signing of a Memorandum of Understanding (MOU) on TSA between Nigeria and the Republic of The Gambia, said with TSA, Nigeria can easily determine its aggregate cash balance.
She said of the benefits of TSA, “On the monetary policy side, we have better control over money supply and, therefore, able to rein in inflation and undue pressure on the naira. Our foreign reserves position has also recorded appreciable improvement through the consolidation of the federal government foreign currency earnings under the TSA”
The Minister added that the officials of The Gambia came to the country to seek technical cooperation in TSA implementation in their country.
On the technical cooperation with Gambia on TSA, she explained that the MOU which process started in May last year seeks to avail the Ministry of Finance of Gambia “vast knowledge, experience and technical expertise that Nigeria has gained in the past 15 years of implementing TSA in particular and other public financial management (PFM) reforms in general”.
“By so doing, The Gambia is properly guided as it implements its own TSA. The co-operation will enable The Gambia to leverage on the experience of Nigeria to build on our strengths while avoiding our mistakes.
“We are happy to support The Gambia in their bid to implement TSA and other PFM reforms. We are also open to supporting other African countries which may want to build on our experience and significant progress in TSA implementation.
“It is our belief that African countries are better off learning from each other and supporting each other because of our shared culture and history.”
TSA was introduced in Nigeria in 2012 during the administration of President Goodluck Jonathan to be able to check all inflows from all agencies of government into a single account maintained by Central Bank of Nigeria.
It was however enforced in 2015 by the present administration of President Muhammadu Buhari.