Reps probe N2.9trn accrued to TSA

The House of Representatives on Wednesday inaugurated a 10 man Ad-hoc committee to liaise with the Central Bank of Nigeria (CBN) and other agencies with the view to ascertain the N2.9 trillion accrued into the Treasury Single Account (TSA).

The resolution was passed following the adoption of the motion on the ‘Need to ascertain the proceeds of the Treasury Single Account to enhance transparency accountability and good governance,’ sponsored by Adamu Kamale (APC-Adamawa).

Some of the lawmakers who spoke in favour of the motion include: Leo Ogor, Minority Leader; Edward Pwajok and Solomon Anawhinawhi who expressed concerns over the implementation of the policy.

The lawmakers who noted that the implementation of the scheme has further help in combatting corrupt practices within the public service, however lamented that some establishments are still left out.

In his lead debate, Kamale who applauded the successful implementation of the pilot TSA scheme which was launched in 2012, noted that 217 Ministries, Departments and Agencies (MDA) were used as case study.

He added that the present administration however demonstrated the political will to fully implement the TSA effective 15th September, 2015, leading to directives to banks to implement the technology platform that will help accommodate all MDAs in the scheme.

“We are aware of the disclosure by the Minister of Finance, Kemi Adeosun on 3 March, 2016 that from the execution of the TSA a balance of N2.9 trillion has been accumulated from the MDAs.

“It is however worrisome that despite the laudable commitment of of the current administration to combat corrupt practices, eliminate waste in public finance and ensure adequate fund flow that will be channeled to critical sectors of the economy to facilitate development, some establishments are still left put of the TSA platform.

“It is equally of concern that while Section 80 (1)of the constitution regarding maintenance of Federation Account provides a broad legal framework, it does not address he operational details  and concerns have been raised by the Revenue Mobilization, Allocation and Fiscal Commission (RMFAC) about the possible sharing of TSA funds among the tiers of government.

“While there is no c,ear operational details as regards the management of the finds accumulated in the TSA, he need for its urgent utilization to discharge government commitments for development and good governance may be delayed to assess the anticipated impact of the policy

“It is regrettable that the objectives of TSA to institutionalize transparency, accountability and fiscal discipline in public expenditure may be negated if the plan for its utilization is not made public for purposes of accountability and transparency

The committee was mandated to made ascertain the actual amount accrued so far, government’s plans on its spending and the various agencies from 8 such funds were obtained.