Reps Accuse Banks of not Remitting $995.71 million to TSA

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

PZ Cussons commences entries for Cussons Baby Moments’ 6th season

PZ Cussons has announced the commencement of entries of the 6th season of its eponymous baby competition in Nigeria tagged...

Owo Arugbo: Ekiti Begins N20,000 Payment To The Elderly As Monthly Stipend For Social Security Scheme

Ekiti State Governor, Dr Kayode Fayemi on Wednesday re-launched the social security Scheme for elderly citizens in the state with,...
- Advertisement -
- Advertisement -

The House of Representatives yesterday alleged that the sum of $995.71 million was yet to be remitted to the treasury single account (TSA) by deposit money banks (DMBs) in defiance of the Federal Government’s directive.

Adopting report of the Danburam Nuhu Abubakar-led ad hoc committee probing the implementation of the policy, the chamber, presided over by Speaker Yakubu Dogara, said the sum included the principal deposits and their accrued interests.

Besides, it claimed that N1.207 billion and € 23,704.01 were still to be credited the TSA by the financial institutions.

The lower chamber of the National Assembly also accused the Nigerian National Petroleum Corporation (NNPC) of engaging in extra-budgetary expenses on the funding of the Brass LNG project to the tune of $331.72 million between 2012 and 2017.

The lawmakers bemoaned that whereas the gas project got an appropriation of $511.60 million, $461.54 million was actually released during the period under review.

“This shows the NNPC has received funds for above what was appropriated by the National Assembly for the Brass LNG project. This is justified by the fact that the outstanding amount not released ($708.29 million) held in the DMBs in Brass LNG investment account is higher than the total appropriation ($511.60 million) made so far for the Brass LNG project during the year under review,” they noted.

Read:  Bank Of Industry Unveils Zero-interest Loan For NYSC Members

The House further indicted the corporation and the Federal Ministry of Environment of “hiding under the cover of presidential waivers to operate illegal accounts comprising joint venture (JV), escrow accounts, securitised and guarantee funds, NNPV operation accounts and NNPC pension funds with DMBs.”

Read:  Investor stakes $450 million On New Free Trade Zone, to Build Ships In Nigeria

The chamber claimed that NNPC’s operations account of $188,900,383.49 were currently domiciled in various banks.

It further alleged TSA infractions in three accounts held by the NNPC in a savings and loans firm and a new generation bank, adding that they comprise two accounts called NNPC PFL placement deposit with the third called NNPC pension fund account totalling N1,079,444,746.49.

Read:  Zedvance to Provide Loans to non-Salary Earners

The House also “discovered how the Federal Ministry of Environment, Hydrocarbon Pollution Remediation Programme ((HYPREP) breached the TSA policy by operating an account called FMR HYPREP Account amounting to N1.1 billion and $4.9 million” in another new generation financial institution.

It, however, recommended the payment of N10 billion to System specs – the payment software to many corporate organisations and the TSA.

The legislators submitted that based on interaction with the Office of the Accountant General of the Federation (OAGF), the Director of TSA acknowledged the total receipts of TSA as at April 2018 stood to include N9,782,682,923,739.17 and a consolidated balance of N547,493,970.50 while ministries, departments and agencies’ (MDA) enrolment was 1,678.

The plenary therefore advised the Ministry of Finance and the OAGF as well as the CBN to intensify efforts at full implementation of the TSA, just as it called for the sanctioning of erring MDA and strengthening of the initiative among others.

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Ensurity Technologies joins the Microsoft Intelligent Security Association

HYDERABAD, INDIA - Media OutReach - 17 October 2019 - Ensurity Technologies, Hyderabad, India-based cybersecurity company, is pleased to announce that it has joined the...

Hospitality Disruptor Generator Acquires Freehand Hotels In Its Quest to Dominate the Experience Economy in U.S. Market

London-based Queensgate Investments finalizes $400 million purchase of Freehand Hotels from a seller consortium including The Yucaipa Companies and Sydell Group, drastically expanding Generator’s...

FG mulls new tax on Coke, Bigi, other soft drinks

Zainab Ahmed, the minister of finance, says the federal government is considering introducing excise duty on carbonated drinks. The minister made this known while addressing...

“Best Global Brands 2019” – Mercedes-Benz is once again the world’s most valuable luxury car brand

Mercedes-Benz further increased its brand value and is once again the world's most valuable luxury automotive brand. In the latest "Best Global Brands 2019"...

More Articles Like This