Business
TSA: Group Calls For Legislation, Review
The United Global Resolve for Peace (UGRFP) has called on the federal government to propose a bill to the National Assembly to make the operation of the Treasury Single Account (TSA ) Constitutional.
In a statement issued in Abuja last Wednesday, Director of the UGRFP, Shalom Olaseni, said that such legislation would ensure that no new government in the future can abolish the policy.
He also called on the government to reduce the N150 per transaction charge unilaterally imposed by the Central Bank of Nigeria (CBN) on Nigerians.
According to Olaseni, the transaction charges should be reduced to N50 and should be borne by the government and not by Nigerians.
He said that the position of the group was made known when it met with stakeholders in the Office of the Accountant-General of the Federation, led by the Director, Treasury Single Account (TSA).
Olaseni said that the group used the opportunity to again condemn the imposition of charges on Nigerians as well as the non-compliance of some agencies of government with the policy.
The group stated its commitment to work with the public and private sector in ensuring that the scheme is not hijacked nor brought to ruin by incompetence, shady deals and negligence.
“We reiterated our position that paying N150 is a needless cost borne by the Nigerian public. It is our position that there is indeed room to review the service charge from N150 to no more than N50 payable per transaction and at the expense of government.
“The Treasury Single Account is a government programme not unlike other infrastructural engagements such as road building and construction of bridges. It is only fair that such expenses be borne by the government paid prior or in arrears as circumstances demand.
“It is also our position that there is an urgent need to legislate on the treasury single account scheme to give it a legal instrument that makes it not just a state policy but one that cannot be arbitrarily done away with by consequent governments.
“In the next few weeks, we shall be detailing our plans to hold a conference as a referendum on the TSA policy to discuss its gains, challenges and areas for caution,” he said.
Giving insights into the meeting with the TSA Director, Olaseni said that the Director disclosed that the TSA policy was at 100 per cent compliance with only a very few agencies still defaulting.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
