The Federal Government has sustained a total amount of N16bn as transaction costs on the Treasury Single Account within the last two years.
The Accountant-General of the Federation, Ahmed Idris, revealed this on Sunday in Abuja.
Mr Johnson Oise, Director of the Accountant-General of the Federation, revealed that the Federal Government had been bearing the cost of spread of funds into the TSA and would not want to do so anymore.
Henceforth, the Federal Government would no longer accept the service charge on all payments to its Ministries, Departments and Agencies, such costs would be borne by the paymaster.
He further said, “Within the last two years, the government spent almost N16bn in this direction which ordinarily should be borne by the paymaster.
“So, it is time for Nigerians to pay for the services that they receive and the government will take whatever is due to it without sustaining cost.
But in the old tariff administration, the Federal Government were responsible for the charges on all transactions on behalf of payers.’’
Ahmed Idris said a lot had been done to give enough opportunity to understand the new tariff administration and for agreement, adding that the charges were nominal and accessible.
He also added that “they are opening up the market and it has to be a level playing field for all operators to operate and that is what will happen,”
The TSA enterprise, which took off in September 2015, had led to the closure of 20,000 bank accounts whereas over N8tn had been moved from banks to the CBN.
Alhaji Ahmed Idris the Accountant General of the Federation, said that TSA policy had helped the government to address a lot of barriers affecting the competence of public finance.
The AGF said that the government was currently enjoying a lot of profits from the implementation of the TSA policy.
He stated that for instance, the government had been able to block leaks which had branded the public sector before its beginning in September 2015.
Apart from blocking leaks, Ahmed Idris said the TSA enterprise had helped the government to overcome the weight of indiscriminate borrowings, thus saving the government a lot of bank charges associated with such borrowing.