Nigeria on Tuesday signed a Memorandum of Understanding with The Gambia to avail the foreign nation Nigeria’s vast knowledge, experience and technical expertise on the implementation of the Treasury Single Account.
Minister of Finance, Budget and National Planning, Zainab Ahmed, who signed on behalf of Nigeria in Abuja, said the MoU was based on the recommendation of the International Monetary Fund.
She also told her guests that Nigeria was saving about N45bn monthly through the implementation of the TSA, adding that The Gambia had in 2019 requested for technical cooperation with Nigeria to support its own transition to TSA.
In her remarks at the MoU signing ceremony, the minister further stated that Nigeria would export other Public Financial Management reforms to The Gambia.
On the benefits of TSA implementation in Nigeria, Ahmed stated that it had helped the Federal Government to make monthly savings that run in several billions of naira.
Speaking for her team, the Permanent Secretary, Ministry of Finance, The Gambia, Ada Gaye, said the visit to Nigeria had helped them to understand the workings of the TSA, adding that her country would adopt the initiative in managing its finances.