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Nigeria’s Treasury Single Account boosts revenue and reduces borrowing — Kemi Adeosun Says
LAGOS, Nigeria, Capital Markets in Africa — Nigeria’s Finance Minister Kemi Adeosun said the government had collected more than 2.2 trillion naira (US$11 billion) since consolidating revenue into a single account tagged Treasury Single Account (TSA) and this may help reduce Nigeria’s borrowing requirements.
The Finance Ministry will determine how much of the funds in the TSA will be used to fund the 2016 budget and what will be left to pay for pending expenditure commitments, Mrs. Kemi Adeosun stated in a speech on Monday.
The current administration is aiming to collect as much revenue as possible to fund a 6.1 trillion naira amid of plunging oil prices. Also, President Burahi’s regime has pledged to fight corruption to make more funds available for infrastructure projects to key start the economy.
The government is currently in talks for loans worth US$3.5 billion from the World Bank and African Development Bank to help fund the budget deficit, estimated at 3 trillion naira.
The TSA has strengthens accountability and will ensure efficient management of government asset and liability management. The table below shows Nigeria foreign exchange reserves, from the Central Bank of Nigeria.
