The Federal Government is planning to reduce the amount of borrowing needed to fund the 2016 budget from funds mopped up from government agencies through the implementation of the Treasury Single Account.

The 2016 budget, which has been submitted by President Muhammadu Bubari to the National Assembly, has a deficit of N2.2tn.

The deficit, according to the fiscal document, is to be financed through the borrowing of N1.84tn made up of domestic borrowing of N984bn and foreign borrowing of N900bn.

There are anxiety in government circles that the deficit may rise to about N3tn as a result of the global drop in oil price, which is currently selling below the $38 per barrel budget benchmark price.

But speaking on Monday at a workshop on TSA for the accountants-general of the states in Abuja, the Minister of Finance, Mrs. Kemi Adeosun, said the over N2.2tn, which has so far been recovered from government agencies through the TSA, would assist in reducing the volume of borrowing.

She said the current issues and challenges surrounding cash flow management had re-enforced the need to ensure that scarce resources at the disposal of the federal, state and local governments were prudently and efficiently managed.

Adeosun described the workshop as apt and timely, as it came at a time when the global economic downturn was creating challenges that demanded efficient and effective management of cash resources.

She explained that the TSA was an essential reform for any government wishing to pursue fiscal sustainability and prudent management of its resources.

Outlining some of the benefits of the TSA, the minister said it would increase accountability and transparency, improve the processing of payments and collections, and reduce borrowing costs.

Adeosun said, “The global economic challenges, which are affecting our nation, demand optimum efficiency in the management of public funds. These objectives require an overhaul of the financial management approaches adopted to meet financial obligations on time and ensure that cost effective financial support is provided to public institutions.”

Source:http://www.punchng.com/fg-to-cut-n1-84tn-borrowing-through-tsa-recovery/

this a good develodment considering the fact that it will halt the move that will lead the country into more debt.

FTC! IT IS TRUELY MY FIRST!

Using english to deceive people, using pen to write in the whole money.

Clueless! Do u recover your own money in 20accounts now consolidated in one account? They should stop propaganda and distortion with spurious figures that can incite the public! Apc just don't get.

Awesome news!! I'm all for less borrowing. This is the reason the IMF suggested looking within. Soon we'll be able to fund our entire budget without borrowing and largely reduced dependence on oil revenue.

How will wailers wail at this news... let's stay tuned!!

tuniski:
Clueless! Do u recover your own money in 20accounts now consolidated in one account? They should stop propaganda and distortion with spurious figures that can incite the public! Apc just don't get.

More like 17,000 accounts.

I agree with you this figures could incite public jubilation since we now have to borrow less.

lalasticlala sef!

What about the EFCC cash recovery?

Sebi day sed EFCC has recovered over 1 trillion naira, some sed its $2 trillion dollars so far(in 5D)?

So wia does all dat money go to? Abi dem just day give us figures to shop belleful ba?

Clerverly:


Clueless IPOB Youth! Those 17,000 accounts were hitherto, maintained by the Agencies and Departments, who generate, Consume(loot) and return little or nothing to the coffers of government..

However, with the coming of TSA, the government now control, dispense and give to those agencies and department what they actually need to function leaving little or nothin for them to loot...

IPOB must be giving u nightmares! Anyway, I am yoruba and a northerner. Yeye zombie. TSA is only an audit tool not an increase in revenue however,it helps in reducing leakages on one hand but introduces bottlenecks that could lead to eventual erosion of same saved leakages.
Bottom line it is basically a snap shot of government revenue cycle at any given time. The propaganda is sounding as if such reflection has no expenditure side!

Na only God get right to punish buhari and apc for all this their scam

Foolish and stupid FG

"from funds mopped up from government agencies through the implementation of the Treasury Single Account."



I thought a thread I read some days back said the money were recovered from looters?
Guess the first name that came to mind?.......D*A*S*U*K*I.

Politicians sha, so up till now we have not recovered shi-shi from any of the so called yam eaters?

Good news i suppose.

Nice

Nice , hope not to fund that budget of corruption.

Great

"Minister of Finance, Mrs. Kemi Adeosun, said the over N2.2tn, which has so far been recovered from government agencies through the TSA, would assist in reducing the volume of borrowing."Amazing action

- 2015 (dr Ngozi advised dr Jonathan to borrow in FULL to finance deficit & he did)
- 2014 (ditto)
- 2013 (ditto)
- 2012 (ditto)
- Jonathan sef ...at least we can see the difference....this amount is excluding our external reserves of $28bn
- do you know that N2.2trn equals to $11.1bn

Better

Yiiippee

As far Buhari lives and is in control of affairs of this country, I have no doubt that Nigeria is in a safe hands

excellencyabia1:
Using english to decisive people, using pen to write in the whole money.

You need to improve your grammar my brother

To decisive people?

Na wa ooo

tuniski:
Clueless! Do u recover your own money in 20accounts now consolidated in one account? They should stop propaganda and distortion with spurious figures that can incite the public! Apc just don't get.

Let me educate you a lil, I once worked for a company that came to nigeria with a software, they approached some government hospitals and asked how much they make annually, after being told the guy told them if the software is used they will make nothing less than double of the figure and any year the money ain't complete he would refund the balance, ever since the software had been running before I left the country some years back they had been making more than triple of what they made annually before.
The TSA just erradicated some individuals account used in some ministries instead of the official Acct, do you know with the TSA every ministry can easily be investigated when they deposit below what they were expected to deposit? You don't just come online to trash a good idea cuz you hate the person spearheading the battle. #Shalom

They would still be angry at this news. They are programmed to be angry at everything.

Misery is all they see, misery is all they dwell in, misery is all they embrace. Bitterness keeps them breathing, take it away from them and see them wilt like vegetables planted in Sahara desert.

Slowly but surely, we will get there.

God bless Nigeria.

Change is being effected with small 'change'. Wailers, this one na sand in da Garri oh.

Don't slash anything, go on with the borrowing and stop the 50naira collection from our accounts.

I know some zombies will still come after me, but am saying my mind.

Nice one FG..



President Buhari, I apologize for voting you 8 years too late.

If I hear

When will IPOB start Twitter campaign to oppose this?

Clerverly:


Clueless IPOB Youth! Those 17,000 accounts were hitherto, maintained by the Agencies and Departments, who generate, Consume(loot) and return little or nothing to the coffers of government..

However, with the coming of TSA, the government now control, dispense and give to those agencies and department what they actually need to function leaving little or nothin for them to loot...

do not mind that foolish fool

What the hell is wrong with us Nigerians. When the budget was submitted you guys cried for almost a month that they they borrowing 2trillion to finance the budget and now someone came out to tell you there is an alternative and yet you keeping crying it is a scam!! Seems you guys just love crying

Maybe it's time I venture into tissue paper bizness

tuniski:
Clueless! Do u recover your own money in 20accounts now consolidated in one account? They should stop propaganda and distortion with spurious figures that can incite the public! Apc just don't get.

You don't have any clue the importance of TSA to the nation and how much government has recovered using it and that is why we keep educating you guys happening things in the nation and stop all these stubbornness in court and on the streets.