The Minister of Finance Wale Edun has revealed that billions of naira belonging to the Federal Authorities remained exterior the Treasury Single Account (TSA) till as just lately as August 2025.
He made this recognized whereas talking on Monday evening throughout a dinner on Fiscal Coverage on the thirty first Nigerian Financial Summit in Abuja.
He revealed that regardless of longstanding directives, substantial authorities funds stay exterior the TSA and should not domiciled on the CBN.
“It’s our willpower to verify we herald each single penny,” Edun stated. “There’s federal authorities cash mendacity exterior the TSA, mendacity exterior of the Central Bank, and it requires enforcement, consensus and the fitting use of know-how.”
In response to Edun, plugging fiscal leakages and enhancing public monetary administration are on the coronary heart of President Bola Tinubu’s reform agenda, which is being carried out in three phases — stabilisation, restoration, and progress.
As a part of this effort, Edun disclosed that the federal authorities carried out a central billing system from October 1, enabling real-time reconciliation of funds, which he described as a “recreation changer” for income assortment.
“Prior to now, in the event you paid a part of your invoice, there was no technique to reconcile it. Now, in the event you pay 20 out of 100, the system tracks the 80 receivable. That’s the distinction know-how could make,” he stated.
The Minister additionally made a shocking revelation that till August 1, 2025, the federal government lacked full visibility into its personal funds on the CBN.
“Regardless of all of the efforts, it took us until August 1 this yr to have a scenario the place we might see the federal authorities’s accounts on the CBN,” Edun stated. “Such is the political financial system of paperwork and governance.”
Know-how enabling FG’s reforms
The minister famous that regardless of the constraints, know-how helps to form the federal government’s reform agenda.
He defined that the constraints have severely constrained planning and monitoring, and was a significant barrier to credible public finance reform. Nevertheless, he added that know-how is now enabling a speedy turnaround.
The Tinubu administration’s financial reform agenda has targeted on correcting long-standing distortions — notably the unification of change charges and the removing of petrol subsidies — which Edun described as “market corrections” mandatory for restoring macroeconomic stability.
“Confidence has risen and the financial system is essentially secure at this stage,” Edun stated. “The information doesn’t lie. Inflation is easing, the naira is comparatively secure, industrial progress is above 7 p.c, and agricultural manufacturing is on the rise.”
He acknowledged, nevertheless, that inflation stays excessive at round 20 p.c and famous that additional fiscal and financial tightening can be wanted to deliver it beneath management.
He emphasised that the social value of reform — particularly on the poor — is being addressed by means of direct money transfers and social funding programmes.
“We’ve focused 15 million households, and eight.1 million have already obtained direct transfers,” he stated, reiterating President Tinubu’s insistence on a gold-standard system that ensures every beneficiary is biometrically verified and paid digitally.
Edun additionally touched on expenditure reforms, noting that the federal government is prioritising capital initiatives and slicing down on waste.
He revealed that discussions with the Nationwide Meeting are ongoing to make sure a well timed return to the January-December funds cycle — a key step to restoring funds self-discipline.
“We’re working with the Nationwide Meeting to return to the January-December funds cycle,” he stated. “No extra extensions of budgets into the subsequent yr, which trigger dislocation and confusion.”
Edun known as for collaboration between the private and non-private sectors, stressing that sustainable progress and poverty discount can solely be achieved by means of a mixture of innovation, funding, and focused social help.
“Nigeria is turning into increasingly more investment-ready,” he stated. “And the proof is pointing in that course. What’s being rewarded now could be innovation and productiveness, not privileged entry to distortions.”
What it’s best to know
The TSA is a unified banking framework that consolidates all authorities funds and receipts to reinforce monetary management.
It was launched to enhance transparency, guarantee efficient money movement administration, optimize borrowing prices, and remove inefficiencies from sustaining a number of accounts throughout monetary establishments.
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