The Federal Government collection through the technology driven collection system, Treasury Single Account (TSA) has crossed the ₦3 trillion mark, a key government document obtained by Technology Times has revealed.
TSA was fully implemented in June 2015 under a financial policy by the Federal Government to consolidate all inflows from the country’s ministries, departments and agencies (MDAs) by way of deposit into commercial banks, traceable into a single account at the Central Bank of Nigeria (CBN).
According to a report titled “The Global and Domestic Environment of Nigeria’s Economy”, obtained by Technology Times, TSA collections between June 2015 and April 2016 hit by the Federal Government has hit ₦3 trillion.
With the full implementation of the Treasury Single Account (TSA), authors of the report say the initiative has provided greater visibility of government revenues and cash flows thereby plugging loopholes for leakages with the new technology.
The Federal Government says that the “opaque accounting structure” of the Nigerian National Petroleum Corporation (NNPC) has been reconstructed to be more transparent with the closure of more than 40 accounts.
“As a corporate entity, NNPC is now accountable and more transparent in operations, publishing its monthly financial reports,” authors of the report say explain.
The report also revealed that Federal Government has identified more than 34,000 ghost workers, who were expunged from the Federal Civil Service, thus saving ₦2.29 billion monthly.
While highlighting General measures taken by the Buhari administration to stimulate the economy, the report says that technology has come in handy as enforcement of the Bank Verification Number (BVN) has ensured that the menace of “ghost workers” are being identified and dealt with, while looters with multiple accounts can no longer hide their loot undetected.
In addition to that is the declining crude oil price from $114 per barrel to about $38 per barrel against the backdrop of which Nigeria’s economy operates now.
The report says the global economic outlook has not been encouraging as there has been a general weakening of economic growth in emerging market economies and security challenges in different parts of the world.
These, it says, have had tremendous effect and influence on the direction of economic development and aspiration Nigeria is launching into.
In addition to that, the report says government is making effort to expand, deepen and boost manufacturing through small and medium enterprises and entrepreneurship.
Relevant policies for skill training, grants and other incentives are being rolled out to ensure that the manufacturing sector of the Nigerian economy comes alive to contributing very significantly to the economy.
It further revealed that data is being collated by the Economic Planning Office of the Vice President in conjunction with the World Bank as groundwork for social intervention for the poor.