- The senate had ordered the CBN to terminate the one per cent charge for any computation
- Senate also slashed the N7.6 billion accrued charges to organization, commercial banks and Central Bank of Nigeria (CBN) from transfers to treasury single account (TSA)
SystemSpecs has reacted to an order by the Nigerian Senate to slash the N7.6 billion accrued charges to organization, commercial banks and Central Bank of Nigeria (CBN) from transfers to treasury single account (TSA) by government agencies to a meagre sum of N656.504 million.
Recall that the senate also ordered the CBN to terminate the one per cent charge for any computation.
Reacting to the new development, Mr John Obaro, managing director of SystemSpecs said the organization have had to contend with a barrage of questions on the nature of our involvement with the FGN TSA project and the associated commercial terms, arising from the Senate enquiry.
Mr Obaro dismissed report in some section of the media that the Senate accused Remita of under-delivering on the substance of the contract, instead, he said the Senate recognised the company’s effort having played a significant role in the life of the nation when it mattered and that the disagreement has only been on the commercial terms of the contract.
“The Senate Committee further recommended that SystemSpecs’ efforts should be rewarded – albeit on a scale which is quite debatable,” he added.
Commenting on the FGN TSA project, Obaro said: “We have been careful to respect the terms of our contracts and many times gone beyond the call of duty to ensure the immediate and long term success of the initiative. We are glad and proud that we have delivered.
"For emphasis, we wish to state that the TSA project goes beyond revenue collections and extends to payments, accounting information exchange and update, full real-time integration with GIFMIS, integration with the national financial services ecosystem enabling payers across multiple platforms, 24/7 user support for 50,000 FGN TSA users of Remita platform, among others.
"It may also be instructive to note that while many things seem to have been muddled up in the public domain for different reasons; e-collections schemes anywhere in the world are a product of negotiations based on scope and complexity of tasks involved.
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"The subsisting 1% charge eventually agreed by the CBN, banks and ourselves at the commencement of the project was considered a good starting point which could be reviewed based on emerging realities. This much is a clear and integral part of our contracts with the CBN.
"The resounding success of the TSA project has obviously attracted attention from different quarters which may include those benefitting from the old pre-TSA order, competitors who lost out in the selection process, un-informed or under-informed commentators, etc. In it all, we have always been and will remain fully committed to the full resolution of any issue surrounding the commercial component of our contract in the overall larger national interest.”
The Remita boss equally added that it thanked the Senate for its avowed commitment to preserving the national interest, the government for entrusting such a significant national IT project to an indigenous firm.