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Tuesday, November 17, 2015

Nigeria: Chai Our Money O, Systemspecs Made N25 Billion From TSA

Image result wey dey for Nigeria: Chai Our Money O, Systemspecs Made N25 Billion From TSAThe minister assured the citizens that no one has tampered with the TSA funds, saying though the TSA was initiated under the previous administration, the reason it has begun to enjoy a new lease of life and attract national attention was because of the political will and transparency demonstrated by President Buhari.
“Those behind the rumour that a single company, Systemspecs, made N25 billion from charging one per cent of TSA funds that passed through the company’s software, Remita, may need to return to elementary school to get some lessons in arithmetic.
“This is because in order for one per cent charge to fetch N25 billion, the funds accruing into the TSA must have reached N2.5 trillion. Yet, the total amount of funds in the TSA to date is still much less than N2 trillion.
‘’More importantly, at the time the Governor of the Central Bank of Nigeria (CBN) ordered that all monies that were erroneously charged as ‘revenue’ be returned to the TSA Account late last month, the TSA had less than N800 billion. It, therefore, beggars belief that anyone could attempt to mislead the public by raising a false alarm that a firm made N25 billion in TSA charges,’’ Mohammed said.
He appealed to Nigerians not to allow those who have been funding their lavish lifestyles and encouraging corruption, to the detriment of ordinary citizens and without bothering about national interest, to sabotage the laudable TSA programme with contrived lies, dangerous innuendoes and outright misinformation.
It was Mr. Melaye who originally moved the motion on the Senate floor for the payment to be investigated.
Last Wednesday, following Mr. Melaye’s motion, the senate ordered its committee on finance and public accounts to immediately commence an investigation into the use of Remita (which it erroneously described as an e-collection agent) for remitting government funds into the TSA, and its alleged collection of N25 billion commission being one per cent of the alleged N2.5 trillion it remitted into the TSA.
Mr. Melaye had argued that the use of Remita was a violation of Section 162(1) of the constitution, which stated that “the federation shall maintain a special account to be called the federation account into which all revenues collected by the government of the federation except the proceeds from the personal income tax of the personnel of the Armed Forces of the Federation, the Nigeria Police Force, the ministry or department of government charged with foreign affairs and the residents of the FCT, Abuja”.
Mr. Melaye further stated that the Central Bank of Nigeria could only appoint a registered bank as an agent for collecting and disbursing the funds.
He said that since Remita was not a bank, its appointment as a collection agent was in violation of the CBN Act and the Banks and Other Financial Institutions Act (BOFIA) 2007.

According to him, Remita collected N25 billion “for doing nothing.”

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