The chairman of the House of Reps Ad-hoc Committee on the Treasury Single Account (TSA), Abubakar Danburam Nuhu, has called on the federal government to ensure the establishment of an agency for the TSA to coordinate its implementation and monitoring.
Nuhu made this call yesterday as a guest on Channels Television Business Morning Show, where he was joined by an economic analyst from Proshare Nigeria, Babalola Tope, to discuss some of the unfinished businesses surrounding the TSA policy.
He described the TSA as one of the greatest achievements of the presidency, but that it lacks a coordinated office in charge of its implementation and monitoring.
“Issues are being raised by so many people and they do not have answers to them. Who should be responsible for implementation and monitoring?” he asked, adding that there is the need to establish a TSA agency to be headed by a director.
Nuhu said although TSA had been of great benefit to the government, by curtailing corruption, blocking leakages and cutting off arbitrary charges previously collected by commercial banks, “the unfortunate thing with the TSA is that there are so many issues that are lingering and affecting the smooth implementation of the account.
“My committee has been doing a lot of work in terms of trying to investigate the TSA for quite some time now, but the challenges that are there need to be resolved,” he said.
Stating some of the challenges, he said: “For the last two years, the TSA has not been audited and when we called the Auditor General of the Federation (AuGF), it seems that he has not been part of the TSA implementation. He had to confess to us that there hasn’t been any audit in the last two years
“Also, there has been no reconciliation between the office of the Accountant General of the Federation (AGF) and the Central Bank of Nigeria (CBN).” Nuhu also revealed that the foreign currency component of the TSA was not yet activated for unknown reasons.
“Therefore no one knows exactly how federal government funds collected in Diaspora are administered,” he said.
“This means all accounts which are foreign denominated are not yet part of the TSA. They are still sitting in banks, which are probably out of the country or even in Nigeria.”
LEADERSHIP recalls that in March 2017, finance minister, Kemi Adeosun had revealed that the TSA policy had generated over N7 trillion. It was also revealed that over 20,000 commercial bank accounts where government revenue were previously stashed had been closed, saving the government about N4.7 billion monthly in bank charges.
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