E-Financial
FG Collects 7trn Through TSA
The federal government collected the sum of N7 trillion through the Treasury Single Account between January and November, this year.
The Minister of Finance, Budget and national Planning, Mrs. Zainab Ahmed, disclosed this while inaugurating TSA Supervisory Board and Inter-Ministerial TSA Implementation Committee, in Abuja, yesterday.
Her words, “Aggregate collection of N7 trillion was made from 22 million transactions between January and November, 2021while N19 trillion worth of payments were processed from 20 million transactions within the same period.
“This goes to show the enormous volume of transactions processed on the TSA platform and the need to leverage on the onboarding of additional PSSPs to reduce the cost of collection which is currently N150 per transaction.
“Government is of the opinion that there is sufficient room for reduction in cost of collection to no more than N50 per transaction. I strongly believe that given the volume of transactions, N50 per transaction is fair consideration for collection services.”
The minister disclosed that more Payment System Service Providers (PSSP) would be brought into the TSA.
At the onset, she said: “Participation of more than one Payment System Service Provider (PSSP) was however a challenge at the time. The Government Integrated Financial Management Information System (GIFMIS) which was the first TSA management application was designed to interface with T-24, the CBN core banking application through a single payment gateway.
“The original intention was to use the Real Time Gross Settlement system (RTGS) to be provided by the Central Bank of Nigeria (CBN). Unable to provide the service at the time, CBN opted for SystemSpecs/Remita after a rigorous competitive procurement process.
“That initial constraint ultimately paved the way for Remita to become the dominant TSA PSSP. Notwithstanding the obvious constraint, we insisted that other service providers should be accommodated in the TSA collection process provided they are integrated with Remita. The reason is that without such integration, it would be difficult to keep track of transactions in diverse, stand-alone collection applications.
“This singular act, innocuous at the time and borne out of our desire to do the right thing has unfortunately been misunderstood, generated too much controversy and become a source of needless distraction for everyone.”
Consequently, she said, “Through the work of the Committees being inaugurated today, we expect to finally open the TSA to multiple service providers to put an end to the agitations and discontent of the past.”
Mrs. Ahmed described TSA as the most effective platform in the transaction of government businesses, she said.
Her words, “Of all our reforms, TSA is arguably the most popular both locally and internationally. As a public trust, Nigerians of all works of life monitor its progress and voluntarily report observed non-compliance to appropriate quarters.
“Our TSA experience has been a pleasant one. The centralization of our banking arrangement has made it easier to determine government cash balances, reduce cost of borrowing, enhance liquidity, block leakages and improve internally generated revenue performance.
Using the TSA platform, we have since automated direct deduction of operating surplus of eligible agencies. At the last count, 16 agencies are covered and more will be added in the coming months.
By 8 am on July 9, GTCO Holdings is set to commence trading on the London Stock Exchange.
As the group is set to list all its shares on the London Stock Exchange, becoming the first Nigerian banking entity to do so.
This is as the group launches a public offer of new ordinary shares to raise approximately $100 million on the London Stock Exchange.
The equity offering, which is an accelerated bookbuild and managed by Citigroup, began on July 2 and is to last until July 31.
On July 31, the group announced that it would cancel the listing of its Global Depositary Receipts (GDRs) on the UK Financial Conduct Authority’s (FCA) Official List.
It will also cancel their admission to trading on the London Stock Exchange (LSE)’s main market.
In place of the GDRs, the group will list all its ordinary shares directly.
aims to admit all its shares to the equity shares category for international commercial companies under a secondary listing on the FCA’s Official List.
The shares will also begin trading on the LSE’s main market for listed securities.
According to a regulatory filing on the London Stock Exchange, the net proceeds from the offering will be used to recapitalize GTBank Nigeria.
Based on the prevailing exchange rate of N1,540 to the US dollar, the targeted $100 million equates to approximately N154 billion.
This capital raise is expected to position the Group to fully meet the N500 billion minimum paid-up share capital required by regulators for banks with international licenses.
As of now, both Zenith Bank and Access Holdings have already met—and exceeded—this threshold.
The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd at brief ceremony held in Abuja.
Olusegun Omosehin, commissioner for Insurance emphasized the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements. He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.
The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance. He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.
SanlamAllianz recently launched its operations in Nigeria, marking a significant step in the company’s Pan-African expansion.
The launch follows the merger of Sanlam and Allianz’s Nigerian operations, creating a new entity named SanlamAllianz Nigeria.
This joint venture aims to transform the Nigerian insurance landscape by offering enhanced customer experiences, innovative solutions, and improved financial inclusion.
World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.
The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.
The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.
The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.
This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.
The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.
Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.
This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.
In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.
Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.
These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.
Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.
In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.
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