A lot of Nigerians are not too conversant with the TSA thing especially in the light of the revelation by Dino Melaye that Remita collected N25 billion in one day as commission.

For now, it is settled that the TSA has come to stay but we need to know how the system operates.
Under the TSA, the ministries and parastatals collect revenue through the TSA in any of the commercial banks. These accounts in the various banks are immediately swept into designated accounts with the Central Bank of Nigeria using Remita as a payment switch just like the way banks uses Mastercard, Verve, etc.
Remita is a software developed by Systemspecs, a Nigerian company that is now operating as a monopoly as a consequence of the compulsory order that came with the full implementation of the TSA.
Systemspec markets its Remita software as a one-stop software that addresses all the issues associated with accounting for revenue collection and payments, including payroll.
But it is coming at a great cost to the FG.
For instance,
Systemspecs charges 1.05% for revenue and
1% for payments that pass through its switch.
By way of comparism, commercial banks charge COT only on payments/disbursements with rates ranging from N2.5 to N5 per mille.
Banks do not charge on revenue.

For instance, if an agency collects N1bn in a month and disburses N800m in the same month, Systemspecs would collect the sum of N10.5m and N8m respectively.
This commissions taken by Systemspecs through Remita were not budgeted for by the different ministries/parastatals but simply thrust upon them by the policy change.
If commercial banks were to play their traditional role for the same transaction, an agency would only pay the COT of between N2m and N4m depending on the agreed COT rate with the customer.

The present reality is that money is also being lost through the full implementation of the TSA as it is and we are not sure which is worse, the old order or the new.
One would have thought that the FG will negotiate a flat fee rate with Systemspecs instead of allowing that company to collect commission on indeterminate revenue and all other payments that passes through it.
The FG can also decide to acquire the Remita software from Systemspecs.
This policy of allowing commission payments is not sustainable.

So no single IT person in all these technology agencies under the Federal Ministry of Technology and Profs in Federal Universities write the software and save the nations of funds?

How this news wan provide my breakfast, abegy Nigeria voted for change and change you'll get oooo

Well, thank God the Senate has seen this and has started working on it with immediate effect. This why they are here in the first place. We can't afford to be losing money now that we need to make more.