CBN says TSA transaction now N13.53trn | Ripples Nigeria
Connect with us

Business

CBN says TSA transaction now N13.53trn

Published

on

Exporters rake in $1.16b in 3 months

According to a report by the Central Bank of Nigeria (CBN), value of transactions to the Treasury Single Account (TSA) for 2017 moved to N13.53 trillion.

This includes transactions of various Federal Government Ministries, Departments and Agencies, all of which has led to positive growth in the value.

The figure represents a 27.01 percent increase form the 2016 figure that stood at N10.65 trillion.

It also said the volume of transaction in the period under review grew by 3.84 per cent to record 39.7 million in 2017 as against the 38.24 million recorded in 2016.

Read also: Banks’ non-performing loans hit N2.2trn

According to the report released by its Banking and Payments System Department and made available on its website, the apex body attributed the growth to the rise in the number of MDAs’ accounts migrated to the TSA.

“In order to engender healthy competition and ensure effective service delivery, the Federal Government’s TSA payment gateway model was modified to accommodate other service providers.

“The aggregator model was developed to bring in more players into the e-collection process, thereby providing a level playing ground for all the Payments Service Providers, with NIBSS as the aggregator.

“The initiative was driven by the Federal Ministry of Finance with the Office of the Accountant General of the Federation as the implementing agency, in collaboration with the Central Bank of Nigeria,” the apex bank said.

Join the conversation

Opinions

Investigations

Sports

Latest Tech News