Buhari: Nigeria saves N24.7bn monthly from BVN, TSA

President Muhammadu Buhari

President Muhammadu Buhari

President Muhammadu Buhari on Tuesday said the Federal Government enforcement of Bank Verification Number (BVN) has saved the nation N24.7 billion monthly.

Buhari said this when he declared open the 2017 eNigeria Conference, organised by National Information Technology Development Agency (NITDA) at the International Conference Centre, Abuja.

The president also disclosed that the implementation of the Integrated Payroll and Personnel Information System (IPPIS) and Bank Verification Number (BVN) had eliminated ghost workers and reduced waste, thereby saving the nation N20 billion monthly.

He said that the consolidation of 20,000 accounts had saved the nation N4.7 billion.

According the President, the TSA policy has also facilitated transparency, accountability and ease of transactions and payments between government and businesses as well as government and citizens.

“We have done a lot to transform our government, especially in the areas of strategy, policies and digital infrastructure investments.

“You may recall that on assumption of office, we enforced the policy on Treasury Single Account (TSA). Today, we are all witnesses to the impact it has made on our financial management.

“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.

Buhari described his presence at the event as a demonstration of his commitment and strong belief in using ICT as a major driver of developmental governance and economic reform plans aimed at bringing about the true change his administration promised Nigerians.

According to him, ICT is strategic in driving productivity and efficiency in all sectors of the economy.

He noted that currently, almost all sectors of the nation’s economy leverage on ICT to increase efficiency, productivity and performance.