Business
TSA Compliance: Group Wants ICPC To Probe MDAs
A non-profit initiative has urged the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to extend its ongoing probe of Ministries, Departments and Agencies (MDAs) to include their level of compliance to the Treasury Single Account (TSA).
The Africa Leadership Strategy and Transparency Development Initiative (ALSTDI) in a statement in Lagos yesterday by its Executive Director, Mr Nelson Ossaieze, also implored the Federal Government to explain its decision to transfer the burden of transacting with the TSA to the citizens.
This, ALSTDI said, was in line with international transparency best practices.
“It is indubitable that the implementation of the Treasury Single Account policy is one of the most significant achievements of the current Federal Government administration.
“This feat is despite the alleged non-compliance or partial compliance by certain MDAs and exclusion of foreign accounts from the scheme.
“Therefore, the need arises for the ICPC to openly investigate the level of adherence to the policy by MDAs in order to consolidate on the remarkable achievement of the policy thus far,” it said.
It noted that in November 2018, the Federal Government suddenly directed that the cost of operating the scheme should be transferred to the payers who were the citizens.
The group also said the change, according to the Accountant General of the Federation, was premised on the unsustainable nature of the cost of servicing the policy.
“Non-card payments to the government now attract a flat service charge of ¦ 157.50K and card payments now cost ¦ 150 plus 0.75 per cent of the amount being paid, subject to a maximum of ¦ 1,200 per transaction.
“Understandable as this appears, owing to the long-term impact on the nation’s economy, the lack of proper public sensitisation leaves much to be desired from the FG.
“Surprisingly, Nigerians are unaware of the policy change prior to the effective date.
“Reports indicate that the operators, like other players in the process, has this sudden reality forced on them.
“FG must bridge the inherent knowledge gap in the public space by embarking on a nationwide sensitisation campaign and highlight the long-term benefits rather than allow the current misinformation to linger,” it added.
ALSTDI, however said, it was aware that the current rate was lower than the global industry benchmark.
It also said that, the current economic realities of the country implied that such changes could not be made without proper and due consideration of the average Nigerian.
The body advised FG to assent the minimum wage bill, implement the 2009 agreement with the Academic Staff Union of Universities and other initiatives to significantly lessen the burden on Nigerians whilst sustaining the gains of the TSA.
It said: “Finally, we remain proud of the role played by the indigenous firms in delivering the TSA project in record-time when foreign companies can not deliver and for their patriotic successful sustenance of the TSA regime.
“SystemSpecs came to the rescue of the country when our economy was on the brink of a total collapse through its deployment of Remita to plug existing leakages in the public financial sector.
“Undeniably, SystemSpecs’ exceptional delivery of a project of national significance is proof of the maturation of indigenous firms hence must be celebrated and not vilified,” it added.
According to ALSTDI, FG is required to do more in promoting these firms and demystifying the TSA service charge will be a step in the right direction.
“In conclusion, as an African-focused Civilian Society Organisation, we entreat FG to make Nigeria proud.
“This can be by promoting and even exporting the TSA to other countries across the continent to promote probity and add to the ranks of TSA compliant nations like Rwanda and Uganda,” it added.
Business
FIRS Clarifies New Tax Laws, Debunks Levy Misconceptions
Business
CBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation
The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.
In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.
However, with time, the need has arisen to streamline these provisions to reflect present-day realities.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.
“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.
According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.
Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.
They must also create separate accounts to warehouse processing charges collected on excess withdrawals.
Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.
However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.
The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.
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