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.
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.
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.”
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.