Since the introduction of the Treasury Single Account in September 2015, the Federal Government has saved a total of N128bn from charges imposed by banks for managing funds belonging to the Ministries, Departments and Agencies of the government.
The amount, according to investigations, represents the various charges and account maintenance fees, which where hitherto imposed by the Deposit Money Banks for holding government funds.
Findings at the Office of the Accountant-General of the Federation showed that before the scheme commenced, the government was incurring about N4bn monthly to maintain its various accounts in banks.
Vice-President Yemi Osinbajo on Wednesday also confirmed the N4bn monthly savings through the TSA while speaking at the opening session of the Chartered Institute of Taxation of Nigeria.
He had said, “We have aggressively expanded the implementation of the Treasury Single Account and the Integrated Personnel Payroll Information System, both designed to ensure that public funds are more transparently managed and spent.