Mrs. Kemi Adeosun, Minister of Finance has made a shocking revelation. She disclosed that the Federal Government has recovered the sum of N1.6 billion from a single account in a commercial bank made possible by Treasury Single Account (TSA). She said the implementation of the Treasury Single Account made the recovery possible.

Mrs. Kemi Adeosun

Adeosun made this revelation before the Abubakar Damburam-led Committee of the House of Representatives, probing the level of implementation of the TSA policy of the Federal Government. She also disclosed that the recovery was achieved through a consulting firm engaged by her ministry.

However, the minister declined to uncover the identity of the consulting firm. But chairman of the House Committee, Danburam had made it known that N540million was paid to engage consultants for a job that could have been done by Federal Auditors at no cost to the government.

The minister further boasted that government had achieved close to 100 per cent compliance from the 1678 MDAs enrolled into the policy. She said that government was getting value for the money spent on engaging the 17 consulting firms.

Besides, she said that the external auditors had also investigated 21 other banks, using specialised softwares to track hidden accounts operated by MDAs. She revealed that the consultants recovered an additional N400 million excess charges from one of the commercial banks into the TSA account.