Treasury Single Account: Systemspecs contractual agreement with CBN in line with the provision of the law-CSOs.

Omoluabi Olabode Adeyemi

The Coalition of media and Civil Society Advocacy Group at a press conference held at Abuja have stated that the contractual agreement between the Central Bank of Nigeria (CBN) and the home grown indigenous technological development platform Systemspecs to consolidate all inflows from the country's ministries, departments and agencies (MDAs) into a single account at the Central Bank of Nigeria is in line with the provision of section 162 of the constitution of the federal republic Nigeria which stipulates that The Federation shall maintain a special account to be called "the Federation Account" into which shall be paid all revenues collected by the Government of the Federation.

The Executive Director of African Media Round table Initiative and Convener of the Coalition of Media and Civil Society Advocacy Group, Mr. Omoluabi Olabode Adeyemi said the Treasury Single Account (TSA) system has proven that indeed the economic mainstay of the country could be diversified, broadened and expanded with the overall interest of a rapid and comprehensive national development. In his words, he said the huge amount of money which runs into trillions of Naira that have been so far generated by the TSA through the Systemspecs platform otherwise known as REMITA, has redefined the economic prosperity of Nigeria in the face of dwindling oil fortune in the international communities. This development has guaranteed alternative source of funding for our country after years of over dependence on oil proceeds and huge economic sabotage occasioned by revenue collection agencies over the years he reiterated.

The group while commending some of the resolution of the Senate over the issue also expressed surprise and disappointment over attempt by a senator to frustrate the activities of the TSA through frivolous unfounded and unwanted motion which had led to the senate setting up an investigative committee which had made a recommendation to frustrate the ongoing good work of the Systemspecs platform. The group said the motion which is misleading has threatened the good intention of the Central Bank of Nigeria over the contractual agreement it has with the systemspecs and that it has also attempted to smear the good and patriotic desires and reputations of the Central Bank of Nigeria and the technologically savvy systemspecs.

The CSO also said the systemspec platform REMITA has not in anyway violated any section of the constitution or any extant law setting up the Central Bank of Nigeria as the author of the motion intended to portray. That the REMITA has only strengthened the enforcement and the intentions of the framers of the Section 162 of the Constitution of the federal republic of Nigeria against the malicious opinion of the sponsor of the motion.
The group had also warn that any attempt to frustrate or cancel the existing agreement that has brought sanity into the economic system of the country via the REMITA platform will attract a stiff resistance from the people and possible legal actions as the indigenous technological platform REMITA activities and contractual agreement with CBN is line with the rule of law and best practices in around the globe. The group said REMITA remain the solution to the wanton looting and fraudulent diversion of our commonwealth that have pervaded our system of governance in the years back unabated which has ruined our economy and has caused obvious infrastructural, human and social economic collapse of our nation.

Recalled that Sen. Dino Melaye had raised alarm over the 1% commission by REMITA leading to the Senate constituting an investigative committee to look into the issue after which the Senate passed a resolution against the activities of the Systemspec. The 1% commission is also part of the contractual agreement reached between REMITA and the CBN. Majority people have seen this development as politically motivated and self serving on the side of Sen. Dino Melaye.