Nigeria has signed a Memorandum of Understanding (MOU) with the Gambia on Treasury Single Account (TSA) Implementation; as part of Technical Co-operation to support the transition of The Gambia to TSA.
This is according to a verified tweet by the Ministry of Finance, Budget and National Planning, as seen by Nairametrics.
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Nigeria’s honourable minister of Finance, Zainab Shamsuna led the signing ceremony at Finance Headquarters in Abuja, today.
What you should know: The co-operation seeks to avail the Gambia with vast knowledge, experience & technical expertise that Nigeria has gained in 15 years of implementing TSA in particular & other Public Financial Management reforms. By so doing, The Gambia is properly guided as it implements its own.
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What they are saying: Nigeria’s Minister of Finance, Zainab Shamsuna lauded the TSA Programme, noting that it has helped Nigeria block leakages and save more of its hard-earned resources.
She said: “#TSA implementation has benefited Nigeria immensely…We can now easily determine our aggregate cash balance which is critical for managing public finances at a time of acute fiscal constraints. We are also saving an average N45 billion monthly in interest payments.”
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Confirming the development, a part of the tweet by the ministry read thus: “Nigeria/The Gambia sign Memorandum of Understanding (MOU) on Treasury Single Account (TSA) Implementation; as part of Technical Co-operation to support transition of The Gambia to TSA. HM @zshamsunaled the signing ceremony at Finance HQ in Abuja, today. #FinMinNigeria #ECOWAS.”
In a nutshell, the successful implementation of the TSA programme in Nigeria might have driven the Gambia into the recent deal.
