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Kemi Adeosun, Minister of Finance on Monday disclosed that whooping sum of over N8.9 trillion revenue has so far accrued into the Treasury Single Account (TSA) as at 9th February, 2018.
Adeosun who was represented by Ahmed Idris, Accountant General of the Federation (AGF) at the investigative public hearing into the money accrued into the TSA held at the instance of the House of Representatives, explained that total sum of N480 billion is being saved yearly (about N40 billion monthly) since the introduction of the TSA policy under the present administration in 2015.
She explained that over N70 billion government fund was lost to leakages through 17,000 accounts being operated by all the MDAs prior to the implementation of the TSA policy.
Adeosun explained that the revenue was remitted through 1,634 MDAs’ main accounts and 3,118 sub-accounts captured in the TSA as at 22nd March, 2018.
The Minister added that Mr. President gave approval for the exemption of some accounts including West African Examination Council (WAEC) and Joint Venture Accounts of Nigerian National Petroleum Corporation (NNPC) because of other partners involved in the operations of the accounts which are being operated with certain Deposit Money Banks.
In the bid to avert manipulation of the TSA, she disclosed that the Committee set up to monitor performance of the TSA policy with the view to ensure compliance had submitted its interim report and expected to conclude and submit its final report within four weeks.
She noted that the policy became effective in compliance with the provisions of Sections 80 and 162 of the 1999 Constitution (as amended) and enforced through circular with Ref. No: 428/S1/120 of 7th August, 2015, adding that the apex bank used its enforcement power to compel erring MDAs to comply with the TSA policy.
While responding to questions on the security and ownership of various ICT public finance platforms including: Remita, GFMIS ad IPPIS, the Minister assured that necessary measures have been put in place to ensure that the independent consultants engaged for provision of the platforms do not have access to the security code.
In response to inquiry over the cost associated with the implementation of the TSA policy, she noted that fund was appropriated in the 2017 Appropriation Act and 2018 budget estimates presently before the National Assembly, though unable to give the actual amount provides under the Service Wide Vote.
To this end, the Ad-Committee mandated the Minister to provide details of the amount proposed within 24 hours, just as it directed CBN to provide details of the money realised from the charges on in-bound and outbound payments into the TSA within 24 hours.
While reacting to question bothering on the N7.6 billion refund paid back to the MDAs through the CBN, the Minister disclosed that the amount was refunded by SystemSpecs in line with the directive of the Senate during the investigative hearing conducted in 2016, just as she admitted that SystemSpecs has not been paid its due charges for service rendered for over two years.
While reacting to query raised by the Auditor General or the Federation, Ahmed Idris, AGF who denied the report made available to the Committee argued that none of the queries were raised during the last three meetings held with the Auditor General on access to the TSA platform and that he personally requested for list of MDAs that the Auditor General wanted to audit and provide the access.
Idris added that he personally counselled the Auditor General against the use of manual audit system and harped on the need to adopt ICT platform.
He argued that the N7.6 billion was approved and paid by CBN to the MDAs through a platform called T24 without his approval.
In his presentation, Deremi Atanda, SystemSpecs’ Executive Director, who noted that the agreement was signed in 2011 by CBN, explained that the apex bank collects 40% of the charges while the service provider and other partners get 60%.
He disclosed that despite the Presidential approval for the payment of the outstanding N10 billion charges for over two years, the Ministry of Finance and oAGF have not paid the money since October 2015 to September 2016 when the N7.6 billion was refunded to the apex bank.
Also speaking, Sylva Okulebo, Director of TSA in the office of Accountant General of the Federation, explained that negotiations are ongoing to reduce the charges to acceptable minimum rate
In his submission, Godwin Emefiele, CBN Governor Abubakar Kure, Director, Banking and Payments System Department, explained that the revenue accrued from the 13 Joint Ventures in conjunction with other partners are being paid directly into the Federation Account while various amounts reflected in the operational banks’ details were deposited as Cash Call by NNPC and other operators.
While ruling, Abubakar Damburrau, chsirnan of the Ad-hoc Committee mandated the NNPC Group Finance Director, Isiaka Abdukrasak to ensure appearance of NPDC Managing Director at the next hearing, who he threatened that the Committee will issue a warrant of arrest to compel him to come.
He also directed NNPc to provide details of the monies accrued into the Brass LNG account within the next 48 hours.
KEHINDE AKINTOLA, Abuja
