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Cash Inflow Into TSA Hits N 4.3trn - Politics - Nairaland

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Cash Inflow Into TSA Hits N 4.3trn by ManirBK: 10:17pm On Nov 10, 2016
The Accountant General of the Federation Alhaji Ahmed Idris on Thursday said the Treasury Single Account (TSA) is a cash planning and management tool that has helped the country to reduce inflation rate, saying cash inflow into the account has hit N4.36 trillion.

Idris who revealed this at a workshop with the Theme,” Operation, Implementation and Challenges of Treasury Single Accounts” organized by Institute of Chartered Accounts of Nigeria (ICAN) in Lagos said the country lost a whooping sum of N70 billion to failed banks in 2011 when the country was not operating TSA system.

According to him, the N4.3 trillion cash went into 2,568 TSAs, saying in the past Ministries Department and Agencies (MDAs) ran more than 10,000 accounts that were mostly dormant with balances of tax payers money not utilized for the development of the country.



Idris represented by the Deputy Director TSA Collection Funds Department Mr. Sylva Okolieaboh added that TSA is not about revenue collection but rather a cash planning tools for the government to enhance cash planning.

He said, “Even if we detached, accountability transparency and anti- corruption from TSA it is still very important. That is not the reason why government started TSA. It is an anti corruption tool, no doubt but it is more than that . We are doing TSA because some times in 2011 and 2012 before that time the government of Nigeria working with International Monetary Fund (IMF) during Chief Olusegun Obasanjo first tenure, they carried out a broad financial reform looking at the country financial system and one of the things they asked us to do was to do a census of bank accounts, even though restricted to mainline government Ministries we found out that among the ministries that were based in Abuja then there were more than 10,000 bank accounts for about 30 ministries.

“It was not only the number that was the problem , the practice was that when new head of ministry , agencies come on board they will go and open new bank account based on personal interest , forgetting the previous accounts. When they open these new accounts and change signatories whatever balances in the previous accounts remain there. Even Central Bank of Nigeria was coming to us to draw our attention to the accounts, telling us to come and close them.

Idris said the huge sums of money that was being paid as interest on money borrowed from banks ad since been stopped.

Also speaking the President of Institute of Chartered Accounts of Nigeria (ICAN) Deacon Titus Soetan said the Treasury Single Account (TSA) which is an initiative of the Federal Government of Nigeria is a bold and highly commendable move directed at the mainstay of corruption in the polity.

Soetan said,” The implementation of the scheme would enable all Government Ministries, Departments and Agencies (MDAs) to remit all their revenue collections into a single account through commercial banks acting as agents. At the close of the day’s transactions, the banks are required to remit all the moneys collected to TSA at the CBN. This is a departure from the past, where government revenues are collected through several segmented channels given rise to leakages in the revenue collection chain.

“About 400 days since the commencement of the scheme, ICAN as an Institute whose interest is not limited to its members, but also to the public believes that now is the time to assess the working of the scheme so far to advise where appropriate areas of improvement in order to maximize its benefits.”

http://leadership.ng/business/558696/cash-inflow-into-tsa-hits-n-4-3trn
Mynd44 Oam4j

Re: Cash Inflow Into TSA Hits N 4.3trn by ManirBK: 10:20pm On Nov 10, 2016
wailers are not happy with this latest development

30 Likes 6 Shares

Re: Cash Inflow Into TSA Hits N 4.3trn by Korrection(m): 10:32pm On Nov 10, 2016
how are sure?
ManirBK:
wailers are not happy with this latest development

3 Likes 1 Share

Re: Cash Inflow Into TSA Hits N 4.3trn by Hiploko(m): 10:36pm On Nov 10, 2016
ManirBK:
wailers are not happy with this latest development
ironically, wailers are the ones who have sense... Zombies. Are bynature and default, too mumuish to reason properly.... This govt is a big figures.. From the Metuh N400M to Dasuki's 2billion Zillion yet they want to borrow... How can you have 4trillion in TSA and Naija is like this? You sef didn't hide your zombieism you came here to mention wailers... Btw u and wailers who is sick?

180 Likes 13 Shares

Re: Cash Inflow Into TSA Hits N 4.3trn by mrvitalis(m): 10:45pm On Nov 10, 2016
Hiploko:
ironically, wailers are the ones who have sense... Zombies. Are bynature and default, too mumuish to reason properly.... This govt is a big figures.. From the Metuh N400M to Dasuki's 2billion Zillion yet they want to borrow... How can you have 4trillion in TSA and Naija is like this? You sef didn't hide your zombieism you came here to mention wailers... Btw u and wailers who is sick?

They said cash inflow and not balance. .. Hope u know the difference

49 Likes 4 Shares

Re: Cash Inflow Into TSA Hits N 4.3trn by Lanretoye(m): 11:58pm On Nov 10, 2016
What!!!,Efcc must probe TSA oo...where did he get such a huge amount?.

11 Likes

Re: Cash Inflow Into TSA Hits N 4.3trn by slivertongue: 12:44am On Nov 11, 2016
and so what? dis aint news what matters is income

2 Likes

Re: Cash Inflow Into TSA Hits N 4.3trn by weyab: 12:46am On Nov 11, 2016
mrvitalis:


They said cash inflow and not balance. .. Hope u know the difference
yes 4 . trillion inflow and 7. Trillion out flow grin

94 Likes 3 Shares

Re: Cash Inflow Into TSA Hits N 4.3trn by Nobody: 2:43am On Nov 11, 2016
ashi ashi ashi!
someone plays play me xten baba ashi song
bubu and his wizards of daura are really working......... abeg o how much out flow tsa don get? abi the tsa bvn no dey linked? rubbish

6 Likes

Re: Cash Inflow Into TSA Hits N 4.3trn by honestivo(m): 4:14am On Nov 11, 2016
Use this money to better the life of the people,celebrating money in bank cannot put food on the table of people

7 Likes

Re: Cash Inflow Into TSA Hits N 4.3trn by eezeribe(m): 4:51am On Nov 11, 2016
OK
Re: Cash Inflow Into TSA Hits N 4.3trn by jesse8048(m): 5:04am On Nov 11, 2016
Government of propaganda, if that's true Buhari shud den borrow from TSA.

41 Likes 1 Share

Re: Cash Inflow Into TSA Hits N 4.3trn by SamuelAnyawu(m): 5:09am On Nov 11, 2016
Nice
Re: Cash Inflow Into TSA Hits N 4.3trn by Lordave: 5:18am On Nov 11, 2016
ManirBK:
wailers are not happy with this latest development
Is this why you created this thread? To spite wailers or to keep Nairaland updated?

Well, my question is, why is Buhari hell bent on borrowing N9Trn while he has direct and unhindered access to N4.36Trn?

The way people swallow every shít excreted by this administration is quite pathetic.

74 Likes 2 Shares

Re: Cash Inflow Into TSA Hits N 4.3trn by amaechi1: 6:15am On Nov 11, 2016
mrvitalis:


They said cash inflow and not balance. .. Hope u know the difference

You are blessing to your generation. People read without reading meaning.

3 Likes

Re: Cash Inflow Into TSA Hits N 4.3trn by ivandragon: 6:23am On Nov 11, 2016
this is how some people continue to express their shortsightedness. clapping & praising at half truths & distorted lies.

the regime is bragging about inflows, but what about the outflows? & how has it helped improve the standard of living of Nigerians?

the regime gives with one leg & takes with both arms.

they 'promised' to pay 200,000 youths stipends, some retards praise them conveniently forgetting that 4.5m people have lost good paying jobs within one year.

they are celebrating the fictitious 1m tonnes of kebbi rice when a bag of rice is sitting pretty at over N20,000.

they point to absence of scarcity, when we are buying petroleum products at astronomical rates.

the are quick to shout victory over BH, then is it clowns that are killing our soldiers daily?

you beat your chest at anti corruption fight, yet no convictions or clear evidence of recovered funds.

you clap when the opposition is arrested for trumped up charges but wax philosophical when the regime turns a blind eye to its own corrupt members.

you brag about economic revolution, but look stupid when it is revealed that 18 months later, the regime has no economic direction...

bunch of nitwits...

92 Likes 11 Shares

Re: Cash Inflow Into TSA Hits N 4.3trn by Nkemtreasure: 6:26am On Nov 11, 2016
Inflow report is not our problem. What is the outflow or better still, the balance?

13 Likes

Re: Cash Inflow Into TSA Hits N 4.3trn by Flyingngel(m): 6:29am On Nov 11, 2016
If this is true, then why is Buhari telling us that there is no money?

3 Likes

Re: Cash Inflow Into TSA Hits N 4.3trn by Nobody: 6:59am On Nov 11, 2016
Govt of propaganda, if this is true why do we still need to borrow

3 Likes

Re: Cash Inflow Into TSA Hits N 4.3trn by chemicalDisease: 7:04am On Nov 11, 2016
ManirBK:
wailers are not happy with this latest development


So you believe this?

you need miracle in ur life.

24 Likes

Re: Cash Inflow Into TSA Hits N 4.3trn by rottenPussy: 7:51am On Nov 11, 2016
And some people have not been paid their basic salary for the past 7months!


may amadioha + sango fire all of you including the account…

13 Likes

Re: Cash Inflow Into TSA Hits N 4.3trn by veekid(m): 7:51am On Nov 11, 2016

Re: Cash Inflow Into TSA Hits N 4.3trn by clefstone(m): 7:51am On Nov 11, 2016
What about outflow? That one naim concern common man pass

3 Likes 1 Share

Re: Cash Inflow Into TSA Hits N 4.3trn by kings09(m): 7:51am On Nov 11, 2016
No need to borrow again then.

1 Like

Re: Cash Inflow Into TSA Hits N 4.3trn by ednut1(m): 7:52am On Nov 11, 2016
lies. 2019 Nigerians will still be brainwashed cos we no ever fit get sense. who TSA epp

16 Likes 1 Share

Re: Cash Inflow Into TSA Hits N 4.3trn by jmoore(m): 7:52am On Nov 11, 2016
And they want to borrow money. undecided

2 Likes

Re: Cash Inflow Into TSA Hits N 4.3trn by hotspec(m): 7:53am On Nov 11, 2016

Re: Cash Inflow Into TSA Hits N 4.3trn by otukpo(f): 7:53am On Nov 11, 2016
And we are still broke

1 Like

Re: Cash Inflow Into TSA Hits N 4.3trn by Nobody: 7:53am On Nov 11, 2016
Yet buhari wan borrow. Mad man

1 Like

Re: Cash Inflow Into TSA Hits N 4.3trn by CeeJay9ja(m): 7:54am On Nov 11, 2016
Trust Nigerian Govt., cash outflow is always on the higher side

2 Likes

Re: Cash Inflow Into TSA Hits N 4.3trn by Bantino(m): 7:55am On Nov 11, 2016
Hmmm

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