Connect with us
nairametrics

Business

FG says that Nigeria now saves N45 billion monthly from TSA implementation

The FG has announced that Nigeria now saves about N45 billion monthly in interest payments, since the implementation of the TSA.

Published

on

land borders to be reopened soon, Finance, Ministaer, vow to recover AMCON debt through issuance of promissory notes, FG reiterates stance on IPPIS as ASUU threatens strike, Finance Minister, Zainab Ahmed identifies capital market as key driver for economic growth , Nigeria has paid $1.09 billion to service its debts in 2019  , Dividends on oil proceeds will be taxed - FG , State governments own most bad roads - Finance Minister says, Budget deficit increases by N351.98 billion, as FG misses revenue target, Economy: Funding MSMEs in Nigeria , Finance Bill: New tax regime to take effect from Jan 2 - FG , Again, Finance Minister argues that Nigeria is not in debt distress , ECOWAS: Single currency regime not kicking off in 2020  , FG: CBN holds N43 billion stamp duty charges collected by banks , FG may shift deadline to deactivate bank accounts without tax verification, Confusion as ministry and presidency disagree over Finance Act start date, 7.5% VAT: Implementation to begin Feb 1 – FG , Finance Minister: Nigeria to go into recession if ..., Foreign tech companies that will now pay tax to FGN: see the criteria

The Federal Government has announced that Nigeria is now saving about N45 billion monthly in interest payments, since the implementation of the Treasury Single Account (TSA).

This disclosure was made by the Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed, on the occasion of the signing of Memorandum of Understanding (MoU) on TSA with the Republic of The Gambia in Abuja yesterday.

The Minister said that among other verifiable benefits, Nigeria could now easily determine its aggregate cash balance, which is critical for managing public finances at a time of acute fiscal constraints.

She stated, “On the monetary policy side, we have better control over the 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.’

While speaking, Ahmed recalled the last visit by The Gambia in May 2019, when based on the recommendation of the International Monetary Fund (IMF), it paid a visit to Nigeria for a week-long study tour of TSA implementation.

GTBank 728 x 90

According to her, “Following the successful conclusion of the tour, The Gambia requested for technical co-operation with Nigeria to support its own transition to TSA. To that aim, representatives of both countries worked on an MoU detailing the terms and scope of the co-operation.”

Going further, she said, “In a nutshell, 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. By so doing, The Gambia is properly guided as it implements its own TSA. The cooperation will enable The Gambia to leverage on the experience of Nigeria to build on our strengths while avoiding our mistakes.”

In her words, “We are happy to support The Gambia in their bid to implement TSA and other PFM reforms. We are also open to supporting other African countries who may want to build on our experience and significant progress in TSA implementation. It is our belief that African countries are better off learning from each other and supporting each other because of our shared culture and history.”

Coronation ads

She pointed out that the importance of the synergy between the fiscal and monetary authorities cannot be overemphasized, in addition to the co-operation of other stakeholders, the parliament, the ministries, departments and agencies of government, the banks and service providers.

In their response, Ms Ada Gaye, Permanent Secretary, Ministry of Finance of The Gambia, on behalf of the delegation, expressed their happiness to be in Nigeria to sign the MoU, saying that the tour has helped them to understand the workings of the TSA.

She said, “The Gambia wants to efficiently manage its funds, as the fragmentation of accounting systems in The Gambia is huge. It is, therefore, noteworthy for The Gambia to adopt TSA. We are going to create the needed sensitisation to help the people of The Gambia understand the process. Nigeria is the big brother, while The Gambia is the small brother. We are happy to cement this brotherly love.”

The Treasury Single Account which was proposed by the administration of President Goodluck Jonathan and fully implemented by the Buhari administration, is a financial policy that seeks to consolidate all inflows from all agencies of government into a single account of the Central Bank of Nigeria

Jaiz bank ads

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

Exited N-Power beneficiaries to apply for CBN empowerment options

A portal to enable Exited N-Power beneficiaries apply for CBN empowerment options has been launched by the Ministry of Humanitarian Affairs.

Published

on

The Ministry of Humanitarian Affairs, Disaster Management, and Social Development has launched a portal enabling exited N-Power beneficiaries to apply for CBN empowerment options.
This was disclosed by the Ministry in a social media statement on Friday evening.
According to the press release by the Ministry, “The platform which was developed in collaboration with the CBN will enable Exited N-Power Beneficiaries to log on and apply for the various economic, empowerment, and entrepreneurship options provided by the CBN.”
The statement which was signed by the Permanent Secretary of the Ministry Bashir Nura Alkali, quoted the Honourable Minister, Sadiya Umar Farouq urging interested Exited Beneficiaries of N- Power to log on to the portal and provide the required additional information for possible placements into the various CBN intervention options.
The Minister also emphasized that the NEXIT PORTAL will determine the suitability of the beneficiaries for the CBN affiliated programs.
“The NEXIT portal is to determine the suitability of the beneficiaries for the CBN affiliated programs and is dependent on meeting the criteria and conditions set by the CBN for the said programs,” she said.
Farouq pledged the Ministry’s willingness to collaborate with relevant agencies of government and other stakeholders towards the realization of that vision and congratulated the exited beneficiaries while wishing them well in their future endeavours.

Continue Reading

Business

Nigeria’s University lecturers union, ASUU, calls off 8-month strike

ASUU called off its eight-month long strike that has grounded academic activities in the public universities.

Published

on

ASUU, calls off 8-month strike

The Academic Staff Union of Universities (ASUU) has called off its eight-month-long strike that has grounded academic activities in the public universities. The union took the decision after it agreed to accept government’s total payment of N70 billion.

READ: NCC disburses N100 million to universities for ICT Research

The was disclosed by ASUU via its Twitter handle on Friday after its meeting with the Federal Government’s team led by the Minister of Labour and Employment, Dr. Chris Ngige.

It tweeted, “The Academic Staff Union of Universities, ASUU, has shifted ground on FG’s offer. The Union insisted that payment of outstanding salaries must not be done as through the IPPIS platform as promised, if strike would be suspended.”

Explore Data on the Nairametrics Research Website

GTBank 728 x 90

This is a developing story….

READ: FG offers N65 billion to ASUU, N15 billion revitalization fund to end strike

Coronation ads

 

 

Continue Reading

Business

Terrorism: Nigeria records 39.1% reduction in deaths – GTI Report

Nigeria has recorded a 39.1% reduction in terror-related deaths, according to the 2020 Global Terrorism Index (GTI) report.

Published

on

The 2020 Global Terrorism Index (GTI) report, published annually by the Institute for Economics and Peace (IEP), based in the United States, indicates that terrorism incidents in Nigeria fell by 27% in 2019.

This represents the lowest level of terrorism in Nigeria since 2011, with terrorism deaths in Nigeria reduced to 1,245 last year – a 39.1% dip from the 2,043 deaths recorded in 2018.

Despite the overall decline in terrorism in Nigeria last year, the country is still ranked as the third most impacted country in the world by terrorism, a position it has maintained for five consecutive years since 2015.

According to the latest annual GTI report, Afghanistan and Iraq are respectively the first and second most affected countries by terrorism.

Highlights of the report

GTBank 728 x 90
  • The decline in both terrorism incidents and deaths in Nigeria is attributed to a significant reduction in violence by armed Fulani herdsmen.
  • The armed herdsmen are being held accountable for majority of terror-related deaths in 2018, with the latest GTI report showing a 72% decline in fatalities attributed to the herdsmen last year.
  • Terror-related deaths and incidents attributed to Boko Haram in Nigeria increased by 25% and 30% respectively from the prior year.
  • Over the past year, Boko Haram increased attacks on military targets, with deaths rising from 26 in 2018 to 148 in 2019.
  • Globally, deaths from terrorism fell in 2019 to 13,826. This represents a 15% dip from the previous year and the fifth consecutive year of decline since peaking in 2014.
  • Conflict remains the primary driver of terrorism, with over 96% of deaths from terrorism in 2019 occurring in countries that are already in conflict.

What you should know

  • GTI report is published annually by the Institute for Economics and Peace (IEP) based in the United States.
  • The GTI report, now in its eighth year, ranks 135 countries according to how they are impacted by terrorism. The indicators used by the GTI include the number of terrorist incidents, fatalities, injuries and property damage.
  • Boko Haram, the deadliest terrorist group in Nigeria ranks second in the world, behind the Taliban in Afghanistan.
  • There are 63 countries in 2019 that recorded at least one death from a terrorist attack and 17 countries that recorded over 100 deaths from terrorism. However, only Afghanistan and Nigeria recorded over 1,000 deaths and both countries had significant reductions in the number of people killed in 2019.
  • Globally, the report estimates the economic impact of violence, including military, homicide, incarceration and terrorism to be $14.5 trillion in 2019. This is the equivalent of 10.6% of global GDP. The global economic impact of terrorism alone was estimated to be $26.4 billion last year.
  • There are emerging new threats of politically-induced terrorism in North America, Western Europe, and Oceania, though with minimal fatalities.

Continue Reading