FG Will No Longer Bear Cost Of TSA Transaction – AGF
The Treasury Single Account, TSA initiative, took off fully in September 2015.
It led to the closure of 20,000 bank accounts while over 8 trillion naira had been moved from banks to the Central Bank of Nigeria, CBN.
A total of 1,674 Ministries, Departments and Agencies, MDAs have been enrolled on the TSA platform.
But despite its successes, the federal government is not happy with the charges it is incurring to facilitate the transactions into the TSA.
Over the last two years, the Federal Government has incurred a total amount of 16 billion naira as transaction costs on the TSA.
The Accountant-General of the Federation, Ahmed Idris, disclosed this on Sunday in Abuja.
A statement issued by the Director, Press, Office of the Accountant-General of the Federation, Johnson Oise, revealed that the Federal Government had been bearing the cost of transmission of funds into the TSA and would not want to do so anymore.
It said: “Within the last two years, the government spent almost 16 billion naira in this direction which ordinarily should be borne by those making payments.
“So, it is time for Nigerians to pay for the services that they receive, and the government will take whatever is due to it without necessarily incurring cost.”
The statement explained that “in the old tariff regime, the Federal Government bore the charges on all transactions to the service providers on behalf of payers,” adding that “a lot of sensitisation had been done to give enough room to understand the new tariff regime and for compliance, adding that the charges were minimal and negotiable”.
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