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Senate seeks termination of TSA contract with SystemSpecs

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The Senate on Wednesday asked the Central Bank of Nigeria (CBN) to terminate forthwith the 2013 e-payment contract renewal with SystemSpecs.

The upper chamber also ordered the CBN to disregard the one per cent charge provided in the contract agreement with SystemSpecs.

As part of its contract with SystemSpecs, the apex bank agreed on the deduction of one per cent charge on all e-collections by SystemSpecs operator of REMITA Platform.

This is part of 11- point recommendations made by the Senate Joint Committee on Finance, Banking, Insurance and other Financial Institutions and Public Accounts.

The Senate in plenary adopted the recommendations as presented by Chairman of the Joint Committee, Senator John Owan Enoh.

The submission of the committee was however not debated as Senate President, Bukola Saraki, ruled that only the recommendations of the committee would be considered.

The Senate had, during its sitting on November 11, 2015, debated a motion on alleged “abuse and mismanagement of the Treasury Single Account (TSA).

The upper chamber resolved to, among others, mandate its Joint committee on Finance, Banking, Insurance and other Financial Institutions and Public Accounts to conduct holistic investigation on the matter.

It specifically mandated the committee to investigate the alleged abuse of the TSA and deduction of N25 billion from accounts of Ministries, Departments and Agencies (MDAs) under the e-payment.

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