8 November 2017

Nigeria Saving N24bn Monthly From Operating TSA, BVN Policies

Abuja — President Muhammadu Buhari disclosed yesterday that Nigeria realises a whopping N24.7 billion monthly from the implementation of the treasury single account (TSA) and the enforcement of biometric verification number (BVN).

Buhari gave the hint at the National Information

According to him, a renewed focus on information and communications technology (ICT) has had positive effects on the nation's economy.

He noted that the sector has recorded huge investments and contributed over 10% of the nation's Gross Domestic Product (GDP).

The president said enforcement of the policy on TSA has so far consolidated over 20,000 accounts, resulting in about N4.7 billion monthly savings.

Similarly, President Buhari said the implementation of the Integrated Payroll and Personnel Information System (IPPIS) and BVN has helped to eliminate the menace of ghost workers, thereby reducing waste in the system by saving government over N20 billion monthly.

Buhari regretted that MDAs and other government establishments import about 80 per cent of ICT hardware purchases through local distributors of Original Equipment Manufacturers (OEMs).

He explained that this makes it difficult for the government to benefit from the dividends of continuous procurement and consumption of ICT infrastructure and limited value retention within the country.

He said as the most populous country in Africa, there are huge opportunities for ICT manufacturing in Nigeria and when harnessed, it will provide job opportunities for the teaming youths, enhance the quality of locally produced infrastructure, reduce cost of acquisition and increase government revenue.

Buhari said, "We have done a lot to transform our government especially in the areas of strategy, policies and digital infrastructure investments. You may recall that on assumption of office, we enforced the policy on Treasury Single Account (TSA). Today, we are all witnesses to the impact it has made on our financial management.

"We have so far consolidated over 20,000 accounts, resulting into about N4.7 billion monthly savings. In addition the policy facilitated transparency, accountability and ease of transactions and payments between Government and businesses as well as Government and citizens.

"Another initiative leveraging on ICT and making huge impact on the economy is the introduction of the Integrated Payroll and Personnel Information System (IPPIS) and Bank Verification Number (BVN). Its implementation has helped to eliminate the menace of ghost workers thereby reducing waste in the system by saving government over N20 billion monthly.

"This administration recently issued an Executive Order mandating all ministries, departments and agencies to give preference to locally manufactured goods and services in their procurement of information technology services.

"Such measures are part of the deliberate efforts at encouraging local manufacture of ICT infrastructure, creating job opportunities, providing investment opportunities as well as strengthening our currency".


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