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Nairaland Forum / Nairaland / General / Politics / Understanding The Treasury Single Account (TSA) System – Things You Should Know (94781 Views)
Nigeria Has Over N 2.7Trn In Treasury Single Account ( TSA ) – AGF / Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy / Treasury Single Account Is A Fraud, Says Fayose (2) (3) (4)
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Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by oshyno(m): 5:14pm On Sep 14, 2015 |
Rockstar07: Daz a good summary but 1 is wrong. GEJ did a test run with over 200 Agencies and directed other MDAs for implementation. This is a good policy and am glad Buhari is giving it much needed push. Make I wait these peperempes from banks to beg me for deposit.Lolz 1 Like |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by wiseoneking: 5:19pm On Sep 14, 2015 |
Rockstar07:No 7, Increasing interest rate and reducing lending is the worst thing that can happen to Naija. This is the major area that help to grow private sector all over the world. We want an economy driven by private sector than that control by conservative govt policies. If truly this is the case, Woe to this govt, it will be anti masses and people. Lastly, let it not start making the banks to be distressed. I hope again that those corrupt guys would not devise another dangerous means of reaping this nation before finally been paid into the so called single acct. 2 Likes |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by ekemini606: 5:25pm On Sep 14, 2015 |
dave2meek: I see ur point but its way too mono_directional. There is a bigger picture to consider here. With dwindling oil price , there need for IGR. Un remitted fund by the various govt parastatal has over the years deprived the government much need funds to grow the economy at pace. I think if the government is serious this time around Revenue that the country would save a from this policy alone should be more than enough to create hundred of new jobs. So fear not my bros! Buhari Is is working #anywhereuseemypresidentholakabiesi# 1 Like |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by unite4real: 5:38pm On Sep 14, 2015 |
psucc: are you among them? i mean among those people that ..... abeg abeg abeg. all we want is financial discipline. Instead of disallowing TSA to favour jobs at the expense of social amenities that the generality of the populace will benefit from, including financial discpline and accountability; only a fraudster will say TSA is bad. 1 Like |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by Adedolapo1406(m): 5:46pm On Sep 14, 2015 |
TSA will be good for our country Nigeria I served in the Office of the Accountant General, Consolidated Revenue Fund section to be precise. TSA will enable any individual that have access to Bank Statement know the financial status of the F.G @ a glance and this will also help in avoiding diversion of public fund into private Accounts. incase you need Treasury Single Account Number "3000002095". |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by Gemc3(f): 6:06pm On Sep 14, 2015 |
Adesiji77: Very real o my brother. Rockstar07 is a real "Rockstar Summarian" tho 2 Likes |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by juicebox: 6:39pm On Sep 14, 2015 |
Rockstar07: Of what use is it to the banks to mobolize high cost deposits and reduce lending? For the banks to make profit & remain in business, they would have to increase lending, reduce their interest on term deposits, source more of cheap funds (Demand Deposit Accounts). |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by Bome01(m): 6:52pm On Sep 14, 2015 |
CBN still remains one of the sane few FG organisations in this country. Even if there's pilfering, It would be minimal with the TSA. |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by Rockstar07: 8:14pm On Sep 14, 2015 |
Gemc3: Thanks sweet 1 Like |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by princemillla(m): 8:21pm On Sep 14, 2015 |
I support this.... By law it's legal. And most needed now. |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by MAYOWAAK: 8:22pm On Sep 14, 2015 |
Beginning with the Oliver Lyttleton Constitution, the 1954 document that conferred the status of a federation on Nigeria, the central government has always been mandated to operate a single revenue account for the country. Preparatory to the 1960 independence, the colonial masters had kept faith with that aspect of the law and bequeathed it to the First Republic, run by the duo of the late Dr Nnamdi Azikiwe as president and Alhaji Tafawa Balewa as Prime Minister. However, the Nigerian civil war economy run by Gen. Yakubu Gowon — beginning from 1967 — necessitated a deviation from what was the norm and inadvertently opened the door of what critics have come to refer to as the door of impunity for successive military and civilian governments. The practice continued even without regard for the Section 162, sub-section 1 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), which states: “The Federation shall maintain a special account to be called ‘the Federation Account’ into which shall be paid all revenues collected by the Government of the Federation, except the proceeds from the personal income tax of the personnel of the armed forces of the Federation, the Nigeria Police Force, the ministry or department of government charged with responsibility for Foreign Affairs and the residents of the Federal Capital Territory, Abuja.” |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by gidjah(m): 8:36pm On Sep 14, 2015 |
At least mu bank will begin to respect my little #10,000 in my current acct,treat me like a king else i shall be forced to withdraw my money sharp sharp.This banks dishonor small scale depositors coz they get cheap money from them politicians and evil ministes the-likes.Good Riddance to Bad rubbish 1 Like 1 Share |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by smuth(m): 9:14pm On Sep 14, 2015 |
Rockstar07: Oga give credit to whome credit is due...I did not hear you mention Jonathan as the initiator of the scheme in this your long post, why are all Buhari's supporters like this for Christ sake? ingrates i must say, Buhari only pick up from were Jonathan left off yet you people act as if it was Buhari that started the program, mind you history CANNOT be errased, we all now who started implementing the scheme even Buhari confirmed it was Jonathan. case closed. 2 Likes |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by CHYMZZY(m): 9:24pm On Sep 14, 2015 |
tolexy007:you blind? Abi u no see the post ontop you? 1 Like |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by abusurv(m): 9:40pm On Sep 14, 2015 |
osothermal:What you are taught in the university is to prepare you for the future, it's now depend on you how to translate it into money. Mostly some university do not emphasize the practical aspect of the course only the theory this is very bad. In my school to passed a project defense with out much problem it must be a practical project and this has help me after graduation. Thank you |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by ruffhandu: 9:44pm On Sep 14, 2015 |
ihesiuloa:No be joke. Ask anyone close to you who's a banker and has worked in the clearing and FT departments and they'll tell you how government funds/generated revenues are being diverted. Corruption is fought from the root, if not, they just handed the key to these new "choppers". Cc: seunmsg , efilefun 1 Like |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by gentle007(m): 9:52pm On Sep 14, 2015 |
Precursor to islamic banking... |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by Adesiji77: 10:37pm On Sep 14, 2015 |
Gemc3: |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by kmzee(m): 10:42pm On Sep 14, 2015 |
I Rockstar07: This summarizes everything about TSA Thanks |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by ADAMUdaCOWBOY: 11:19pm On Sep 14, 2015 |
ruffhandu:Its all about chopping money to you |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by Gemc3(f): 11:49pm On Sep 14, 2015 |
Rockstar07: You are welcome |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by shurlermoz(m): 12:54am On Sep 15, 2015 |
psucc: In the spirit of weighing the pros and cons, I think the bank will pull thru that difficult patch with time but the country might collapse if the endemic corruption in the system is not checked, hence the TSA. |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by ruffhandu: 5:19am On Sep 15, 2015 |
ADAMUdaCOWBOY: As if that's not what it actually is. |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by drey076(m): 6:09am On Sep 15, 2015 |
I will continue to love Buhari |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by drey076(m): 6:18am On Sep 15, 2015 |
smuth:You are the greatest fool I have ever seen, Jonathan although initiated(to deceive fool like you as if he was an angel) but never enforced it because corruption was running in his vein |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by Eleponblue(m): 6:40am On Sep 15, 2015 |
Rockstar07:I hate it when people beg for topics to be moved to fp. For heavens sake seun and his crew know what's best for this forum. I T Ks on rampage! |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by chudionu58(f): 6:48am On Sep 15, 2015 |
drey076: http://www.punchng.com/business/business-economy/fg-moves-mdas-capital-accounts-to-cbn-2/ http://www.thisdaylive.com/articles/fg-s-treasury-single-account-unsettles-banks/209153/ http://www.vanguardngr.com/2015/01/fg-saves-n500bn-through-implementation-of-single-treasury-account/ Don't be a stupid idiot....guess you are very angry that your god have no originality! *Shame* |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by Ndeewonu: 7:16am On Sep 15, 2015 |
Rockstar07: Good summary... Looking at your points 5, 6, 7... 5. Has it occurred to you that public sector funds in the country is significantly high? Do you know the portfolio inbalance this policy will cause banks? Many banks may be forced to recapitalise or risk being liquidated! And you know how difficult it would be right now to raise funds for capitalisation, considering Capital Market tumble and general uncertainties in the economy; 6. You need to know that each bank has PUBLIC SECTOR as a directorate, headed by an Executive Director, and the staff strength here is enormous across banks and in totality. Retrenching will not only be for the back office (as you mentioned) but heavily for those marketers in the Public Sector desks. What a heavy calamity. Again, it is UNLIKELY that banks will have room to employ more marketers giving the dwindling revenue of banks occasioned by govt policies; 7. Sure. However, banks will not only increase interest rates/stop lending, but will also be in danger of running foul with statutory lending guidelines/portfolio limits. My point, 1. This decision will only succeed in worsening unemployment situation in Nigeria. As you know, banks are probably the second highest employer of labour in Nigeria after the government. And, as you also know, banks have already commenced mass sacking all over the country. 2. Coupled with the ones we have seen in non bank sectors, Nigeria may plunge into a disaster in the next few months; 3. There could have been ways to retain these accounts in banks, but with a better management and control measures put in place. Sacking and prosecuting a bank CEO and other officers seen to aid and abate fraud in this regard would have been a better option; This is from objective point of view! 2 Likes |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by Ndeewonu: 7:20am On Sep 15, 2015 |
drey076: I do not know why it does appear that MOST APC supporters are too cantankerous! They curse, they fight, they even wear suicide belts! They swear for una? An honourable person can always make his point known without employing invectives. 1 Like |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by asha80(m): 7:32am On Sep 15, 2015 |
Ndeeowonu TSA is constitutional so your second to last paragraph is moot |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by Redstone(m): 7:33am On Sep 15, 2015 |
It'll reduce stealing of public funds. Ok Hope they don't invent other ways to loot by under reporting revenue accounts and remitting less to CBN. We might be going back to the era of fire in government account departments just to wipe out records and files. We do hope for the best shá. |
Re: Understanding The Treasury Single Account (TSA) System – Things You Should Know by smuth(m): 7:49am On Sep 15, 2015 |
drey076: Just listen to yourself Mr idiot, can you please name one scheme your role model dullard.dinho has initiated since elected to office, of course expecting Buhari to be creative is like expecting an ant to crush a trailer loaded with cement...and for you, foolishness runs in your family like tape water...I understand your love for Buhari, blood is thicker than water, just that you are from the poor side of his lineage. |
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