Reps applaud TSA, to probe actual proceeds

The House of Representatives yesterday resolved to set up an ad-hoc committee to ascertain the actual amount realised so far from the Treasury Single Account (TSA), the government’s plans on its spending and the various government agencies from which such funds were obtained, including a comprehensive list of abandoned projects from which such funds accrued.

While the parliament applauded the implementation of the policy as a strategic device to curb corruption and enhance accountability in the management of public expenditure, it tasked the panel to liaise with the Central Bank of Nigeria (CBN) and any other agency of government that has official role in the implementation of the policy.

The resolution followed the adoption of a motion on the need to ascertain the proceeds of the TSA to enhance transparency, accountability and good governance.

The House observed that while there are no clear operational details as regards the management of the funds accumulated in the TSA, the need for its urgent utilisation to discharge governmental commitments for development and good governance may be delayed to assess the anticipated impact of the policy.

Adamu Kumale had, while introducing the motion on the floor of the chamber, noted that the TSA is a financial policy being implemented by the government to consolidate all inflows from Ministries, Departments and Agencies (MDAs) into one account maintained by the CBN with the aim of ensuring accountability of government revenues, enhance transparency and avoid misappropriation and misapplication of public funds.

He said that the introduction of the TSA had helped to improve the process of collection of revenues and engender prompt settlement of matured government commitments, which may eventually facilitate project completion and service delivery on schedule.

However, the lawmaker told the House that despite the laudable commitment of the current administration to eliminate waste in public finance and ensure adequate fund-flow that will be channelled to critical sectors of the economy to facilitate development, some establishments are still left out of the TSA platform.