TSA: FG saving ₦45bn monthly in interest payments – Minister

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.

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.”

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.