Idris also said the TSA has eliminated the practice whereby commercial banks use public funds for investment.
Idris said “TSA became fully operational in April 2012 with 93 pilot MDAs accessing their allocations directly from the Consolidated Revenue Fund Account. Incrementally, MDAs on TSA went to 225 (2013), 345 (2014) and 706 (2015). Currently over 900 MDAs are on TSA.”
The AGF also said the number of government agencies enrolled in the account has increased to 976.
He also said the TSA was beneficial in the sense that it lets the government know how much it has at any point.
Idris said “TSA has also reduced the number of government bank accounts outside the CBN thereby strengthening controls, fast-tracking the MDAs compliance with the e-payment and cashless policy of the CBN and improvement in monetary policy management of the CBN with positive impact on inflation.”
He also said the TSA has eliminated the practice whereby commercial banks use public funds for investment.
The AGF also added that the system has reduced corruption.
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