Central Bank of Nigeria (CBN) Governor Godwin Emefiele and Accountant General of the Federation (AGF) Ahmed Idris were locked in arguments over the controversial Treasury Single Account (TSA) with SystemSpecs Limited, owner of Remita, an electronic payment solution.
But SystemSpecs Chief Executive Officer (CEO) John Obaro insisted that his platform had a valid contract with the CBN and deserved to earn its charge as contained in the contract.
Emefiele, Idris and Obaro spoke at a public hearing on alleged abuse and mismanagement of the TSA regime.
The Senate instituted the public hearing following claims that the one per cent service charge being paid to Remita under the TSA was a rip-off.
Emefiele explained the spirit behind the TSA which process he said began in 2010. Idris gave the amount collected under the TSA as N1.8 trillion.
The CBN Governor gave N2.038 trillion as the amount collected from the Ministries, Departments and Agencies (MDAs) as at December 8. But The AGF gave a figure of N1.8 trillion.
Emefiele said because of the large volume of fund collection under TSA, the payment of one per cent service charge to the service provider, Remita was considered to be too high and exorbitant.