The Federal Government has collected over N10 trillion from the implementation of the Treasury Single Account (TSA) from 1,674 MDAs.

Mr. Afolabi Ajayi in the Office of the Account General of the Federation (OAGF) made this disclosure on Thursday at Peer Review Mechanism of Ministries Departments and Agencies (MDAs) 2019 in Abuja to the Head of Civil Service of the Federation.

Ajayi while making the presentation stated that under TSA, the government has been able to save over N45 billion monthly in interest on Ways and Means that it used to pay before the full implementation of the TSA.

He also disclosed that N50 billion revenue from funds have so far been mopped up from commercial banks as a result of TSA implementation.

Afolabi Ajayi also told the HoS that from April 2007 when the Integrated Payroll and Personnel Information System (IPPIS) commenced to February 2018, “over N288 billion has been saved as a result of the difference between the amount government would have released to MDAs based on appropriation and actual amount released and paid through IPPIS since payment are made directly to beneficiaries account.”

As a result of these savings, Ajayi stated that from “when IPPIS was introduced to date, 506 MDAs with total staff strength of 344,625 are on the IPPIS platform with the gross pay of N49,071,961,959.15k as at September,2018.”

He added that “since IPPIS commenced, many departments and agencies having realized that personnel cost was no longer coming to them for direct disbursement, have embarked on recruitment to utilize their approved manpower/personnel budget so much so that between September 2011 and now, many Nigerians have been employed in the IPPIS MDAs thereby reducing unemployment in the country.”

Other achievements recorded since TSA became fully operational include the: Elimination of cash handling costs; ability to determine consolidated Federal Government cash position; Significant improvement on Federal Government liquidity position;  improved revenue collection mechanism through e-collection; Oversight on government cash and better cash management capabilities; reduction in money supply and cost of managing liquidity and 24/7 online collection and payment systems; TSA has started full implementation of foreign currency component of TSA.

The OAGF also stated that “from available information, the status of the budget implementation in 2017 was 67%.”

Afolabi Ajayi in his presentation said that government has initiated the Asset Tracking Management Project to track, monitor and manage fixed assets of the Federal Government of Nigeria (FGN).

The mission he said “is to ensure efficient and effective utilization of financial resources in transparent accountable manner in the acquisition of capital assets and fulfil the requirements for fixed assets recognition and measurement in IPSAS accrual accounting system adopted by the FGN.”

The aim of setting up the Asset Tracking Management Project (ATMP) he noted is: to locate, label and register all fixed assets (property, plant and equipment) of the FGN; revalue the registered assets using approved methods of revaluation and/or depreciation; determine from records all redundant, disposed and disposable assets; recommend those assets to be disposed off, regsitered and relocated to other centres that need them; to internalize all processes and procedures for assets registration, tracking and management in the MDAs; and create a comprehensive real-time data base of all PPE to guide government in the efficient allocation and utilization of financial resources for capital investment.