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The Treasury Single Account (TSA) has so far recorded accruals to the sum of N8.9 trillion accrued since the introduction of the policy in 2015.

Minister of finance, Kemi Adeosun, who revealed this yesterday at the House of Representatives investigative hearing on the money accrued into the TSA, also disclosed that a total sum of N480 billion is being saved annually through the account.

The minister, who was represented by the accountant general of the federation (AGF), Ahmed Idris, further hinted that over N70 billion was lost to leakages through 17,000 accounts being operated by MDAs prior to the implementation of the TSA policy.

She added that the revenue was remitted through main accounts of 1,634 MDAs and 3,118 sub-accounts captured in the TSA as at March 22, 2018.

The minister told the lawmakers that President Muhammadu Buhari had given approval for the exemption of some accounts, including West African Examination Council (WAEC) and Joint Venture Accounts of Nigerian National Petroleum Corporation (NNPC), because of other partners involved in the operations of the accounts, which are being operated with certain Deposit Money Banks.

To avoid manipulation of the TSA, Adeosun said the committee set up to monitor performance of the TSA policy with the view to ensuring compliance had submitted its interim report and is expected to conclude and submit its final report within four weeks.

According to her, the policy became effective in compliance with the provisions of sections 80 and 162 of the 1999 Constitution (as amended) and enforced through circular with Ref. No: 428/S1/120 of 7th August, 2015. She stated that the apex bank used its enforcement power to compel erring MDAs to comply with the TSA policy.


On the cost associated with the implementation of the TSA policy, she noted that fund was appropriated in the 2017 Appropriation Act and 2018 budget estimates presently before the National Assembly.

She however was unable to give the actual amount provided under the Service Wide Vote.

Responding to queries on the security and ownership of various ICT public finance platforms like Remita, GFMIS and IPPIS, the minister said that necessary measures have been put in place to ensure that the independent consultants contracted to provide such do not have access to the security code.

Also on the N7.6 billion refund paid back to the MDAs through the CBN, Adeosun noted that the amount was refunded by SystemSpecs in line with the directive of the Senate during the investigative hearing conducted in 2016.

She added that SystemSpecs has not been paid its due charges for service rendered for over two years.

Responding to queries raised by the Auditor General of the Federation and his denial of the report made available to the committee, the AGF insisted that none of the queries were raised during the last three meetings held with the Auditor General on access to the TSA platform and that he personally requested for list of MDAs that the Auditor General wanted to audit and provide the access.

Idris added that he personally counselled the Auditor General against the use of manual audit system and harped on the need to adopt ICT platform.

The AGF argued that the N7.6 billion was approved and paid by CBN to the MDAs through a platform called T24 without his approval.


Earlier, the executive director of  SystemSpecs’, Deremi Atanda, noted that the agreement was signed in 2011 by CBN, adding that the apex bank collects 40% of the charges, while the service provider and other partners get 60%.

Atanda disclosed that despite the presidential approval for the payment of the outstanding N10 billion charges for over two years, the Ministry of Finance and OAGF have not paid the money since October 2015 to September 2016 when the N7.6 billion was refunded to the apex bank.

Also speaking, the Director of TSA in the office of the Accountant General of the Federation, Sylvia Okulebo, explained that negotiations are ongoing to reduce the charges to acceptable minimum rate

In his submission, CBN governor, Godwin Emefiele, explained that the revenue accrued from the 13 Joint Ventures in conjunction with other partners are being paid directly into the Federation Account, while various amounts reflected in the operational banks’ details were deposited as Cash Call by NNPC and other operators.

In his submission, chairman of the Committee, Hon. Abubakar Danburram, mandated the NNPC Group Finance Director, Isiaka Abdukrasak to ensure the appearance of NPDC Managing Director at the next hearing.

Danburram threatened that if the npdc boss refuse to show up,  the committee will issue a warrant of arrest to compel him to come.

He also directed NNPC to provide details of the monies accrued into the Brass LNG account within the next 48 hours.

The Committee also directed the Minister to provide details of the amount proposed within 24 hours, just as he also mandated the CBN to provide details of the money realised from the charges on in-bound and outbound payments into the TSA within 24 hours. (Source: LEADERSHIP)

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