Adeosun 'N2.9 trillion in TSA will not be used to fund 2016 budget,' minister says

Adeosun added that using the money in the TSA to fund the budget as suggested by legislators is not the best decision amidst liquidity problems rising from the increase in global crude oil prices.

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Nigeria's Finance Minister Kemi Adeosun speaks after the inauguration of the Efficiency Unit during an exclusive interview with Reuters in Abuja, Nigeria, November 30, 2015. REUTERS/Afolabi Sotunde play Nigeria's Finance Minister Kemi Adeosun speaks after the inauguration of the Efficiency Unit during an exclusive interview with Reuters in Abuja, Nigeria, November 30, 2015. REUTERS/Afolabi Sotunde (Reuters)
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Kemi Adeosun, Minister of Finance, during an interview with CBN officials and other government officials on the 2016 budget, said that the amount in the Treasury Single Account had risen to N2.9tn but it will not be used to fund the budget.

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Adeosun added that using the money in the TSA to fund the budget as suggested by legislators is not the best decision amidst liquidity problems rising from the increase in global crude oil prices.

She said the TSA funds will be used by different agencies, to fund various projects, as they have rights to access the funds.

Adeosun said that the government had commenced the training of its personnel on the operation of the TSA such that any agency of government that needed its share of the funds in the account would not find it difficult accessing it.

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Joseph Nnana, deputy governor, financial system surveillance, CBN who was present at the meeting indicated that about $20 billion lying idle in various domiciliary accounts.

He added that though some privileged Nigerians might be behind the continuous rise in dollar against Naira, but the CBN is embarking on an aggressive liquidity mop-up to enable the naira regain confidence.

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