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TSA: FG saves N45bn monthly, says finance minister


The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, says the Federal Government is currently saving an average of N45bn monthly in interest payments following the implementation of the TSA (Treasury Single Account).
Ahmed, who spoke during the signing of a Memorandum of Understanding (MOU) on TSA between Nigeria and the Republic of The Gambia, said among other verifiable benefits, Nigeria could easily determine its aggregate cash balance, critical for managing public finances at a time of acute fiscal constraints.
“On the monetary policy side, we have better control over money supply and, therefore, able to rein in inflation and undue pressure on the naira. Our foreign reserves position has also recorded appreciable improvement through the consolidation of the federal government foreign currency earnings under the TSA,” she said.
Ahmed recalled the last visit by officials of The Gambia in May 2019 for a week-long study tour of the TSA implementation.
The minister said following the successful conclusion of the tour, The Gambia requested technical cooperation with Nigeria to support its own transition to the TSA.
She said in order to achieve that aim, representatives of both countries worked on an MoU detailing the terms and scope of the cooperation.
Ahmed said, “In a nutshell, the cooperation seeks to avail the Ministry of Finance and Economic Affairs of The Gambia of the vast knowledge, experience and technical expertise that Nigeria has gained in the past 15 years of implementing TSA in particular and other public financial management (PFM) reforms in general.
“By so doing, The Gambia is properly guided as it implements its own TSA. The cooperation will enable The Gambia to leverage the experience of Nigeria to build on our strengths while avoiding our mistakes.
“We are happy to support The Gambia in their bid to implement TSA and other PFM reforms. We are also open to supporting other African countries which may want to build on our experience and significant progress in TSA implementation.
“It is our belief that African countries are better off learning from each other and supporting each other because of our shared culture and history.”
The minister urged The Gambia to muster the necessary political will before forging ahead with adopting the TSA.
She warned that it was better to secure the buy-in of topmost political actors in the country.
She stressed the importance of the synergy between the fiscal and monetary authorities.
She noted that the cooperation of other stakeholders such as the parliament; ministries, departments and agencies of government, banks and service providers was also important.
Ahmed urged those to drive the reforms to secure the support of the general public.
“As is the case in Nigeria, when you have their support, they will take it upon themselves to be against forces of resistance and any attempt at derailing the reforms,” Ahmed said.
In her remarks, the leader of the Gambian delegation to the MoU signing ceremony, the country’s Permanent Secretary, Ministry of Finance and Economy, Ms. Ada Gaye, explained that cooperation has helped them to understand the workings of the TSA.
“The Gambia wants to efficiently manage its funds; the fragmentation of accounting systems in The Gambia is huge. It is, therefore, noteworthy for The Gambia to adopt TSA,” she said.
She added that the government of The Gambia will create the needed sensitisation to help the people understand the process.
“Nigeria is the big brother while The Gambia is the small brother. We are happy to cement this brotherly love,” she said.
The Gambian High Commissioner to Nigeria, Mr Amadou Sheikh Oman Taal, also described Nigeria as a big example within the Economic Community of West African States (ECOWAS) region.
“We are trying to make reforms in our financial management. Therefore, this collaboration with Nigeria is very important to us. So, The Gambia Central Bank will get closer to the Central Bank of Nigeria (CBN) so as to learn and get the necessary experience,” he stated.
Governor of CBN, Godwin Emefiele, said the role of the apex bank was critical to the success of the TSA.
Represented by the CBN Deputy Governor, Operations, Adebisi Shonubi, Emefiele said Nigeria was currently realising additional benefits, which were never imagined prior to the commencement of the TSA.
According to him, it is important that the Central Bank of Gambia realises that its primary mandate of price stability will change as it assumes the back stock and corresponding bank for the country as a result of the TSA.
Emefiele said, “Nigeria remains a brother in the house and we are always willing to share our experiences, our gains and sometimes our pains. I know we will be a worthy ambassador of what the TSA has done in Nigeria, The Gambia and other countries in Africa.”
News
Osun Rep unveils N100m varsity scholarship


Osun Rep unveils N100m varsity scholarship
The member representing Iwo/Ayedire/Ola-Oluwa Federal Constituency of Osun State, Lukman Kayode Mudashiru, has earmarked N100 million to sponsor indigent students from the constituency for university education.
A statement on Saturday from his media office said successful applicants would be sponsored for four-year undergraduate programmes at Ahman Patigi University, Kwara State.
Mudashiru had set up a scholarship committee comprising respected individuals from the community in order to ensure transparency and efficient selection process.
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He said the goal of the committee was to identify and support indigent students based on merit, assuring that the committee would discharge its duty judiciously “to maximize its impact on the lives of our youths.”
The lawmaker said: “This initiative is a testament to our unwavering dedication to the educational upliftment of our community. We are determined to ensure that deserving students receive the support they need to pursue higher education.
“Education is the bedrock of development, and I am proud to deliver on my promise to support the aspirations of our youths. This scholarship program is an investment in the future leaders of Iwo, Ayedire, and Olaoluwa Local Government Areas, and I am confident that it will yield positive results for our community.”
Osun Rep unveils N100m varsity scholarship
News
Reps to monitor probe of military drone attack


Reps to monitor probe of military drone attack
The House of Representatives say it will monitor the investigation into the military drone attack that killed over 80 Nigerians in Kaduna State on Nov. 3.
Rep. Babajimi Benson, Chairman, House Committee on Defence, gave the assurance in a statement titled, “Tudun Biri tragedy elicits profound sorrow” in Abuja on Saturday.
He expressed regrets over the ugly incident, while tasking authorities of the Nigerian Army and other security agencies to prioritise the safety of civilians during operations.
He urged them to exercise utmost caution, and implement measures to prevent similar occurrences in the future.
He said: “The unfortunate incident in Tudun Biri community, Kaduna state, has cast a sobre mood over the hearts of all Nigerians; the House Committee on Defence is profoundly saddened by this regrettable incident.
“The loss of innocent lives in this tragic incident is heartbreaking, and our thoughts and prayers are with the affected families.
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“We would like to recognise the prompt admission of responsibility by the Nigerian Army following the accidental air strike.”
He commended various stakeholders who played crucial roles in alleviating the suffering of the victims.
He said the incident underscored the significance of exercising caution and precision in military operations, particularly in areas with civilian populations.
He said the committee acknowledged the complexities encountered by the Armed Forces of Nigeria in upholding security and addressing diverse threats across the country.
He commended the dedication and sacrifices exhibited by the Armed Forces and other security agencies in the service of the nation.
“It remains crucial for the public to steadfastly support our troops, acknowledging the intricate nature of the security environment in which they operate.
“The House Committee on Defence will closely monitor the investigations and work collaboratively with the military authorities to ensure that corrective measures are implemented to prevent the recurrence of such unfortunate incidents, ” he said.
Reps to monitor probe of military drone attack
(NAN)
News
Tinubu commiserates Saudi Royal family over death of Prince


Tinubu commiserates Saudi Royal family over death of Prince
President Bola Tinubu, on Saturday, commiserated with the Custodian of the Two Holy Mosques, King Salman of Saudi Arabia, and the Royal House of Saudi on the passing of Prince Talal bin Abdulaziz bin Bandar Al Saud who died in jet crash Thursday.
The Saudi Royal Court announced that Prince Talal Bin Abdulaziz died when the Saudi Arabian Air Force’s F-15SA fighter plane crashed in Dhahran on December 7.
However, it did not disclose the injuries that led to the prince’s death.
Talal, 62, who was on a training mission died alongside one other pilot.
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The last rituals for Talal will be carried out at the Imam Turki bin Abdullah Mosque in Riyadh, said the monarchy.
In a statement signed by his Special Adviser on Media and Publicity, Ajuri Ngelale, President
Tinubu expressed grief at the loss, acknowledging the departed Prince’s excellent and dedicated service to his country throughout his outstanding career in the Royal Saudi Air Force and the Saudi Intelligence Agency.
According to the statement titled ‘President Tinubu mourns Saudi Prince Talal Bin Abdulaziz Bin Bandar Al Saud,’ the President prayed God Almighty to grant repose to the soul of the departed, and comfort for the Royal House of Saud, the Kingdom, and all who mourn this irreparable loss.
Prince Talal joins a list of Saudi Royals who were either involved in or lost their lives in aviation accidents dating back to a 2017 helicopter crash that killed Prince Mansour bin Muqrin and seven others near the Saudi-Yemeni border.
Tinubu commiserates Saudi Royal family over death of Prince
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