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How FG Saves N45bn Monthly Through Remita

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The centralization of multiple bank accounts through the implementation of the Treasury Single Account (TSA) provided by Remita currently saves the Nigerian government over N45 billion monthly on interests, the Director of TSA, Office of the Accountant-General of the Federation (OAGF), Sylva Okolieaboh has said.

He disclosed this during a session with a Gambian delegation,who are in Nigeria to understudy the country’s TSA handled by indigenous  payment platform, remita.

He said the Gambians came to Nigeria, because they have discovered that the country has made a tremendous progress in implementing the TSA coupled with an advise by the International Monetary Fund (IMF) to come.

He said: “In a country like Nigeria, where people don’t obey ordinary traffic rules, for you to bring in all the Ministries, Departments and Agencies, thousands of them scattered all over the country into the TSA, and you are making savings of over N45 billion monthly on interest, I think that is something somebody somewhere will notice.”

He also said the Nigerian government is ready to support the Gambia to ensure a successful TSA implementation in the West African country.

Speaking on the compliance level of Ministries, Departments and Agencies (MDAs), Okolieaboh said: “It is almost 100 percent in terms of compliance, with the exception of a few agencies, practically everybody is on board.”

He remarked that there is still room for improvement, especially with Nigeria’s foreign missions. According to him, in addition to the Gambia, Ethiopia and Kenya are among countries that also want to learn about the TSA from Nigeria.

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A key member of the Gambian delegation and Accountant General of the country, Momodou Lamin Bah has said that the greatest challenge facing the Gambia on TSA implementation is how to deploy an efficient payment gateway technology.

According to Lamin Bah, the Gambian delegation is in Nigeria to understudy the TSA which the Federal Government of Nigeria has implemented over the past few years. He said they have also reviewed some literature from the IMF and have also used Nigeria’s experience as a case study on their capacity building and Public Finance Management (PFM).

The technology providers of the federal government’s TSA policy, SystemSpecs had expressed its readiness to transform other African countries with the strategic deployment of its solutions. Speaking to pressmen during a breakaway session, Demola Igbalajobi, Divisional Head, Payment Gateway and Infrastructure stated that penetrating other markets across the continent is principal to the activities of the company.

“Over the last few years, SystemSpecs has actually being looking at Africa as the next frontier for us, we have been engaging a few governments in Africa on TSA based on our experience in Nigeria. So we are ready to deploy our solution within a matter of weeks to any country that is ready to adopt our payroll payment gateway for their TSA,’’ he said.