House Committee cracks down on TSA violations, summons CBN Gov, Finance Minister

The House of Representatives Public Accounts Committee (PAC) is taking a hard line against government agencies found violating the Treasury Single Account (TSA) policy.

In a move designed to ensure greater financial transparency and accountability, the committee chairman, Bamidele Salam, on Wednesday, announced sanctions for offending Ministries, Departments, and Agencies (MDAs).

This decision follows the resumption of the committee’s hearing on Wednesday, where concerns regarding potential leakages and non-remittance of TSA revenue generated through Remita were raised.

Notably, the committee has summoned key figures to appear before them on February 20th. These include the Governor of the Central Bank of Nigeria, Mr. Yemi Cardoso, the Minister of Finance, Wale Edun, and representatives from the Office of the Accountant-General of the Federation.

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Salam said that the investigation was aimed at transparency and accountability and not targeting any specific company.

The Managing Director of Remita Payment Service Ltd (RPSL), Mr Deremi Atanda, clarified that Remita did not manage government revenue but acts as a software and payment gateway.

Atanda debunked the one per cent fee charged for processing TSA, adding that the applicable fee for processing TSA payments was N150 with VAT.

He said this was according to CBN circulars of November 2018 and December 2020.

He said that Remita offered free value-added services to the Federal Government despite foreign hosting costs.

The committee however expressed concern about the lack of documents, particularly from CBN, contrasting with Remita’s provision of a signed contract.

Salam said there was a need for the physical appearance of the Minister of Finance, CBN Governor, and Accountant General of the Federation before the committee on February 20, 2024.

This development carries significant weight, given the crucial role of the TSA in consolidating government finances and combating corruption.

The committee’s investigation and potential sanctions signal a heightened commitment to tackling loopholes and ensuring proper remittance of public funds.

The summons of prominent figures like the CBN Governor and Finance Minister further underscores the seriousness of the alleged violations and the committee’s determination to hold high-level officials accountable.

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