• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News Business

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

Chike Olisah by Chike Olisah
November 18, 2020
in Business, Spotlight
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
Share on FacebookShare on TwitterShare on Linkedin

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.

RelatedStories

REPS

House of Reps orders Remita to refund N182.77 billion to federal treasury over TSA irregularities 

April 18, 2025
NUC building

Federal Government removes research grant funds from treasury single account to boost university independence and innovation 

September 9, 2024

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.

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.”

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


Follow us for Breaking News and Market Intelligence.
Tags: Treasury Single Account
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Related Posts

REPS
Legal & Regulations

House of Reps orders Remita to refund N182.77 billion to federal treasury over TSA irregularities 

April 18, 2025
NUC building
Education

Federal Government removes research grant funds from treasury single account to boost university independence and innovation 

September 9, 2024
TSA Implementation: Nigeria signs MOU with Gambia
Business

TSA Implementation: Nigeria signs MOU with Gambia

November 17, 2020
How FG saved N1 trillion that disappeared in past administrations 
Business News

How FG makes N1 trillion from reforms, anti-graft operations

January 6, 2020
AfCFTA
Business News

TSA implementation saves FG N24 billion per month

November 6, 2018
Debt Service, external debt servicing, debt serving, Nigeria's debt, Nigeria's debt portfolio
Business News

This is why FG no longer wants to bear cost on TSA

November 5, 2018
Next Post
Abbey Mortgage Bank to raise capital, Abbey Mortgage Bank to issue shares

Abbey Mortgage Bank Plc announces the death of a Director

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Climate change threatens global data centres, may cause billions in damages—Report  
  • Air Peace aircraft skids off runway after landing at Port Harcourt airport 
  • Weekly Market Wrap: Banks drive the Nigerian stock market to a 7-week winning streak as ASI jumps 4.26% 

Follow us on social media:

Recent News

Climate change threatens global data centres, may cause billions in damages—Report  

Climate change threatens global data centres, may cause billions in damages—Report  

July 13, 2025
Air Peace aircraft skids off runway after landing at Port Harcourt airport 

Air Peace aircraft skids off runway after landing at Port Harcourt airport 

July 13, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics