Why FG will suspend all withdrawals from TSA account
-The Federal Government on Tuesday, February 9 said all withdrawals by Ministries, Departments and Agencies from the Treasury Single Account (TSA) will be suspended
-Adeosun advocated for renumeration based on the performance of the workers of the Nigerian Customs Service to curb corruption
-Hameed Ali, the Comptroller General of the Nigerian Customs Service countered against custom waivers
Kemi Adeosun
The Federal Government on Tuesday, February 9 said all withdrawals by Ministries, Departments and Agencies from the Treasury Single Account (TSA) will be suspended by the end of March.
This was disclosed by Kemi Adeosun, the Minister of Finance while defending the budget of the ministry before the Senate Committee on Finance led by Senator John Eno.
Adeosun said that both income and expenditure occur on the account on a daily basis while responding to queries by the chairman on the irregular balances in the TSA account.
She added that the ministry was already working on the figures in the account to figure out what will be brought forward to fund the 2016 budget.
READ ALSO: TSA Fraud: Dino Melaye Clears The Air
She also said that despite changes on the TSA account, the balance dad stood at about 2.2 trillion naira.
“The TSA is the Bank account of the MDAs, we are starting the process of drawing a line and March is the deadline.
“In March we will be able to make sure that we say to those agencies, of your balance in TSA how much is capital, how much is accumulated surplus of the past, how much is tied to liabilities.
“That process we have started and we are engaging with the agencies and from that we will be able to identify how much can now be used to fund the budget.
“But the TSA balances changes on a daily basis because of revenues and monies being paid out, so we are drawing a line.
“When the budget year closes then we will do a closing reconciliation, freeze any monies that are no longer available for them to spend and count as part of our funding for 2016,” she said.
Adeosun who said that the amounts of money that is liability would have been determined by March, a lot of aspects of the TSA will also undergo modifications.
She said that the ministry was also going over all other possible revenue leakages that can be used to fund the budget 2016.
“We believe those revenues will come in and form part of the Internally Generated Revenues (IGR) of government.
“The other recoveries that we are expecting is that we are looking at those pensions and salaries, we have identified that there is a consistent overpayment of pension contributions.
READ ALSO: Drama As CBN Governor Opens Up On TSA Fraud
“We have put a team together now to start recovering those overpayments because we have identified some inflation in our payroll, of course that inflation translates into pensions contributions.
“Those monies can be recovered and they are going to be recovered to form part of the IGR of the Federal Government,” she added.
Adeosun advocated for renumeration based on the performance of the workers of the Nigerian Customs Service to curb corruption.
She also said that the ministry was looking into customs waivers to determine their benefit but Hameed Ali, the Comptroller General of the Nigerian Customs Service countered against it.
He said that big companies like Dangote and Stallion should not have been granted waivers but instead, the smaller companies should get them.
Ali also expressed displeasure at the remuneration of men of the service stressing that some other non-revenue generating agencies of government receive better salaries that men of the Service.
Naij.com recalls that on Wednesday, November 11, the senate mandated the committees on finance, banking and other financial institutions and public account to carry out holistic investigation on the remittance of the TSA funds.
This was disclosed on a three prayer motion sponsored by Dino Melaye representing Kogi West senatorial district.
The senate also directed the CBN to immediately stop payment to the company.
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