OrderPaperToday –The recently introduced Treasury Single Account (TSA) by the federal government has run into troubled waters as what is believed to be a scam running into twenty-five billion naira (N25bn) has been unearthed in the management of the scheme.

The Senate on Wednesday mandated its Committees on Finance, Banking and other financial institutions; and Public Account to carry out a holistic investigation into the activities of REMITA, an E-collection agency engaged by government to manage the scheme.

Senate decision to order a probe followed a motion sponsored by Senator Dino Melaye (APC, Kogi West) who prayed the upper legislative chambers to carry out an investigation into how the firm – REMITA – gets entitled to 1% of monies collected under the TSA.

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Recall that the federal government had on 15th of September directed all its Ministries, Departments and Agencies (MDAs) to close their various accounts with commercial banks and pay all revenues into its account with the CBN under the TSA policy.

According to Melaye, it was observed that in the course of operating the single account, over 2.5 trillion has been collected through an e-collection agent called REMITA which charges 1% amounting to 25billion naira for “doing nothing.”

“The problem here is that the appointment of REMITA as an agent contravenes section 162 (1) of the 1999 constitution,” he said.

The Committees to which the matter was eventually referred by the senate has two weeks to report back to the full house.

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