The Federal Government has disclosed that the Treasury Single Account (TSA) has yielded over N8.9 trillion.
The Minister of Finance, Mrs. Kemi Adeosun, said yesterday at the investigative public hearing into the TSA by the House of Representatives in Abuja.
The minister, who was represented by the Accountant General of the Federation, Ahmed Idris, told the lawmakers that N480 billion was being saved yearly since the introduction of the TSA policy in 2015 under the President Muhammadu Buhari administration.
Prior to the implementation of the TSA policy, over N70 billion government fund was lost to leakages through 17,000 accounts being operated by all the MDAs, she said.
According to her, the revenue was remitted through 1,634 MDAs’ main accounts and 3,118 sub-accounts captured in the TSA as at 22nd March, 2018.
Approval for the exemption of some accounts was given by Mr. President, 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, she said.
The accounts are being operated with certain Deposit Money Banks, Adeosun explained.
The Committee set up to monitor performance of the TSA policy, in a bid to avoid the manipulation of the TSA, had submitted its interim report and expected to conclude and submit its final report within a month.
The minister told the lawmakers 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.
The CBN used its enforcement power to compel erring MDAs to comply with the TSA policy, she added.
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 provided in the 2017 Appropriation Act and 2018 budget estimates presently before the National Assembly.
The Ad-Committee mandated the CBN to provide details of the money realised from the charges on in-bound and outbound payments into the TSA within 24 hours, while the Minister is to furnish details of the amount proposed in the budget within 24 hours.
On the N7.6 billion refund paid back to the MDAs through the CBN, the Minister while responding to a question revealed that the amount was refunded by SystemSpecs in line with the directive of the Senate during the investigative hearing conducted in 2016.