Senate President, Dr. Abubakar Bukola Saraki, has reiterated the commitment of the eighth Senate to work with and support the executive in its effort to improve the living standard of Nigerians.
Saraki also said that the legislature was working with the executive to curb waste and plug all loopholes in the country’s revenue and expenditure streams.
The Senate president in his keynote address at the public hearing on the “Abuse and Mismanagement of Treasury Single Account, TSA, Regime” in Abuja, added that “we are equally concerned and are exploring ways of shoring up the national revenue in spite of the persistent fall in oil price in the international market. We embraced these challenges as we believe that it will more than anything enable us to think outside the box and draw up innovative solutions that would strengthen our institutions and the economy at large.
“Our goal is in tandem with that of the executive; to stamp out corruption and expose mismanagement of public resources. We are not going to treat matters bordering on the wellbeing of our economy with kid gloves, we simply cannot afford it.”
Saraki noted with delight the steps already taken by President Muhammadu Buhari to move the country towards efficiency and away from the business as usual mindset through reduction in wasteful expenditure.
According to him, one of such bold steps is the full pursuit and implementation of the Economic Reform Governance Project, ERGP, which has as its core objective, the modernisation of Public Finance Management, PFM.
“The wholesome adoption of the PFM is in line with the globally accepted Government Integrated Financial Management Information Systems, GIFMIS, which is aimed at plugging revenue wastes. All these are supportive of the introduction and the enforcement of the Treasury Single Account, TSA, which has been fully authorised by the president”, he stressed.
Saraki, however, added that the National Assembly has been informed that these laudable goals of the TSA could be threatened by mismanagement and non- compliance of extant laws leading to massive abuse such that demanded the intervention of the Senate.
The Senate, he said has a critical public role to play in ensuring that no such abuse is allowed to fester, hence this public hearing to investigate the purported “Abuse and Mismanagement of the Single Treasury Account (TSA) Regime”.
Saraki charged the Committees on Finance; Banking, Insurance and other Financial Institutions; and Public Accounts investigating the alleged abuse and mismanagement of TSA to discharge their duties thoroughly without fear or favour.
“Your mandate is simple, to investigate and report the entire process culminating in the adoption, remuneration and otherwise of TSA including determining the cost of such project,” he said.

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