The Accountant General of the Federation (AGF), Alhaji Ahmed Idris, said the introduction of the Treasury Single Account (TSA) is boosting government revenue collection drive and blocking leakages as well as ensuring timely disbursement of funds to beneficiaries of the Federation Accounts, among other advantages.
Idris made the disclosure during separate courtesy visits to his office by the managements of United Bank for Africa (UBA), Access Bank and Zenith Bank.
He said the TSA is part of the reforms of the government to institute a more effective and transparent management of public finances in the country.
Idris added that compliance to the Presidential directive on the implementation of TSA is to promote transparency and facilitate compliance with sections 80 and 162 of the 1999 Constitution as it paves way for the timely capture and payment of all due revenues into government coffers.
The TSA is a unified structure of government bank accounts enabling consolidation and optimal utilisation of government cash resources. It is a bank account which the government transacts all its receipts and payments and gets a consolidated view of its cash position at any given time.
The system also eliminates losses and leakages of legitimate revenue meant for the Consolidated and federation accounts.
Meanwhile, the AGF has disclosed that there had been noticeable improvement in Non-Oil revenue against Mineral Revenue in July 2015, which was disbursed last week at the meeting of the Federal Account Allocation Committee (FAAC).
In a communiqué he issued at the FAAC in Abuja, Idris presented about N511 billion for distributions to the beneficiaries of the Account.
The allocation comprised the month’s Net Statutory revenue of N411.866 billion, Value Added Tax of N71. 947 billion and an Exchange gain of N6.409 billion.
In the net statutory allocation, the Federal Government received N202 billion (52.68%); state governments received N102billion (26.72%); local government councils received N79 billion (20.60%), while the Oil Producing States received N28.209 billion as 13% derivation revenue.
On the net revenue from the Value Added Tax (VAT) of N71.947 billion, the Federal Government received N10.792 billion (15%); states received N35.974 billion (50%), while the local government councils received N25.181 billion (35%).
Other allocations made at the meeting included the refund of N6.33 billion by Nigeria National Petroleum Corporation (NNPC), exchange gain of N6.409 billion, among others.
Idris attributed recent shortfall in the oil revenue to shut-down and shut-in of production for maintenance and emergency repairs as well as declaration of Force Majeure by SPDC.