Home BANKING & FINANCE Revenues Still Leak Despite TSA – Finance Minister, Adeosun

Revenues Still Leak Despite TSA – Finance Minister, Adeosun

KEMI ADEOSUN FINANCE MThe minister of finance, Kemi Adeosun has said that despite the introduction of Treasury Single Account, it has been discovered that revenues are still leaking.

Adeosun, who spoke on Channels Television programme today, Thursday, promised that efforts are being made to completely block the leakages.

The minister, who said that Muhammadu Buhari government is borrowing to pay salaries and meet its obligations, insisted that the government has focus, adding: “we have a planned economy. We are going to pump N350 billio into the economy until we see growth.”

Adeosun admitted that there are no quick solutions to the current economic woes, but that the job will be done painstakingly and “we will come out of it better.”

Reacting to the former minister of education, Mrs. Oby Ezekwesili who said that the Buhari administration’s economic policies would hurt the poor, Adeosun said that the government has a planned economy and does not operate a command and control economic system as alleged by the former minister.

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She said that N19 billion was spent on road construction in 2014 while a whooping N64b was spent on government travels even as she said that Travel Expenditure will drop by about 20 percent  resulting in a cost-cutting of N13.88 billion.

She said that such large savings from Travel, which should ordinarily not be a major expense item for the government, will become available for investment in capital projects such as roads, power, railways and public health facilities.

According to the minister, to reduce the incidence of cash, the deployment of Ministerial Debit Cards is being piloted to reduce stealing by government officials and to trace spending.

Adeosun, confirmed that the Buhari administration is seeking for loans from foreign lenders. [myad]