Reps to Ascertain Actual Amount in TSA


Damilola Oyedele in Abuja

The House of Representatives has resolved to constitute an ad hoc committee to liaise with the Central Bank of Nigeria to ascertain the actual money realized so far from the implementation of the Treasury Single Account (TSA).

The committee would also ascertain government’s plans for spending the money realized, the various government agencies from which the funds were obtained, and a comprehensive list of abandoned projects from which such funds accrued.

These, the House said, are necessary as there seems to be no clear operational details regarding the management of the funds accumulated in the TSA, and the need for its urgent utilisation to discharge governmental commitment for development and good governance.

The resolution followed a motion sponsored by Hon. Adamu Kamale ( Adamawa APC) who lamented that some government establishments are still left out of the TSA despite the commitment of the current administration to combat corrupt practices and eliminate waste in public finances.

Kamale quoted the Minister of Finance, Mrs. Kemi Adeosun as stating that N2.9 trillion has been collected in the TSA from the Ministries, Departments and Agencies, (MDAs) as at March 2016.

He however noted that while section 80(1) of the Constitution regarding maintenance of Federation Account provides a broad legal framework, it does not address operational details, leading to the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) raising concerns about the possible sharing of the accumulated funds among the tiers of government.

“The introduction of the TSA has helped to improve the process of collection of revenues and will engender prompt settlement of matured government commitments which may eventually facilitate project completion and service delivery on schedule,” he said.