OrderPaperToday – The Federal Government has said only N8billon and not N25billion was paid as commission for the operation of the Treasury Single Account (TSA).

The senate is currently investigating allegation that government paid N25billion as commission generated from collection of N2.5trillion  to SystemSpecs Ltd for the use of Remita software in the implementation of TSA.

But speaking Thursday before the Senate Committee on Finance, Minister of Finance, Mrs. Kemi Adeosun said only about N8 billion was actually deducted as commission.

--Sponsored Content --

The minister however said the company managing the transfer to the TSA had no business charging Ministries, Departments and Agencies (MDAs) because its fees should have been paid by a central agency of government.

According to her, the Office of Accountant General of the Federation (OAGF) should be charged for the service.

“The N25 billion that was allegedly paid out was actually incorrect, it was about N8 billion that was paid and it has been refunded because there was no basis for the deduction,” she said.

The minister explained: “For consistency and monitoring, it makes sense to centralize those charges: TSA also needs to be monitored, it is a system that is sweeping money, before we pay them we must verify the volume.

“It is the AGF should bear the cost on behalf of the MDAs because it is a national initiative.”

Adeosun however added that the ministry was waiting for the conclusion of senate investigations and other industry consultations to decide on an appropriate payment for the service.

She said: “We are waiting on the industry’s stand as to what the real charge should be, because with a N6 trillion budget, if all that money is passing through TSA we have to have an idea of the cost throughout the year.”

Sponsored

LEAVE A REPLY

Please enter your comment!
Please enter your name here