The Senate yesterday recommended the slashing of the N7.6billion commission due to systemSpecs owners of the remita software used for the collection of federal government revenue under the Treasury Single Account (TSA) to N656milliion.

 
The senators adopted the resolution following the report of the joint committees on Finance, Public Accounts and Banking, Insurance and other financial institutions that investigated the TSA deal.
Delivering the report of the committees, Senator John Enoh (PDP, Cross River Central) observed that withholding and diversion of funds from Consolidated Revenue Fund (CRF) without the approval of the National Assembly violates the 1999 Constitution of the Federal Republic of Nigeria as amended.
The senators recommended that N656.5million be paid to the systemSpecs as against the claim of N7.6billion as transaction costs for funds transferred from March to November 30, 2015.
Enoh said they arrived at the amount using N700 per transaction as against the one percent earlier adopted for the TSA.
The lawmakers said 937,869 transactions were carried out through remita software of systemSpecs before the contract was suspended in November last year.
In a reaction, the SystemSpecs owners of the remita platform said the senate report did not accuse them of under-delivering on the substance of the contract.
In a statement by its media consultant, Sola Fanawopo, SystemSpecs said: “Our efforts are recognised as having played a significant role in the life of the nation when it mattered and that the disagreement has only been on the commercial terms of our contract.”

Credit : Daily Trust