Lawmakers Probe TSA as Senator Reveals Buhari’s Position

The Lawmaker representing Lagos West Senatorial District, Senator Solomon Adeola has revealed that President Muhammadu Buhari is in support of the decision by his committee to probe the remittances into the Treasury Single Account (TSA) by revenue-generating agencies.

The lawmaker added that the President is not happy with the performance of revenue-generating agencies in the country particularly on how much they are remitting to government coffers.

Adeola who is the Chairman, Senate Committee on Finance noted that there is a need to audit money spent, approvals obtained and the balance in the TSA, pointing out that no reconciliation had been carried out since the launch of the Treasury Single Account (TSA).

He made the submissions known while briefing newsmen on Wednesday.

News reports according to a document by the Central Bank of Nigeria (CBN) that The TSA is primarily designed to bring ALL Government funds in bank accounts within the effective control and operational purview of the Treasury, in order to: Enthrone centralized, transparent, and accountable revenue management; Facilitate effective cash management; Ensure cash availability; Promote efficient management of domestic borrowing at minimal cost; Allow optimal investment of idle cash; Block loopholes in revenue management;

Establish an efficient disbursement and collection of mechanism for Government funds; Improve liquidity reserve; and Eliminate operational inefficiency and costs associated with maintaining multiple accounts across multiple financial institutions.

Senator Adeola during his chat with newsmen noted that the presidency as well as the All Progressives Congress (APC) are in support of the TSA probe.

He said, “Why we have chosen to engage a separate independent body that is not part and parcel of the day to day activities of the government is for us to have an independent investigation that we can actually rely upon.

“If you were there when the president assented to the current budget and his comment about revenue-generating agencies, you will agree with me that he is in support of what we are going to do.

“If he could make that comment, it shows that he is in support, because I know from his heart, he is not happy with the activities of revenue-generating agencies.”