House of Representatives on Thursday asked that all federal government’s Ministeies, Departments and Agencies (MDAs) that have failed to fully comply with the Single Treasury Account (TSA) should be accordingly sanctioned.
This came following the adoption of report of an Ad hoc committee, set up earlier to investigate and ascertain proceeds into the TSA since commencement, with a view to ensuring transparency and accountability.
The committee, through its chairman, Hon. Abubakar Danburam, told the House that during the course of its investigation, “it was observed (that) funds belonging to the federal government to the tune of billions of naira and hundreds of millions of dollars were operated outside the TSA by the MDAs in collaboration with banks”.
It also stated that due to the non-full compliance extra-budgetary spendings were noticed in some agencies, with the Nigeria National Petroleum Corporation (NNPC) named as the worst culprit, especially in the execution of the Brass Liquified Natural Gas (LNG) project.
The House further directed that a finding arrangement be made through the Ministry of Finance, the Accountant General of the Federation, and the Central Bank of Nigeria, to make banks who are still colaborating with MDAs to refund all outstanding balances to the TSA, or Consolidated Fund of the Federation as applicable.
However, the House in its opinion has recommended that certain MDAs that relate with foreign bodies, development banks and corporate entities, be given a measure of waiver from the TSA policy “for their perculiarity”.
Sequel to that, the Nigeria Export/Import (NEXIM) Bank, Bank of Industry (BOI), Federal Mortgage Bank, Bank of Agriculture (BOA), West African Examinations Council (WAEC), Nigeria Football Federation (NFF), and all Nigeria’s foreign missions were recommended to enjoy such waivers.
The House further said all issues relating to the sums of €6.626 million of the Nigeria Ports Authority (NPA), and seized by the Economic and Financial Crimes Commission (EFCC), should be urgently resolved, so that funds can be returned to the appropriate quarters, amongst other recommendations.
