Tag: TSA

TSA storm erupts, as FIRS adds Xpress Payments to revenue gatekeeping 

Aminu Imam
Atiku on TSA

…Atiku demands agent’s role suspended for scrutiny Nigeria’s fiscal space was thrown into turmoil on Friday after the Federal Inland Revenue Service, (FIRS), quietly named Xpress Payment Solutions Limited as a new Treasury Single Account (TSA) collecting agent – a move that immediately sparked political uproar, public concern, and accusations of a creeping revenue cartel. The tax agency confirmed that Xpress Payments has been integrated into the TaxPro Max portal, allowing taxpayers to remit CIT, VAT, WHT and other statutory payments through the XpressPay platform, or via partner banks using…

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Treasury Single Account: H/Reps raise alarm over trillions unaccounted for

Aminu Imam

The House of Representatives has raised an alarm over the Remita platform, through which the Treasury Single Account (TSA) of the Federal Government is operated. The alarm, which was raised through a Motion by Jeremiah Umaru, the lower chamber said trillions of naira had been passed through the Remita platform, and that the funds were unaccounted for due to the proliferation of sub-accounts by the Central Bank of Nigeria, (CBN). The House expressed its worry that if this is not addressed, the country will continue to lose revenue. In a related development,…

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Buhari excludes Finance Ministry from TSA

Aminu Imam

President Muhammadu Buhari yesterday, gave his approval for the Ministry of Finance Incorporated, (MOFI), to be partially excluded from the Treasury Single Account. Along with granting the inclusion of the Minister of Power in the Governing Council, Buhari also agreed to the Board of MOFI’s request to levy administration and transaction fees. In order to turn MOFI from a register of investment records into a premier asset and investment management organisation, the new MOFI was launched on February 1, 2023, according to the President, who delivered the permission at the…

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