Senate terminates CBN contract with Systemspecs

The senate has ordered the termination of the contract the Central Bank of Nigeria (CBN) had with Systemspecs, an electronic platform for the collection of Treasury Single Account signed in 2013.

Also, the nation’s apex law making body has directed that the central bank should refund N656.5 million to Systemsspecs as its own commission for N800 billion revenue remitted into the TSA accounts since  October last year.

The senator further directed that only N700 be paid as commission on any transaction made through the platform. This resolution follows the consideration of reports of Senate Joint Committee on Finance, Banking, Insurance and Public Accounts which investigated the alleged N25 billion commission charges collected by Remitta, Systemspecs’ e-collection platform on revenues remitted into TSA accounts.

The committee made ten recommendations presented by John, Enoh (PDP Cross River Central) also directed that the CBN should ensure total refund of the portion of deduction retained by it and the affected Deposit Money banks.

To allow participation in the sector, the senate directed that other electronic collection platforms should be allowed access to collecting revenue for the government and that all agreed fees and payments for e-collection service should not be borne by MDA’s but provided and disbursed from a central pool.

Bukola Saraki, said after the session today; “I think that the message we are sending today is very clear that our interest lies in ensuring proper use of funds, this senate will stand firmly for that and this goes back to the issues where people wonder the usefulness or value of the parliament and I think this is a good example, by this action this country is saving close toN22 to over N30 billion which is higher than the appropriation of a lot of Minisries, Departments and Agencies of Government.”