The Senate has begun an investigative hearing to unravel allegations of abuse of the Treasury Single Account regime (TSA).

President Buhari had given a directive that all government Ministries, Departments and Agencies should pay all revenues and monies accruing to the Federal Government into a Federal sub Treasury Account maintained by the Central Bank of Nigeria (CBN).

However, federal lawmakers on December 11 at legislative proceedings, expressed fears that the private firm hired to mop up government’s revenue into the account was costing the nation billions of Naira in fees.

A lawmaker had said that it was a gross violation of section 162 (1) of the Nigerian Constitution and the banks and other Financial Institutions Act.

Credit: ChannelsTV