TSA: Nigeria saving ₦45bn monthly in interest payments – Ahmed

By Nduka Chiejina, Assistant Editor

Nigeria is now saving an average of ₦45 billion monthly in interest payments from the implementation of Treasury Single Account (TSA).

Mrs. Zainab Ahmed, the Minister of Finance, Budget and National Planning made this disclosure on Tuesday during the signing of memorandum of understanding (MoU) on TSA with the Republic of The Gambia in Abuja.

back link building services=0></a></div><p>Other verifiable benefits from the implementation of TSA she said include Nigeria now “easily determining its aggregate cash balance which is critical for managing public finances at a time of acute fiscal constraints.”</p><p>On the monetary policy side, she said Nigeria now has “better control over money supply and therefore able to rein in inflation and undue pressure on the Naira. Our foreign reserve position has also recorded appreciable improvement through the consolidation of the federal government foreign currency earnings under the TSA,” she stated.</p><h2> <span>Read Also:</span> <a href=https://thenationonlineng.net/tsa-gombe-uncovers-2557-secret-accounts/ target=_blank rel=

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Speaking on the support extended to The Gambian authorities, Zainab Ahmed noted that “the essence of the co-operation seeks to avail the Ministry of Finance and Economic Affairs of The Gambia of the 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.”

This cooperation she said has positioned The Gambia to properly implement its own TSA. According to her “the co-operation will enable The Gambia to leverage on the experience of Nigeria to build on our strengths while avoiding our mistakes.”