Why all state government agencies must use Treasury Single Account – Remita MD

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The CEO of REMITA, Deremi Atanda, underscores the urgency of including all federal government agencies in the Treasury Single Account (TSA) system to bolster transparency and accountability. His remarks come amid a probe by the House of Representatives Public Accounts Committee into TSA operations, aimed at scrutinizing federal agencies’ financial reports.

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Atanda emphasizes that the exclusion of certain agencies from the TSA poses risks of unaccountability and potential revenue loss for the government. He points out instances where agencies operate outside the TSA, breaching revenue policies and risking diversion of foreign exchange revenues.

Highlighting the significance of the TSA, Atanda notes its role in centralizing government financial transactions for real-time monitoring and management. However, he expresses concern over forex collections occurring outside the TSA framework, warning against potential misuse of foreign exchange revenue.

Since its inception in 2015, Atanda reveals that the TSA has facilitated the collection of a staggering 34 trillion Naira, enabling unprecedented visibility and accountability in government finances. He credits the Remita Retrieval Reference (RRR) system for facilitating transaction tracking and reconciliation, providing a comprehensive record of revenue inflows.

Addressing concerns about TSA collection fees, Atanda clarifies that the fee structure has been set at a flat rate of N150 plus VAT for all payments, regardless of transaction amount, as confirmed by CBN circulars.

Lastly, Atanda clarifies that Remita, the payment gateway used for the FGN TSA, is not government-owned but a subsidiary of SystemSpecs, a Nigerian software technology investment group.

Naija247news
Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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