BREAKING NEWS: Technology saves country N4.7bn monthly on TSA, N20bn on IPPS

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President Buhari hails technology for saving money for Nigeria

President Muhammadu Buhari says federal government has consolidated about 20,000 accounts via implementation of the Single Treasury Account, TSA policy, resulting into about N4.7 billion monthly savings.

The President spoke on Tuesday, while declaring open the 2017 edition of  eNigeria Conference and  Exhibition organized by the National Information and Technology Development Agency, NITDA in Abuja.

The move he said is part of efforts by the administration to leverage ICT initiatives to fight corruption and transform the economy.

The theme of the event is: Fostering a Digital Economy Through  Local Content and Effective Regulations.

President Buhari hails technology for saving money for Nigeria

He also said that the administration through the implementation of the Integrated Payroll and Personnel Information System (IPPIS) and Bank Verification Number (BVN) had eliminated thousands of ghost workers, thereby reducing waste in the system and  saving government over N20 billion monthly.

‘‘My presence here today is a demonstration of our commitment and strong belief in using ICT as a major driver of our developmental governance and economic reform plans aimed at bringing about the true CHANGE we promised our people.

‘‘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,’’ he said.

The President said ICT sector is strategic in driving the productivity and efficiency in all sectors of the economy noting that the sector has so far recorded huge investments and contributed over 10 percent of the nation’s GDP, saying that government is making conscious efforts to see that the contribution continues to grow in the next few years.

 

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