TSA: Reps recommend payment of N10 billion to SystemSpecs

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The House of Representatives on Thursday, recommended that a sum of 10 billion naira be paid to SystemSpecs Limited, the company providing Remita, the technology solution operating the Treasury Single Account(TSA).

This was part of deliberations at the Reps session, where the report of the Honourable Danburam Nuhu Abubakar committee on the TSA was evaluated.

The money is the amount due to the Nigerian FinTech company for its services to the Federal Government.

In March 2018, the Accountant-General, Ahmed Idris had lamented the non-payment of SystemSpecs, the service provider for Remita- the platform on which the Central bank of Nigeria(CBN) coordinates all accounts linked to the TSA.

Under the initial terms of the service, SystemSpecs was entitled to one percent of each inbound transaction and up to  ₦5,000 for each outbound transaction, before the burden of cost was transferred to the public later in 2018.

The firm was last paid in 2016, while as of December 2017, the total outstanding against SystemSpecs was in excess of  ₦10bn for outbound services. This excluded the  ₦7.6bn it initially earned as service fee but was later directed by the CBN to refund the money because there were issues to be reconciled.

The House also alleged that the sum of $995.71 million was yet to be remitted to the treasury single account (TSA) by deposit money banks (DMBs) in defiance of the Federal Government’s directive.

Adopting report of the Danburam ad hoc committee probing the implementation of the policy, the chamber, presided over by Speaker Yakubu Dogara, said the sum included the principal deposits and their accrued interests.

Besides, it claimed that N1.207 billion and € 23,704.01 were still to be credited the TSA by the financial institutions.

The lower chamber also indicted the Nigerian National Petroleum Corporation (NNPC) of extra-budgetary spending while other Ministries Departments and Agencies (MDAs) were accused of violating the Treasury Single Account (TSA)  policy of the Federal Government.

“The committee discovered some extra-budgetary spending from the information submitted by the NNPC;  Brass LNG received an appropriation of $511.60 million, while the actually release  was $461.54 million during 2012-2017 fiscal years,” the report said.

Subsequently, the Green Chamber mandated the Ministry of Finance (MoF) , the Office of the Accountant General of the Federation (OAGF) and the Central Bank of Nigeria  (CBN) to intensify efforrs to enforce full implementation and compliance to the Treasury Single Account (TSA)  policy by all MDAs.

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