Since the start of the implementation of the Treasury Single Account (TSA) in 2012, the Federal Government has collected over N10tn from 1,674 Ministries, Departments and Agencies.
The TSA initiative, which is one of the public financial management reforms, had led to the closure of over 20,000 bank accounts.
The Director of Information Technology Department in the Office of Accountant-General of the Federation, Mr Afolabi Ajayi, said this in a presentation on Thursday in Abuja at a Peer Review Mechanism of MDAs in Abuja to the Head of Civil Service of the Federation.
Ajayi stated that under the TSA, the government had been able to save over N45bn monthly interest on its borrowings from banks.
He disclosed that N50bn revenue from MDAs had so far been mopped up from commercial banks as a result of the TSA implementation.
Ajayi also told the delegation led by the Head of Service, Mrs Winifred Oyo-Ita, that from April 2007 when the Integrated Payroll and Personnel Information System commenced to February 2018, over N288bn had been saved.
He said the savings were as a result of the difference between the amount the government would have released to MDAs, based on appropriation and the actual amount released and paid through IPPIS.
Ajayi stated that from the period when the IPPIS was introduced till date, 506 MDAs with total staff strength of 344,625 were on the platform.
He said, “Since IPPIS commenced, many departments and agencies, having realised that personnel cost was no longer coming to them for direct disbursement, had embarked on recruitment to utilise their approved manpower/personnel budget so much so that between September 2011 and now, many Nigerians had been employed in the IPPIS MDAs, thereby reducing unemployment in the country.”
Earlier, the Accountant-General of the Federation, Ahmed Idris, said his office had fully digitalised its function, particularly those driving public finance reforms initiatives.
He said the purpose of the review was to share ideas among MDAs with a view to improving service delivery.
This, he stated, would help to actualise government policies and programmes for the development of the nation.
He said the thematic areas outlined to drive the review were dynamic, robust and directly linked to the Federal civil service strategy and implementation plan for 2017 to 2020.