The House of Representatives has called on the Federal Government to submit a comprehensive spending plan for the proceeds of the Treasury Single Account (TSA).
Moving the motion at the House plenary session of 22nd June, 2016, Hon. Adamu D.U Kamale (PDP:Adamawa) commended the commitment of the current administration in combatting corrupt practices and eliminating public waste as it ensured that funds critical to facilitating the nation’s development were channeled to appropriate sectors of the economy. Hon. Kamale also enumerated some of the benefits of the TSA stating that it has helped improve the collection of revenues with the advantage of enabling the government fulfill its budget goals of facilitating project completion and service delivery.
However, he expressed concerns over the absence of an operational framework in the management of funds accumulated in the TSA and warned that the anomaly was in contrast to the objectives of the TSA which institutionalize transparency, accountability and fiscal discipline in public expenditure. He also expressed fears that the objectives of the TSA might be threatened if the plan for its utilization is not made public.
It will be recalled that the Federal Government commenced a pilot scheme for a Treasury Single Account using 217 Ministries, Departments and Agencies (MDAs) as a model in 2012. The success of the scheme motivated the present administration to fully extend the TSA since September 15 2015 to most MDA’s.
The motion which was unanimously adopted has been referred to the Committee on Banking and Finance for further investigation
