Nigeria signs MoU on Treasury Single Account with The Gambia

Nigeria's Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has urged the Gambian delegation to work assiduously to…

Nigeria’s Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has urged the Gambian delegation to work assiduously to institutionalise the Treasury Single Account (TSA) as it remains a catalyst for economic growth.Speaking at the signing of a Memorandum of Understanding (MoU) between Nigeria and the Republic of The Gambia on the TSA on Tuesday in Abuja, the Nigerian Minister described the implementation of the as a huge success, with gross collection between August 2015 and February this year at N19 trillion.

She said that the TSA implementation had resulted in improved cash management capabilities, better alignment of borrowing with aggregate bank balance, mitigation of risks of inflation, ability to determine Federal Government’s consolidated cash position, better control and oversight, among other benefits.

Ahmed said the cooperation with the Gambian Government seeks to deepen collaboration in information sharing and technical skills deployment in public financial management reforms.

“By so doing, The Gambia is properly guided as it implements its own TSA. The cooperation will enable The Gambia to leverage on the experience of Nigeria to build on our strengths while avoiding our mistakes.

“Judging by the passion so far shown by The Gambia, I have no doubt that they are on the right path to a successful TSA implementation,” she said.

She advised the Gambian delegation “to secure strong political support to deal with the heavy lifting that comes with PFM reforms”.

 “Next in line is to assemble the right team of competent and committed reformers with in-depth knowledge of PFM. Upon that team will rest the responsibility of translating policy into action and by so doing, ensure that your TSA expectations are met,”  local media report on Wednesday quoted the minister as saying.

Responding on behalf of the visiting Gambian delegation, Ms. Ada Gaye, Permanent Secretary, Ministry of Finance of The Gambia, expressed delight to be in Nigeria to sign the MoU, adding that the tour has helped them to understand the workings of the TSA better.

“The Gambia wants to efficiently manage its funds; the fragmentation of accounting systems in The Gambia is huge. It is, therefore, noteworthy for The Gambia to adopt TSA.

“We are going to create the needed sensitisation to help the people of The Gambia understand the process. Nigeria is the big brother while The Gambia is the small brother. We are happy to cement this brotherly love.”

In his remarks, the Gambian High Commissioner to Nigeria, Amadou Sheikh Oman Taal, said Nigeria is a big example within the Economic Community of West African States (ECOWAS) region.

“We are trying to make reforms in our financial management. Therefore, this collaboration with Nigeria is very important to us. So, The Gambia Central Bank will get closer to the Central Bank of Nigeria (CBN) so as to learn and get the necessary experience,” he said.

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