BusinessDay

How FG saves N4 billion monthly bank charges from TSA – APC Legacy group

The Federal Government saves an average of N4 billion monthly from banking charges as a result of the closure of over 17,000 commercial bank accounts since the implementation of Treasury Single Account (TSA) in 2015.

The All Progressives Congress (APC) Legacy Awareness and Campaign, a voluntary think-tank group of the governing party said this in a statement titled: “Anti-Corruption Achievements of President Buhari Administration”.

The statement signed by Ismail Ahmed, Lanre Issa-Onilu, Tolu Ogunlesi and Salihu Lukman also indicated that the implementation of the TSA by President Muhammadu Buhari has increased transparency and accountability in government.

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The group said similar to the TSA, another strategy of fighting corruption by the administration is the Integrated Payroll and Personnel Information System (IPPIS), through which the Federal Government pays its staff.

“The Whistleblowing Policy introduced by the Government in December 2016 was the first of its kind in the country. Since then it has yielded several billions of Naira in recoveries from tax evaders and public officials.

“The increased oversight of Ministries, Departments and Agencies (MDAs) and their finances under this Administration has since started yielding results, through increased remittance of operating surpluses by MDAs. For example, from remitting only N51 million between 2010 and 2016, JAMB has gone on to remit more than 20 billion Naira to the Federal Government since 2017. This same scenario is being replicated across several MDAs.

“The Buhari Administration also established the Presidential Initiative on Continuous Audit (PICA) to strengthen controls over Government finances through a continuous internal audit process across all Ministries, Departments and Agencies (MDAs), particularly in respect of payroll. PICA helped identify and remove more than 54,000 fraudulent payroll entries, amounting to savings of N200 billion per annum.

“In July 2016, Nigeria became the 70th country in the world to join the Open Government Partnership (OGP), as part of efforts to globally mainstream Nigeria’s public transparency efforts.

“Other transparency and anti-corruption initiatives of the Buhari Administration include Project Lighthouse, launched in 2018 to integrate multiple tax and revenue data sources from across the government and third parties (land records, CAC records, REMITA platform, Private Jet Ownership data, FIRS database, etc) and thus help ensure accurate income and tax assessment for individual and corporate taxpayers”, the statement read in parts.

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