WorldStage Newsonline– A delegation from Gambian Ministry of Finance and Economic Affairs has approached the Federal Government of Nigeria to understudy the successful implementation of the Treasury Single Account (TSA).
The Gambia delegations, lead by it Permanent Secretary, Minister of Finance and Economic Affairs, Ada Gaye, on Monday during an official visit to Minister of Finance, Zainab Ahmed and the Accountant General of the Federation, Ahmed Idris, said the International Monetary Fund (IMF), referred Nigeria as a reference point to understudy it TSA.
Speaking at the event, Zainab Ahmed lamented that one of the challenges facing the full implementation of the TSA in Nigeria was how to bring the revenue generated by foreign missions which are usually in different currencies into the TSA.
To address this challenge, she said the government “is looking at a different option to interface with TSA for foreign missions.”
She told the Gambian delegation that with the introduction of TSA, balances in the account were regularly reconciled.
She also urged The Gambia to take the advantage of their two weeks study stay in Nigeria to visit some states that have implemented a different variant of of TSA from the federal government.
According to Gaye, “we are here to learn from our brothers, TSA was a success in Nigeria, which is why we are here.”
The TSA was initiated by the administration of President Goodluck Jonathan in 2012 and was fully implemented by President Buhari in 2015, and it had helped the federal government to pool it resources from it agencies into a coffer domicile with the Central Bank of Nigeria in order to curb corruption.
Also speaking at the meeting, the Accountant General of the Federation (AGF) who was represented by the Director, Funds, Mr. Mohammed K Usman said The Gambia had a lot to learn from Nigeria’s public finance management initiatives
In an interview with WorldStage Newsonline, Director of TSA, Sylvia Okolleaboh, said the TSA transactions since its inception in 2012 was over N30 trillion “in terms of transaction not in terms of balance, in terms of turnover.
Okolleaboh, said “I feel elated that what we have been doing in Nigeria has attracted international attention. The credit goes to President Muhammadu Buhari who stood by it”.
On his part, Gambian Accountant General, Momodu Lamin Bah, said the implementation of TSA had enabled the Gambian government to save fund and reduce it level of borrowing.
He said: “since we started implementing the TSA, we realize the benefits; actually we realize that our TSA account is always in positive region, it used to be overdrawn, but now on the positive side. We have fund and we have reduced the borrowing.”
The understudy of the TSA by Gambian ministry of finance and economic affairs will be on for two weeks in Abuja.