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TSA: Senate asks CBN to terminate contract with SystemSpecs


Bukola Saraki


Today, the Senate received the report of the Senate Joint Committee on Finance, Banking, Insurance, and Other Financial Institutions, and the Committee on Public Accounts on the Abuse and Mismanagement of the Treasury Single Account (TSA) Regime.

I am delighted that this report is seeing the light of day within such a short period of time. I call on other Committees to please emulate this speedy delivery of reports in the interest of the country.

The investigation from the report recommends that the 2013 renewal contract between the Central Bank of Nigeria (CBN) and SystemSpecs be terminated immediately, and the transaction fee of one per cent (1%) for e-collections and transfers be disregarded.

It is noteworthy that from the report, Nigeria will save over N7 billion, as the Committee recommends that the Central Bank should pay the approved rate of between N500 and N700 per transaction, as opposed to the 1% of each transaction rate.

When added up, the approved rate amounts to N656,504,100.00 Million as opposed to the 1% per transaction rate that adds up to N7,650,925,556.40 Billion for the period of March 1st 2015 to November 30th 2015. 

With an estimated total transfer of N2.5 Trillion for entire year of 2015, barring the Senate resolution, the Federal Government could have paid upwards of N25 Billion to SystemSpecs.

We must applaud the implementation of the TSA by this administration and its value to our efforts of promoting fiscal and economic discipline. As we do this, we must continue to work towards blocking the loopholes that bring about leakages in our economy.


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