TSA Led To Recovery Of N1.6bn From One Single Account – Adeosun

Finance Minister, Mrs Kemi Adeosun on
Thursday disclosed how the implementation of the
Treasury Single Account (TSA) led to the recovery of the sum of
N1.6 billion from an unidentified account in a single branch of
deposit money bank.

Adeosun, who stated this while appearing before the Abubakar
Nuhu Damburam-led Committee probing the level of implementation of
the TSA policy of the Federal Government, explained that the feat
was achieved by a consulting firm engaged by the Finance
Ministry.

Adeosun’s disclosure followed concerns raised by the Chairman of
the House Committee probing the level of implementation of the TSA,
Hon. Abubakar Nuhu Danburam, saying that N540million was paid to
engage consultants for a job that could have been done by federal
auditors at no cost to the government.

She also said that that government has achieved close to 100
percent compliance from the 1,678 MDAs so far enrolled into the
policy, adding that it would be difficult achieve 100 percent but
the money spent engaging consultants has yielded tremendous
results.

The Minister, who did not disclose the identity of those that
lodged the money and the commercial bank involved, maintained that
the Federal Government is getting good value for the money spent on
engaging the 17 consulting firms, which performed similar feat by
beaming their searchlights on 21 other banks using specialised
software to track hidden accounts operated by MDAs.

Adeosun further disclosed that the consultants also recovered an
additional N400 million excess charges from one of the commercial
banks into the TSA account.

She, however, admitted that there are dollar denominated
accounts like those of foreign missions and the Nigerian National
petroleum corporation (NNPC), yet to be captured by the TSA.

The Accountant General of the federation (AGF), Mr Ahmed Idris
in his testimony told the panel that his office is already working
in concert with the office of the Auditor General of the federation
to ensure effective implementation of the TSA policy.

Idris, who spoke in response to a poser by Damburam as to why
there was no synergy between his office and the Auditor General’s
Office, explained that the recent decision to organise a training
programme for 60 staffers of the Office of the Auditor General
office was aimed at achieving the desired objectives.

In her opinion, Adeosun stated that the Auditor General, who
runs a statutory office and reports only to the Public Accounts
Committees of the National Assembly, shouldn’t wait to be invited
before auditing TSA accounts.

She said if her Office starts inviting auditors from the AuGF to
come and do it’s constitutional function then, there should be
cause for worry, as the Auditor’s Office is an external body to the
Ministry and not answerable to the Executive arm.

Finance Minister, Mrs Kemi Adeosun on
Thursday disclosed how the implementation of the
Treasury Single Account (TSA) led to the recovery of the sum of
N1.6 billion from an unidentified account in a single branch of
deposit money bank.

Adeosun, who stated this while appearing before the Abubakar
Nuhu Damburam-led Committee probing the level of implementation of
the TSA policy of the Federal Government, explained that the feat
was achieved by a consulting firm engaged by the Finance
Ministry.

Adeosun’s disclosure followed concerns raised by the Chairman of
the House Committee probing the level of implementation of the TSA,
Hon. Abubakar Nuhu Danburam, saying that N540million was paid to
engage consultants for a job that could have been done by federal
auditors at no cost to the government.

She also said that that government has achieved close to 100
percent compliance from the 1,678 MDAs so far enrolled into the
policy, adding that it would be difficult achieve 100 percent but
the money spent engaging consultants has yielded tremendous
results.

The Minister, who did not disclose the identity of those that
lodged the money and the commercial bank involved, maintained that
the Federal Government is getting good value for the money spent on
engaging the 17 consulting firms, which performed similar feat by
beaming their searchlights on 21 other banks using specialised
software to track hidden accounts operated by MDAs.

Adeosun further disclosed that the consultants also recovered an
additional N400 million excess charges from one of the commercial
banks into the TSA account.

She, however, admitted that there are dollar denominated
accounts like those of foreign missions and the Nigerian National
petroleum corporation (NNPC), yet to be captured by the TSA.

The Accountant General of the federation (AGF), Mr Ahmed Idris
in his testimony told the panel that his office is already working
in concert with the office of the Auditor General of the federation
to ensure effective implementation of the TSA policy.

Idris, who spoke in response to a poser by Damburam as to why
there was no synergy between his office and the Auditor General’s
Office, explained that the recent decision to organise a training
programme for 60 staffers of the Office of the Auditor General
office was aimed at achieving the desired objectives.

In her opinion, Adeosun stated that the Auditor General, who
runs a statutory office and reports only to the Public Accounts
Committees of the National Assembly, shouldn’t wait to be invited
before auditing TSA accounts.

She said if her Office starts inviting auditors from the AuGF to
come and do it’s constitutional function then, there should be
cause for worry, as the Auditor’s Office is an external body to the
Ministry and not answerable to the Executive arm.