The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on the state of the nation warned that ''the economy was at risk of sliding into recession in 2016, adding that the implementation of the Treasury Single Account( TSA) might affect the country’s economic growth".
Can somebody please remind Mr Emefiele that he's the CBN Governor....Why talk like a Politician or an Investment Banker? This is more reason why an ecomonist is better off as the CBN Governor against an Investment Banker. Even me as a Accountant can not make such statement. Below are my argument against the Governor's statement.
1. The economy is already on recess and I don't see how the TSA can add more to the problems on ground.
2. TSA objective is to block revenue leakages around Government MDA's and ensure revenue collected are properly accounted for, especially at this point where crude oil price as falling below 50$ per barrel as against the 53$ per barrel budget benchmark.
3. Also TSA will ensure FG moves away from the traditional Zero budgeting system to a more realistic performance budget through monitoring and budgeting control of revenue and expenditure.
4. Why should commercial banks rely on government revenue (leakages) for there own growth? This is not the global practise

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