More than N2.7 trillion had been realised under a single account domiciled at the Central Bank of Nigeria, Ahmed Idris, the accountant-general of the Federation said.
He also said that the cost of borrowing by government agencies had been reduced substantially and that the economy was already a beneficiary of the policy.
“The monies are stimulating the economy in a way that delivery of social goods, services and efficiency in government expenditure are being achieved.
“So I believe that they are already serving the purpose for which they are meant and they are within the economy.’’
He said he was optimistic having seen the benefits of the TSA policy to the Federal Government, states governments would key into it.
Idris said that any insinuations that the policy would lead to laying off of staff by deposit money banks was unfounded as the policy was not intended to disrupt the operations of those banks.
He, therefore, advised commercial banks to re-strategise on how to make profit without relying on government funds.
“I think banks need to really focus themselves and re-direct themselves to face traditional banking business and not rely heavily on public resources.
“They should be more strategic and focused and I believe that they will be better for it.’’
The TSA policy was introduced in Sept. 2015 to ensure that government resources are centralised in a single account.
It was introduced to block leakages in the system to ensure transparency and efficiency in the management of government resources.