TSA: Senate asks CBN to stop 1% payment to consultant

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The Senate has asked the Central Bank of Nigeria to immediately cancel the contract awarded to a private firm, Remita, which implements the federal government\’s Treasury Single Account (TSA) policy for a 1 percent commission. While asking the company, which is allegedly owned by a top South West All Progressives Congress (APC) chieftain, to return the sum of N2.5 trillion allegedly collected so far by Remita to the Federal Government, the lawmakers also mandated its committees on Finance, Banking and other Financial Institutions, and Public Accounts to carry out a holistic investigation and report back in two weeks. The Senate also called for the prosecution of all directors of the company in accordance to the provisions of the Bank and Other Financial Institutions Act (BOFIA).

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