OrderPaperToday – The House of Representatives adhoc committee on Treasury Single Account (TSA) has submitted that some government ministries and agencies including the Nigeria National Petroleum Cooperation (NNPC) flagrantly flouted the Treasury Single Account (TSA) regulation of the federal government by operating accounts in various banks.

It accused the agencies of lodging about $995.71m outside the TSA and that this amount includes the principal deposit and the accrued interest.

Also discovered outside the TSA was an amount of N1.207bn and €23,704.01 respectively, a report by the committee obtained by OrderPaperNG said.

The committee arrived at this figure after meeting with Deposit Money Banks (DMBs), the Central Bank of Nigeria (CBN), Office of the Accountant-General of the Federation (OAGF), Office of the Auditor-General of the Federation (AGF) and the NNPC on the 15th of August 2017.

The report further said a Joint Venture account as reported by the NNPC dated 30th October, 2017 and which contained $188,900,383.49 was not in the TSA.

“The committee discovered three accounts held by the NNPC in Aso Savings and Loans PLC and Unity Bank PLC. The accounts include two placement accounts called NNPC PFL Placement Deposit and the third account called NNPC Pension Fund account. The total balance in these accounts as at August 27, 2017 stood at N1,079,444,746.49,” the report also stated.

It expressed that “while some banks fully complied with the directive of the ad hoc committee by remitting these funds into the TSA, “the NNPC should make full disclosures on the natures and status of the fund held in the NNPC Pension Fund Limited domiciled in Aso Savings and Loans Plc and Unity Bank.”

The House also described the waivers said to have been granted by the President to some Ministries, Departments and Agencies (MDAs) as controversial.

“The Committee observed that some MDAS claimed to have obtained presidential exemption to operate certain accounts outside the TSA policy. Some of the MDAs are the NNPC and Federal Ministry of Environment.

“In the case of NNPC, the committee insisted to sight the purported exemption letter. However, to the dismay of committee, the letter was only conveying approval of the President signed by an Assistant Director.”

The report of the committee was adopted by plenary on Thursday, May 9, 2019, following the consideration of the report of the committee led by Mr. Nuhu Danburam (APC, Kano).


Please enter your comment!
Please enter your name here