Since the introduction of Treasury Single Account initiative in 2012 by Former president Goodluck Jonathan which is one of the public financial management reforms, had assisted Federal Government to receive financial return over N10tn from 1,674 Ministries, Departments and Agencies .
The initiative had led to the closure of over 50,000 bank accounts operate by various government agency across the country .
Under the TSA, the government had been able to save over N45bn monthly interest on its borrowings from banks.
From statistic disclose by Head of Service, Mrs Winifred Oyo-Ita, that from April 2007 when the Integrated Payroll and Personnel Information System commenced to February 2018, over N288bn had been saved.
The the savings were as a result of the difference between the amount the government would have released to MDAs, based on appropriation and the actual amount released and paid through IPPIS.
Since IPPIS commenced, many departments and agencies, having realised that personnel cost was no longer coming to them for direct disbursement, had embarked on recruitment to utilise their approved manpower/personnel budget so much so that between September 2011 and now, many Nigerians had been employed in the IPPIS MDAs, thereby reducing unemployment in the country.”