The Senate has launched an investigation into the Treasury Single Account (TSA) to reconcile monies collected by revenue-generating agencies with their expenditure and the actual approval sought.

The Chairman, Senate Committee on Finance, Senator Solomon Adeola (APC, Lagos West), disclosed this while briefing newsmen on Wednesday in Abuja.

Adeola said the Senate is 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 no reconciliation had been carried out since the launch of the TSA.

The move, he added, to address the budget deficit and to reduce local and foreign borrowings.

He said, “I want you to put it on record that since the Treasure Single Account (TSA) was set up, there has not been any reconciliation done in this regard.

“I believe if we are going to be scrutinizing… 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 (CBN, and the Accountant General of the Federation (AGF), 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 the 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. 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.”

Source:- Daily Trust