Ifeanyi Onuba, Abuja

The Federal Government has within the last two years incurred a total amount of N16bn as transaction costs on the Treasury Single Account.

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, Mr 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.

The statement said, henceforth, the Federal Government would no longer bear the service charge on all payments to its Ministries, Departments and Agencies as such costs would be borne by the payer.

It said, “Within the last two years, the government spent almost N16bn 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.

“In the old tariff regime, the Federal Government bore the charges on all transactions to the service providers on behalf of payers.’’

Idris said 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.

“By negotiable, I mean by the introduction of more players in the market, definitely the charges will come down from whatever they are now, but right now discussions are going on to make the charges as minimal as possible.

“We are liberalising the market and it has to be a level playing field for all operators to operate and that is what will happen,” he added.

The AGF said that the Central Bank of Nigeria, as the regulator which stipulates the rates of the charges, would always intervene if any service provider charged beyond the approved rate.

The TSA initiative, which took off fully in September 2015, had led to the closure of 20,000 bank accounts while over N8tn had been moved from banks to the CBN.

A total of 1,674 MDAs have been enrolled on the TSA platform.

The Accountant General of the Federation, Alhaji Ahmed Idris, had said that the TSA policy had assisted the government to address a lot of impediments affecting the efficiency of public finance.

The AGF said that the government was currently enjoying a lot of benefits from the implementation of the TSA policy.

For instance, he stated that through the policy, the government had been able to block leakages and abuses which had characterised the public sector before its commencement in September 2015.

Apart from blocking leakages, Idris said the TSA initiative had assisted the government to overcome the burden of indiscriminate borrowings by MDAs, thus saving the government a lot of bank charges associated with such borrowing.



https://punchng.com/fg-incurred-n16bn-transaction-costs-on-tsa-agf/

They saved 10b by using TSA but incurred 16b as running costs
Nigeria is full of scam

It's not worth it

The Nigeria government is the new MMM. Nothing but fraud!!

Wow impressive

The country is not in good shape at all.

YOU CANT incur the costs of what you implement and tout around as one of your achievements, all in the name of stupid efficiency. i wonder what kind of administration this APC led government is running, you've run the economic base aground now what ought to be a seamless transition of revenue into ur useless budgetary account, that is fuckingg useless to an average Nigerian... you still can't maintain such process..so whoever is paying revenue to the single account shld bear the cost of such payment??
this is an illiterate administration!!

Nigeria is a ponzi scheme

Nigeria is a failed state... Tottering on a precipice. When you've got a clueless dullard as President, what's more?

Nigeria MMM

Isoright

H

The Lazy and Dubious Government is introducing another way of stealing from its citizens. We always pay charges for any payment going to TSA, so don't know which charges they've been paying for.

Ok let us the math. Subtract the cost incurred Fri the money saved from running the lets see if we are running at a lost.

Thunder fire una!
You will never kno peace in ur graves!
So all the #200 extra charges way we they pay remita na una father! Money be that?
Shameless perverts!

The benefits outweigh this N16B so the FG should just just try how to minimize it. Had the various agency be borrowing from elsewhere outside the pool of fund .The cost of servicing the loan.

lets change the name of the country to one chance

but why?

Yankee101:
It's not worth it

Are you a beneficiary of the old regime?

is this country cursed

Standardcosting:
Which service cost?

What stops Remita from reducing the charges or having a government agency to handle the payments.

Remita has added money to its own transaction costs.

They have come again,thieves and scammers

Lol...most of the commenters don't seem to understand what is going on here.

We have been told numerous times that the cost on TSA receivables was at 1% of any of such transactions. If this holds true, then it is safe to believe that #16b is 1% of the monies received into the TSA.

The questions now should be, how much is in the TSA account. We should be asking questions and holding these guys to accountability.

Na God dey open their nyansh for us so and this is the major disadvantage of living a lie. You'd always forget your old lies and shoot yourself on the foot or keep on telling more lies to cover up previous lies.

Shege barawo banza idiots...

What do u expect from a N6 trillion budget?

You don't just throw figures around anyhow, what and what did you guys pay for? 16billion just to get money into TSA?

Robbing Peter to pay Paul...
The said the past administration was corrupt but this current one is on a whole new level....
Dasuki come and learn oo

Fatherkim001:
Wow impressive

look at this one

This is Fraud.

How much Tax is paid by the Company that receives the 16bn as Service Charge ?

Who are the owners of the Company managing the TSA ? Looking into those companies, e no go pass Holy Buhari Cabal relatives.

So much for 'Change' and 'Integrity' & Anti-Corruption era

lol

Horrible accounting, terribly assembled team

Please dear Nigerians, they have to go