Ekiti State Governor, Ayodele Fayose and those criticising the Treasury Single Account (TSA) policy of President Muhammadu Buhari, has been advised to consider returning to elementary school due to the fact that they do not understand how the policy works.
Giving the advice, Minister of Information and Culture, Alhaji Lai Mohammed argued that, “those behind the rumour that a single company made N25 billion from charging 1% of TSA funds that passed through the company’s software, may need to return to elementary school to get some lessons in arithmetic.” He said this in a statement issued by his Special Adviser on Media, Mr Segun Adeyemi, in Abuja, Nigeria’s capital.
“This is because in order for 1% charge to fetch N25 billion, the funds accruing into the TSA must have reached N2.5 trillion.
“Yet, the total amount of funds in the TSA to date is still much less than 2 trillion.
“More importantly, at the time the Governor of the Central Bank of Nigeria (CBN) ordered that all monies that were erroneously charged as ”˜revenue’ be returned to the TSA account late last month, the TSA had less than N800 billion.
“It therefore beggars belief that anyone could attempt to mislead the public by raising a false alarm that a firm made N25 billion in TSA charges.”