must first submit that TSA as a policy is excellent and it was initiated by Ngozi Okonjo. CBN had signed an agreement with Remita in the last quarter of 2014 to serve as a payment gateway for all transactions by the MDAs under the TSA regime. The agreement legally empowered them to deduct 1% of the total value to be transfered tax exclusive. And take another N105 per transaction as security charge. This made Remita to become multi billionaires overnight. And there lies the fraud The question is There are proven and tested payment gateways like interswitch, SimplePay and Etransact, why the choice of Remita to enjoy monopoly of this billion? Why charging a percentage (1%) instead of the usual N180 per transaction fee charged for large volume transaction by known and proven gateways? What extra service and efficiency are they bringing to the table that other gateways don't have? Moreover, Remita seems unprepared for this business and since August, a number MDAs don't have access to their funds. Who pays for this deficit created by the unfriendly agreement between Remita and CBN? I strongly smell corruption looping around CBN/Remita connection. Please read the submission of Senator Melaye. Senator representing Kogi West, Dino Melaye on Tuesday, raised an alarm over a massive corruption operation going on in the management of the Treasury Single Account, TSA. Melaye who made this known in the floor of the House said “financial scavengers and economic cankerworms” were trying to sabotage the anti-corruption war President Muhammadu Buhari was believed to be prosecuting by mismanaging the TSA. He further alleged that a firm, “Remitter,” hired to manage the TSA, was making N25bn in one day in mopping up about N2.5trn on the loose. Melaye further asked the Senate to give him an opportunity to present a motion on the matter on Wednesday, November 11. Senate President, Bukola Saraki subjected his request to a voice vote and the “ayes” had it. Buhari had in August ordered the full implementation of the TSA with all Ministries, Departments and Agencies, MDAs,directed to cue in and Initial compliance gave the federal government access to N1.5trn. www.post-nigeria.com/how-n25bn-is-embezzled-daily-via-buharis-tsa-melaye/

Booohari will never learn