FG Realises N3tr from TSA, Says SystemSpecs

The Federal Government has saved N3 trillion in the Treasury Single Account (TSA), the firm handling it, SystemSpecs Limited, has said.

SystemSpecs Chief Executive Officer (CEO), John Obaro, who made this known last weekend, said the TSA has reduced debt servicing costs, liquidity reserves and enhanced the effective use of surplus cash.

He said his firm would continue to deliver on its terms of contract with the Central Bank of Nigeria (CBN), despite being owed its fees on e-collections since March, last year.

Some banks, he said, were rejecting the collection of deposits for the non-payment of the fees. “From our end, we have continued to provide and support the Remita platform, 24 hours a day and seven days a week, for use by citizens for all their payments to the Federal Government. Our continued support for the TSA is fueled by our belief in the enormous benefits the Remita software brings to the implementation of TSA for the average citizen.

FOR THE RECORD: REMARKS BY PRESIDENT MUHAMMADU BUHARI AT THE SIGNING OF THE 2016 APPROPRIATION BILL INTO LAW ON FRIDAY, MAY 6, 2016, ABUJA

1. It gives me great pleasure today to sign the first full-year budget of this administration into law. I thank the leadership of the National Assembly, in particular, the Senate President and the Speaker of the House of Representatives, and indeed all members of the National Assembly for their cooperation in making this a reality.

2. The budget is intended to signpost a renewal of our commitment to restoring the budget as a serious article of faith with the Nigerian people. This Administration is committed to ensuring that henceforth the annual appropriation bill is presented to the National Assembly in time for the passage of the Act before the beginning of the fiscal year.

Treasury Single Account (TSA) swells to $13.6 bln- accountant-general

Nigeria has collected more than 2.7 trillion naira ($13.57 billion) in a bank account set up to gather together all state receipts under a drive to improve fiscal transparency, the accountant-general said on Thursday.

President Muhammadu Buhari, elected a year ago on an anti-corruption ticket and who has said he believes officials have stolen around $150 billion from the public purse in the past decade, ordered all state accounts to be merged into one last August.

Every ministry and state body now pays its revenues into the account, held at the central bank and known as the Treasury Single Account (TSA). Previously, ministries and agencies operated more than 10,000 bank accounts with commercial lenders, officials said.

AGF: FG To Begin Salary Payment on 25th of Every Month

The Accountant-General of the Federation (AGF), Mr Ahmed Idris, says the Federal Government plans to begins payment of staff salaries by the 25th of every month, as directed by President Muhammadu Buhari.

Idris, who disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday, said “this is going to be given a test, I believe, by this month’’.

The AGF also said that the government was working on a new arrangement, which, if approved, would ensure payment of the salaries before the monthly meeting of the Federal Accounts Allocation Committee (FAAC).

According to him, usually, salaries are paid after the FAAC meeting, where revenue accruing to the federation’s account are shared between the federal, state and local governments.

“There is a standing instruction of Mr President to pay salary on or before 24 or 25 of every month and we will try as much as possible to comply and to abide by that.
“We are taking a step further to make a provision whereby we can accommodate salary payments even before FAAC.
“This is going to be given a test I believe by this month.