Business Hilights

Tracking Nigeria's Headline Business News Online

Kemi Adeosun

FG seeks early repayment plans of unremitted N450bn to TSA by agencies

Ad 2
Ad 3

Indications have finally emerged that more than one year of the resumption of Treasury Single Account (TSA) of the federal government; there are many federal agencies that are yet to fully comply, thus hobbling the 2016 budget implementation capacity.

The frustration has therefore forced the apex government to issue a terse directive to defaulting agencies on Thursday to work out a repayment plan and present same to the government as soon as possible.

The directive given Thursday directed the Chief Executives of 31 revenue generating agencies who are found to be holding a total sum of N450bn to come up with a repayment plan.

The Minister of Finance, Kemi Adeosun stated this during a media briefing on Internally Generated Revenue of government agencies.

According to her, a demand notice to that effect had been issued by the ministry to the affected agencies adding that a meeting with them had been scheduled for December 6.

She said that some of the agencies affected are the Nigerian Communications Commission, Nigerian Ports Authority and Corporate Affairs Commission.

Others are the Nigerian Maritime Administration and Safety Agency, Nigerian Export-Import Bank, Federal Airports Authority of Nigeria and National Open University of Nigeria.

Also affected are the Nigerian Railway Corporation, West African Examination Council, Joint Administrations and Matriculation Board and the National Hospital, Abuja among others.

Adeosun said that some of the audit reports had been sent to the Economic and Financial Crimes Commission (EFCC).

Also affected are the Central Bank of Nigeria, the Securities and Exchange Commission, Petroleum Technology Development Fund and the National Agency for Food and Drug Administration and Control and even the NPA.

It would be recalled that in the case of the NPA, the managing director, Ms. Hadiza Usman had last month invaded four banks (names with held) said to be holding back over N5b and some millions of dollars for the funds but a repayment deal that spread till next year was arranged by the CBN between the banks and NPA. She said, “The financial regulations are very clear, where audit reports indicted some of the officers, some of these audit reports are going to the EFCC.

“Some of the audit findings were so serious that the decision was taken that some of those particular reports must go to the EFCC.

“Remember that we are not a prosecuting agency, ours is to investigate and then we hand it over to the relevant agencies.”


Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.