The Senate has resolved to beam its searchlight on the Treasury Single Accounts of revenue generating agencies to reconcile their spendings with actual approval sought.
The lawmakers are investigating the case of misuse of funds and abuse of approvals to establish if the agencies complied with the regulations guiding the TSA.
Briefing journalists on Wednesday, the Chairman, Senate Committee on Finance, Solomon Adeola (APC-Lagos West), noted that no reconciliation of accounts had been carried out since the launch of the TSA.
Adeola said: “I want you to put it on record that since the Treasure Single Account was set up, there has not been any reconciliation done in this regard.
“I believe if we are going to be scrutinising… bringing the revenue generating agencies to book concerning how much was generated, how much was expended, it is only good that we invite the agency that received the money on their behalf, which is the Central Bank of Nigeria and the Accountant General of the Federation, who is saddled with the responsibility of ensuring that this revenue goes into the bank.
“It is only fair for us to ask for a proper reconciliation of that account through an independent auditor, not an auditor appointed by the Federal Government, but a consultant of repute to give us a true position of the TSA from inception to date.
“I think if we have that, it will serve as a key guidance for us to look into the activities of all revenue generating agencies.”
Adeola said the Senate was interested in establishing what accrued to the TSA through the revenue generating agencies, how the monies were spent, approvals obtained and the balance in the account.
He said: “To start with, we are going to invite the Accountant General of the Federation to appear before the Committee on Finance to ask him for the reconciliation of the account and audit and ask him to get back to us in a month.
“And joining us in this investigation include the Fiscal Responsibility Commission and office of the Accountant General.”
Responding to a question, the Senator said an internationally recognised auditing firm would be engaged to carry out the task.
Adeola also dispelled fears that the Presidency and the ruling All Progressives Congress might not be in support of the probe.
He said: “Why we have chosen to engage a separate independent body that is not part and parcel of the day to day activities of the government is for us to have an independent investigation that we can actually rely upon.
“If you were there when the president assented to the current budget, his comment about revenue generation agencies, you will agree with me that he is in support of what we are going to do.
“If he could make that comment, it shows that he is in support, because I know from his heart, he is not happy with the activities of revenue generating agencies.”
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