How Technology Deployment saves Nigeria N24.7bn monthly

The implementation of Treasury Single Account which is built on information technology saves Nigeria N24.7bn monthly, according to an ICT expert.

Image source: Financialwatchngr.com

 Treasury Single Account (TSA), a financial policy, was introduced by the Federal Government of Nigeria to combat Corruption.

Director- General of the National Information Technology Development Agency, Dr Isah Ibrahim, while speaking at a summit titled ‘Re-imagining the future of Nigeria’, said that -

  "the Federal Government (of Nigeria) had recorded some successes in the deployment of technology to solve local challenges and the unflinching commitment of the government to stamping out the menace of corruption led to the implementation of Treasury Single Account driven essentially by information technology, saves the country N24.7bn monthly."

TSA was proposed and partially implemented by the Jonathan led Administration in 2012 and fully implemented by the Buhari Administration to consolidate all inflows from all agencies of government into a single account at the Central Bank of Nigeria.

According to ThisDay Newspaper, the TSA initiative, through Remita, the integrated electronic payments and collections platform developed by a company called SystemSpecs,  has enabled the Federal Government of Nigeria to take full control of over 3 trillion Naira ($15 billion) of its cash assets as at the end of the first quarter of 2016.