Over N324bn found in secret non-TSA accounts - House of Representatives allege

Over N324bn found in secret non-TSA accounts - House of Representatives allege

- Members of the House of Representatives have discovered over $900 million (N324 billion) held in non-TSA accounts

- The lawmakers said federal government ministries, departments and agencies have failed to follow the TSA policy

- According to the lawmakers, the action of these agencies have led to leakages within the system

Lawmakers of the House of Representatives on Friday, May 10, said they discovered over $900 million (N324 billion) being held outside Treasury Single Account (TSA) by the federal government ministries, department and agencies.

The House of Representatives also accused the ministries, departments and agencies of failing to follow the TSA policy, leading to revenue leakages.

Premium Times reports that the House while adopting the report by the Committee on the Need to Ascertain the Proceeds of the TSA to Enhance Transparency, Accountability and Good Governance accused the Nigerian National Petroleum Corporation (NNPC) of infractions.

Also accused of illegalities were Federal Inland Revenue Service, the Nigeria Customs Service as well as other ministries and banks.

In its recommendation, the committee asked that the ministry of finance, the Central Bank and the Office of the accountant general of the federation intensify efforts to enforce full implementation and compliance with the TSA policy by all the MDAs.

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The lawmakers called for sanctions for all agencies, departments and organisations that have violated the use of the TSA.

The lawmakers said the ministry of finance, “should be directed to publish, sanction/prosecute with immediate effect all MDAs, private persons, private organisations as well as banks, where FGN funds are hidden based on the discoveries made in the report of the consultants engaged by the OAGF and review the compliance with the TSA.”

They also ordered that the applications for exemptions/waivers must follow the guidelines on TSA implementation and duly approved and signed by the president only.

The chairman of the committee, Danduram Abubakar, while presenting the report said funds belonging to the federal government to the tune of billions of naira and hundreds of millions of dollars were operated outside the TSA by the MDAs in collaboration with the banks.

"While some banks fully complied with the directive of the ad hoc committee by remitting these funds into the TSA, it is worthy of note that the sum of about $995.71 million was still held outside the TSA by some other banks.

"This sum of $995.71 million includes the principal deposit and the accrued interest on the deposit. Also discovered was an amount of N1.207 billion and €23,704.01," Abubakar said.

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Meanwhile, Legit.ng previously reported that President Muhammadu Buhari has said the federal government is saving a total of N24.7 billion per month as result of the implementation of the Treasury Single Account (TSA) and the elimination of ghost workers from the civil service.

The president made the disclosure at the opening of the e-Nigeria Conference in Abuja on Monday, November 5.

President Buhari asked the organiser to report any ministry, department and agency that fails to clear its IT projects with it before its implementation.

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