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Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy - Politics (3) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy (22888 Views)

Treasury Single Account Is A Fraud, Says Fayose / Understanding The Treasury Single Account (TSA) System – Things You Should Know / APC/NASS Crises: Observation On The Major Players (2) (3) (4)

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Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by saintopus(m): 11:45am On Nov 19, 2015
This GEJ sef!!

I don't know why I love this guy! God bless you sir.

3 Likes

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by Nobody: 11:47am On Nov 19, 2015
chymystique:
Tonye, ve you returned to APC? Or You ve decided to sit on the Fence.. smiley...

Apt and Unbiased content you wrote up there though
he doesnt even need to be part of any party to dish out this wonderful unbiased write up...this is what i want all apc zealots/robots to emulate....

3 Likes

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by TonyeBarcanista(m): 11:48am On Nov 19, 2015
PassingShot:

Well, let's hope credible opposition will be offered henceforth. I commend you on this thread.


Trust me, the people against this policy are the corupt elite across ALL political parties. The policy is in Nigeria's interest because the monies that will be protected through this policy neither belong to APC nor Buhari. Nigerians own them!

11 Likes 2 Shares

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by gurunlocker: 11:51am On Nov 19, 2015
I just love it when people see and say the truth....

I've never seen where APC commend PDP work even they were in opposition....
Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by PassingShot(m): 11:51am On Nov 19, 2015
TonyeBarcanista:



Trust me, the people against this policy are the corupt elite across ALL political parties. The policy is in Nigeria's interest because the monies that will be protected through this policy neither belong to APC nor Buhari. Nigerians own them!
Exactly. But many are too blinded by senseless partisanship. I pray yo i will continue in this part. Criticize the government when it has gone wrong and praise it when it has done well.

6 Likes 1 Share

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by modath(f): 11:52am On Nov 19, 2015
baralatie:

I doubt it! just look at the comments from the APC crews on this thread and it is clear the type of mindset they have.
the inability of PMB administration to pursue governance has hardly been talked about by the APC.
the critique of the TSA in the house is from APC senators.


Dino & Saraki are pursuing a vendetta but did a bang up Job cos thy didn't understand & made the fundamental error of not asking for clarification. ..

Another thing is that the TSA has made nonsense of the struggle for "JUICY" committees ...




chudionu58:
The singular reason APC E-goats are praising you is simply because you hailed Buhari as continuing with Jonathan's innovations... I thought GEJ was monumentally corrupt? How come the false anti-corruption crusaders are religiously continuing with his policies?? Yeye dey smell!


TSA was proposed how many years ago

Did Jonathan have the will to enforce it

I have lyrics in my head, till i actually go into the studio & come out with a well packaged & produced song, i am not a musician...

I sincerely hope you got that analogy..

7 Likes

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by obailala(m): 11:56am On Nov 19, 2015
TonyeBarcanista:
I find the media noise and opposition over TSA as unnecessary, unpatriotic and ill-conceived. The reason for my position I shall spell out.(Apologies for the lengthy epistle)

Before The TSA Regime...
Prior to the implementation of TSA, government Ministries, Departments and Agencies usually have their respective accounts where monies are lodged. What happened during this period was that a DG of an Agency or Executive Chairman will open an account for the Agency that he is in charge of, lodge monies there and make illegal withdrawals in connivance with corrupt bank officials. 70% of this fraud go undetected except an insider raised an alarm. We have had cases in the past where DG's of Agencies will deposit funds belonging to the agency in a commercial bank that he has interest. Even when alarm is raised, he will simply come out to sermonise us how he has been keeping these monies for the public and use court injunctions to evade justice, whereas his original intent was to divert it. A perfect example was the case of former Vice President and APC Chieftain Atiku Abubakar. As Chairman of Petroleum Training Development Fund(PTDF), Atiku lodged over $30million and $164 in Trans International Bank and Equatorial Trust Bank respectively from the account of PTDF according to EFCC's forensive indictment in 2006. In fact, 'loans' that yielded interest as high as 15% to the banks were collected from the said banks by Atiku and his proteges AFTER PTDF millions of dollars has been lodged with the illegal account. It was all business! When the deal was busted in 2006, Atiku simply said that he 'kept the monies for safe-keeping' and even claimed that he deserves commendation. What about cases of DG's and ministers that must have gone unreported? How did Tafa Balogun manage to loot his billions as Police IG? Hundreds of billions that cannot be quantified have left Nigerian treasury unreported and undetected before now.

With the coming of TSA, all these anomalies have been taken care of. The recurring act of ministers or DGs of Agencies opening illegal private account in a commercial bank for illicit activity has been eliminated. Everyone now operate with a single account that is managed by the CBN. In fact, every goat shall see free yams no more(with due respect to GEJ's Goat and Yam theory). We shall see how a prospective goat intend to eat our little yam(that isn't even enough for us) without being caught by the authorities.

The Controversial N25billion and The 1% Commission:
When Otunba Dino Malaye raised the tale of Systemspecs(owner of the Remitta software) collecting N25billion(1%) of the monies processed so far, I asked myself whether Dino is living in the same Nigeria with me or somewhere else. The position of Dino is flawed for two basic reasons;

1. It amounts to stark ignorance to think that Nigeria has N2.5trillion cash at present. I even doubt if we have 50% of the said money. Naturally, such gossip shouldn't have been peddled by a senator of this great country. It is left for the men at beer parlours. Thankfully, Ibrahim Muazu, CBN's Public Communication director clarified the whole thing when it said that, an estimated sum of N1.2trillion is what was expected to be moved to the government account all through the whole exercise.

2. From the report of PremiumTimes, it was explained that Systemspec is only entitled 50% of the 1%. While the Banks and CBN get 40% and 10% respectively. An excerpt of the agreement reads..

If this is the case, then there is NO way Systemspecs would have pocketed N25billion even IF N2.5trillion has been processed(which is NOT correct). If we are to follow the government position that less than N900billion has been processed, it means Systemspec must have pocketed something close to N4.5billion. This amount is 18% of the vague figure raised by Dino.

I think Dino should tell Nigerians where he got his own figure from.

Ex-AGF Jonah Otunla Deserves Commendation From Nigerians:
Sincerely, I'm not too pleased with the arrangement of 0.5% going to the Systemspec. It is very exorbitant and highly unsustainable when considering the huge amount involved. I wish the sum can be renegotiated but we MUST give kudos to the former Accountant-General that came up with the deal.

According to the report on PT, before the agreement was signed in 2013, Systemspecs proposed a commission of 1.5%, Commercial banks proposed 5%, while a committee setup by CBN and AGF's office proposed 2.5%. It was the exAGF Atunla that overruled all the proposals to 1%. This will see the software providers get 0.5%(as against their proposed 1.5%), Banks 0.4%(against 5%) and CBN 0.1%. Some officials would have negotiated their own cut and agree with the earlier proposals(or even increased it). May God Bless Jonah Atunla for acting in the interest of the public.

Kudos To Dr Goodluck Jonathan:
When Jonathan was explaining his now famous Yam and Goat theory, he made mention of removing the yam from the goat so as to make it difficult for the goat to eat the yam. He then stated that he was building institutions that will tackle corruption once and for all. Though, there were few goats whose prosecution was demanded by some Nigerians during Jonathan's era, I believe that it will be fair for us to clap hands for him for conceiving and promoting this policy that will further alienate the goat from the yam. Indeed, he had plans of separating the goats from the yams and he meant his words. His administration started the implementation of TSA actually in March 2015. The CBN/OAGF gave the directive for commencement in February 2015. In fact, this was captured in CBN's letter to Systemspecs, which I quote....

www.premiumtimesng.com/news/headlines/193213-full-details-of-tsa-dino-melaye-misled-nigerian-senate-on-n25-billion-claim.html

Bravo President Muhammadu Buhari
It takes a selfless leader to continue good initiative and policies of his/her predecessor. We have seen cases where successors discontinue policies of their predecessors to do 'their own'. Irrespective of party and tribal divide, President Buhari deserves commendation from Nigerians and not knocks for continuing with this wonderful policy. If there is ANY single thing that Buhari should be commended for since his government came to office, it is the TSA continuation.

Despite being in opposition, I'm praising Buhari for taking a patriotic step. I understand that this is in contrast with the APC position when they were in opposition. They never commended the FOI law, they opposed military crackdown against BH terrorists and even opposed the designation of BH as terrorists organisation. I believe that we all should play politics of patriotism irrespective of our partisan leaning. Nigeria's interest should take preeminence in all our decisions.

On Senate's Probe...
I still don't know what the Senate is probing but I support the probe on condition that their intent isn't to ask the Executive to stop the policy. They should investigate to know whether or not a fraud has taken place at anytime of the process. They should ensure that their probe is to strengthen TSA for public interest. However, they MUST not attempt to stop the policy, because it will be resisted. They shouldn't also consider opting out of the TSA because that will be fought against by the masses.



May God Bless Us All and Bless Nigeria
Kudos to you for this... Great write-up!

2 Likes

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by Paentera(m): 11:59am On Nov 19, 2015
Here's to one of the best researched and presented posts on Nairaland.

I'd give you 4/5 for clarity, 5/5 for presentation and 5/5 for a balanced topic i.e. being mature about your political stance while giving credit to PMB for doing the right thing.

TonyeBarcanista:
I find the media noise and opposition over TSA as unnecessary, unpatriotic and ill-conceived. The reason for my position I shall spell out.(Apologies for the lengthy epistle)

Before The TSA Regime...
Prior to the implementation of TSA, government Ministries, Departments and Agencies usually have their respective accounts where monies are lodged. What happened during this period was that a DG of an Agency or Executive Chairman will open an account for the Agency that he is in charge of, lodge monies there and make illegal withdrawals in connivance with corrupt bank officials. 70% of this fraud go undetected except an insider raised an alarm. We have had cases in the past where DG's of Agencies will deposit funds belonging to the agency in a commercial bank that he has interest. Even when alarm is raised, he will simply come out to sermonise us how he has been keeping these monies for the public and use court injunctions to evade justice, whereas his original intent was to divert it. A perfect example was the case of former Vice President and APC Chieftain Atiku Abubakar. As Chairman of Petroleum Training Development Fund(PTDF), Atiku lodged over $30million and $164 in Trans International Bank and Equatorial Trust Bank respectively from the account of PTDF according to EFCC's forensive indictment in 2006. In fact, 'loans' that yielded interest as high as 15% to the banks were collected from the said banks by Atiku and his proteges AFTER PTDF millions of dollars has been lodged with the illegal account. It was all business! When the deal was busted in 2006, Atiku simply said that he 'kept the monies for safe-keeping' and even claimed that he deserves commendation. What about cases of DG's and ministers that must have gone unreported? How did Tafa Balogun manage to loot his billions as Police IG? Hundreds of billions that cannot be quantified have left Nigerian treasury unreported and undetected before now.

With the coming of TSA, all these anomalies have been taken care of. The recurring act of ministers or DGs of Agencies opening illegal private account in a commercial bank for illicit activity has been eliminated. Everyone now operate with a single account that is managed by the CBN. In fact, every goat shall see free yams no more(with due respect to GEJ's Goat and Yam theory). We shall see how a prospective goat intend to eat our little yam(that isn't even enough for us) without being caught by the authorities.

The Controversial N25billion and The 1% Commission:
When Otunba Dino Malaye raised the tale of Systemspecs(owner of the Remitta software) collecting N25billion(1%) of the monies processed so far, I asked myself whether Dino is living in the same Nigeria with me or somewhere else. The position of Dino is flawed for two basic reasons;

1. It amounts to stark ignorance to think that Nigeria has N2.5trillion cash at present. I even doubt if we have 50% of the said money. Naturally, such gossip shouldn't have been peddled by a senator of this great country. It is left for the men at beer parlours. Thankfully, Ibrahim Muazu, CBN's Public Communication director clarified the whole thing when it said that, an estimated sum of N1.2trillion is what was expected to be moved to the government account all through the whole exercise.

2. From the report of PremiumTimes, it was explained that Systemspec is only entitled 50% of the 1%. While the Banks and CBN get 40% and 10% respectively. An excerpt of the agreement reads..

If this is the case, then there is NO way Systemspecs would have pocketed N25billion even IF N2.5trillion has been processed(which is NOT correct). If we are to follow the government position that less than N900billion has been processed, it means Systemspec must have pocketed something close to N4.5billion. This amount is 18% of the vague figure raised by Dino.

I think Dino should tell Nigerians where he got his own figure from.

Ex-AGF Jonah Otunla Deserves Commendation From Nigerians:
Sincerely, I'm not too pleased with the arrangement of 0.5% going to the Systemspec. It is very exorbitant and highly unsustainable when considering the huge amount involved. I wish the sum can be renegotiated but we MUST give kudos to the former Accountant-General that came up with the deal.

According to the report on PT, before the agreement was signed in 2013, Systemspecs proposed a commission of 1.5%, Commercial banks proposed 5%, while a committee setup by CBN and AGF's office proposed 2.5%. It was the exAGF Atunla that overruled all the proposals to 1%. This will see the software providers get 0.5%(as against their proposed 1.5%), Banks 0.4%(against 5%) and CBN 0.1%. Some officials would have negotiated their own cut and agree with the earlier proposals(or even increased it). May God Bless Jonah Atunla for acting in the interest of the public.

Kudos To Dr Goodluck Jonathan:
When Jonathan was explaining his now famous Yam and Goat theory, he made mention of removing the yam from the goat so as to make it difficult for the goat to eat the yam. He then stated that he was building institutions that will tackle corruption once and for all. Though, there were few goats whose prosecution was demanded by some Nigerians during Jonathan's era, I believe that it will be fair for us to clap hands for him for conceiving and promoting this policy that will further alienate the goat from the yam. Indeed, he had plans of separating the goats from the yams and he meant his words. His administration started the implementation of TSA actually in March 2015. The CBN/OAGF gave the directive for commencement in February 2015. In fact, this was captured in CBN's letter to Systemspecs, which I quote....

www.premiumtimesng.com/news/headlines/193213-full-details-of-tsa-dino-melaye-misled-nigerian-senate-on-n25-billion-claim.html

Bravo President Muhammadu Buhari
It takes a selfless leader to continue good initiative and policies of his/her predecessor. We have seen cases where successors discontinue policies of their predecessors to do 'their own'. Irrespective of party and tribal divide, President Buhari deserves commendation from Nigerians and not knocks for continuing with this wonderful policy. If there is ANY single thing that Buhari should be commended for since his government came to office, it is the TSA continuation.

Despite being in opposition, I'm praising Buhari for taking a patriotic step. I understand that this is in contrast with the APC position when they were in opposition. They never commended the FOI law, they opposed military crackdown against BH terrorists and even opposed the designation of BH as terrorists organisation. I believe that we all should play politics of patriotism irrespective of our partisan leaning. Nigeria's interest should take preeminence in all our decisions.

On Senate's Probe...
I still don't know what the Senate is probing but I support the probe on condition that their intent isn't to ask the Executive to stop the policy. They should investigate to know whether or not a fraud has taken place at anytime of the process. They should ensure that their probe is to strengthen TSA for public interest. However, they MUST not attempt to stop the policy, because it will be resisted. They shouldn't also consider opting out of the TSA because that will be fought against by the masses.



May God Bless Us All and Bless Nigeria

3 Likes 1 Share

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by baralatie(m): 12:00pm On Nov 19, 2015
modath:



Dino & Saraki are pursuing a vendetta but did a bang up Job cos thy didn't understand & made the fundamental error of not asking for clarification. ..

Another thing is that the TSA has made nonsense of the struggle for "JUICY" committees ...







TSA was proposed how many years ago

Did Jonathan have the will to enforce it

I have lyrics in my head, till i actually go into the studio & come out with a well packaged & produced song, i am not a musician...

I sincerely hope you got that analogy..


you are very correct!
the people against the TSA whether dino,fayose and the house were clearly not in understanding of how the concept works!
except for the issue raised by prof. jega on inec(which I don't know how far that implication is?).
the TSA will clearly cut off some misappropriation of funds!

1 Like

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by patrickmuf(m): 12:00pm On Nov 19, 2015
chudionu58:
The singular reason APC E-goats are praising you is simply because you hailed Buhari as continuing with Jonathan's innovations... I thought GEJ was monumentally corrupt? How come the false anti-corruption crusaders are religiously continuing with his policies?? Yeye dey smell!
No, people are praising his objectivity here not what you're insinuating...Barcanista going forward should be easy from here

3 Likes

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by mayor9498(m): 12:01pm On Nov 19, 2015
Get More Latest Gists, Musics And Videos Updates Now!! http://holymp3.com
Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by jlinkd78(m): 12:02pm On Nov 19, 2015
Dear Tonye, it is writeup like this that is unbiased, truthful, balanced and factual dat got ppl like me endeared to u. I ll appreciate u maintain on this pattern as u might soon become d face of constructive criticism in Nigeria and who knows one day might become a representative of d youth at some level. U v indeed enriched my knowledge of d TSA and I can now make an informed opinion. If u go thru d comments, u ll find out dat almost everybody scored ur write up an A+ cos all u said is appreciated. With ur clarification, it is now clear dat GEJ initiated d TSA policy and d current govt is continuing on it. That is fact. U also advised d Senate to ensure in d long run they bring out d best of d TSA and not to have it scrapped. Another fact. My sincere advice is dat u MUST avoid d temptation of d Biafra vs Ijaw politics where most times u try to turn history upside down.

3 Likes

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by PastorAji(m): 12:03pm On Nov 19, 2015
TonyeBarcanista,
My broda you shocked me on this incisive analysis. If we have just 200 of us here on Nairaland, it would av been far Berra

1 Like

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by jonex30(m): 12:05pm On Nov 19, 2015
Before now. I normally observed from the sideline because I believe u are too biased with ur view. But with this perfect analysis of the tsa issue I believe u mean well for Nigeria. Am not a politician but am chronic apc supporter. Thump up.

1 Like

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by princdebola201(m): 12:06pm On Nov 19, 2015
Well done chief wailergringrin anybody that is not kk with this write up should visit Akure Youths for consultationsgringrin

2 Likes

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by jonex30(m): 12:07pm On Nov 19, 2015
Before now. I normally observed from the sideline because I believe u are too biased with ur view. But with this perfect analysis of the tsa issue I believe u mean well for Nigeria. Am not a politician but am chronic apc supporter.
Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by Spyman28: 12:08pm On Nov 19, 2015
The best I have read from you in a long time
Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by Paentera(m): 12:08pm On Nov 19, 2015
This is how the revenue collection now works

1) To make a payment to a government collection agency, a RRR (Remita Revenue Reference) Number is generated and given to you
2) You take this reference number to any Financial Institution (usually a commercial bank) and it is used to process payment and a receipt is issued to you
3) You use this receipt to conclude your transaction with the needed agency.
4) At the end of each day, the value in the various accounts at all FIs (Financial Institutions) are swept into CBN using a debit/credit entry system
5) At the single click of a button, the government/CBN knows exactly how much accrues to it daily

Except you issue cash bribes to the officials in question, your transaction that has to do with government is traceable and unless you insist to pay money into the account of an official from which they can then be caught, no money accruing to the government WILL EVER fall into a civil servant's hands or custody again.

Hope my explanation helps

PRYCE:
Omenka, Please come and insult Barcanista!... Your insults are entertaining!

Unbiased Analysis!

But Wait oo TonyeBarcanista, What if the heads of revenue-gathering agencies decide to steal their share before paying into the TSA? Seeing Buhari and his minister of Finance are the only signatories to the account?

6 Likes 2 Shares

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by jomoh: 12:09pm On Nov 19, 2015
PRYCE:
Omenka, Please come and insult Barcanista!... Your insults are entertaining!

Unbiased Analysis!

But Wait oo TonyeBarcanista, What if the heads of revenue-gathering agencies decide to steal their share before paying into the TSA? Seeing Buhari and his minister of Finance are the only signatories to the account?

It will be easily traceable. Because I believe the TSA account of each agency will be made public and will be known by many. Any contrary account will be verified by the payer before payment and if found to be false, alarm will be raised.

In fact Tonyebarcanista this is your only article I've read since february this year. Anyone that doesn't know you were a staunch supporter of GEJ will find it hard to believe you were ever partisan at a point in the past.

This is what is called opposition in democracy.

2 Likes

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by cyprex: 12:14pm On Nov 19, 2015
you have once again picked up your thinking cap; kudos bro

1 Like

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by Barezzi(m): 12:18pm On Nov 19, 2015
Paentera:
This is how the revenue collection now works

1) To make a payment to a government collection agency, a RRR (Remita Revenue Reference) Number is generated and given to you
2) You take this reference number to any Financial Institution (usually a commercial bank) and it is used to process payment and a receipt is issued to you
3) You use this receipt to conclude your transaction with the needed agency.
4) At the end of each day, the value in the various accounts at all FIs (Financial Institutions) are swept into CBN using a debit/credit entry system
5) At the single click of a button, the government/CBN knows exactly how much accrues to it daily

Except you issue cash bribes to the officials in question, your transaction that has to do with government is traceable and unless you insist to pay money into the account of an official from which they can then be caught, no money accruing to the government WILL EVER fall into a civil servant's hands or custody again.

Hope my explanation helps

It sure helps!! Thanks...

2 Likes

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by karashita: 12:20pm On Nov 19, 2015
Tnx Ops for d insight.
However,much as this policy is welcome,it is stifling operations in some quarters.
For instance in some agencies,activities have run aground because they no longer have running cost.All accounts have been taken over.To buy ordinary stationeries is now a problem.
I wont go into details for obvious reasons,but it would appear some amendment stil need be done on the policy.
It is killing.
Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by tinsel: 12:23pm On Nov 19, 2015
I respect you from now. Lovely piece coming from you.

1 Like

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by billyG(m): 12:27pm On Nov 19, 2015
TonyeBarcanista:
I find the media noise and opposition over TSA as unnecessary, unpatriotic and ill-conceived. The reason for my position I shall spell out.(Apologies for the lengthy epistle)

Before The TSA Regime...
Prior to the implementation of TSA, government Ministries, Departments and Agencies usually have their respective accounts where monies are lodged. What happened during this period was that a DG of an Agency or Executive Chairman will open an account for the Agency that he is in charge of, lodge monies there and make illegal withdrawals in connivance with corrupt bank officials. 70% of this fraud go undetected except an insider raised an alarm. We have had cases in the past where DG's of Agencies will deposit funds belonging to the agency in a commercial bank that he has interest. Even when alarm is raised, he will simply come out to sermonise us how he has been keeping these monies for the public and use court injunctions to evade justice, whereas his original intent was to divert it. A perfect example was the case of former Vice President and APC Chieftain Atiku Abubakar. As Chairman of Petroleum Training Development Fund(PTDF), Atiku lodged over $30million and $164 in Trans International Bank and Equatorial Trust Bank respectively from the account of PTDF according to EFCC's forensive indictment in 2006. In fact, 'loans' that yielded interest as high as 15% to the banks were collected from the said banks by Atiku and his proteges AFTER PTDF millions of dollars has been lodged with the illegal account. It was all business! When the deal was busted in 2006, Atiku simply said that he 'kept the monies for safe-keeping' and even claimed that he deserves commendation. What about cases of DG's and ministers that must have gone unreported? How did Tafa Balogun manage to loot his billions as Police IG? Hundreds of billions that cannot be quantified have left Nigerian treasury unreported and undetected before now.

With the coming of TSA, all these anomalies have been taken care of. The recurring act of ministers or DGs of Agencies opening illegal private account in a commercial bank for illicit activity has been eliminated. Everyone now operate with a single account that is managed by the CBN. In fact, every goat shall see free yams no more(with due respect to GEJ's Goat and Yam theory). We shall see how a prospective goat intend to eat our little yam(that isn't even enough for us) without being caught by the authorities.

The Controversial N25billion and The 1% Commission:
When Otunba Dino Malaye raised the tale of Systemspecs(owner of the Remitta software) collecting N25billion(1%) of the monies processed so far, I asked myself whether Dino is living in the same Nigeria with me or somewhere else. The position of Dino is flawed for two basic reasons;

1. It amounts to stark ignorance to think that Nigeria has N2.5trillion cash at present. I even doubt if we have 50% of the said money. Naturally, such gossip shouldn't have been peddled by a senator of this great country. It is left for the men at beer parlours. Thankfully, Ibrahim Muazu, CBN's Public Communication director clarified the whole thing when it said that, an estimated sum of N1.2trillion is what was expected to be moved to the government account all through the whole exercise.

2. From the report of PremiumTimes, it was explained that Systemspec is only entitled 50% of the 1%. While the Banks and CBN get 40% and 10% respectively. An excerpt of the agreement reads..

If this is the case, then there is NO way Systemspecs would have pocketed N25billion even IF N2.5trillion has been processed(which is NOT correct). If we are to follow the government position that less than N900billion has been processed, it means Systemspec must have pocketed something close to N4.5billion. This amount is 18% of the vague figure raised by Dino.

I think Dino should tell Nigerians where he got his own figure from.

Ex-AGF Jonah Otunla Deserves Commendation From Nigerians:
Sincerely, I'm not too pleased with the arrangement of 0.5% going to the Systemspec. It is very exorbitant and highly unsustainable when considering the huge amount involved. I wish the sum can be renegotiated but we MUST give kudos to the former Accountant-General that came up with the deal.

According to the report on PT, before the agreement was signed in 2013, Systemspecs proposed a commission of 1.5%, Commercial banks proposed 5%, while a committee setup by CBN and AGF's office proposed 2.5%. It was the exAGF Atunla that overruled all the proposals to 1%. This will see the software providers get 0.5%(as against their proposed 1.5%), Banks 0.4%(against 5%) and CBN 0.1%. Some officials would have negotiated their own cut and agree with the earlier proposals(or even increased it). May God Bless Jonah Atunla for acting in the interest of the public.

Kudos To Dr Goodluck Jonathan:
When Jonathan was explaining his now famous Yam and Goat theory, he made mention of removing the yam from the goat so as to make it difficult for the goat to eat the yam. He then stated that he was building institutions that will tackle corruption once and for all. Though, there were few goats whose prosecution was demanded by some Nigerians during Jonathan's era, I believe that it will be fair for us to clap hands for him for conceiving and promoting this policy that will further alienate the goat from the yam. Indeed, he had plans of separating the goats from the yams and he meant his words. His administration started the implementation of TSA actually in March 2015. The CBN/OAGF gave the directive for commencement in February 2015. In fact, this was captured in CBN's letter to Systemspecs, which I quote....

www.premiumtimesng.com/news/headlines/193213-full-details-of-tsa-dino-melaye-misled-nigerian-senate-on-n25-billion-claim.html

Bravo President Muhammadu Buhari
It takes a selfless leader to continue good initiative and policies of his/her predecessor. We have seen cases where successors discontinue policies of their predecessors to do 'their own'. Irrespective of party and tribal divide, President Buhari deserves commendation from Nigerians and not knocks for continuing with this wonderful policy. If there is ANY single thing that Buhari should be commended for since his government came to office, it is the TSA continuation.

Despite being in opposition, I'm praising Buhari for taking a patriotic step. I understand that this is in contrast with the APC position when they were in opposition. They never commended the FOI law, they opposed military crackdown against BH terrorists and even opposed the designation of BH as terrorists organisation. I believe that we all should play politics of patriotism irrespective of our partisan leaning. Nigeria's interest should take preeminence in all our decisions.

On Senate's Probe...
I still don't know what the Senate is probing but I support the probe on condition that their intent isn't to ask the Executive to stop the policy. They should investigate to know whether or not a fraud has taken place at anytime of the process. They should ensure that their probe is to strengthen TSA for public interest. However, they MUST not attempt to stop the policy, because it will be resisted. They shouldn't also consider opting out of the TSA because that will be fought against by the masses.



May God Bless Us All and Bless Nigeria
I cnt blive this Tonye u don see change?

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Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by Demdem(m): 12:27pm On Nov 19, 2015
This is not balanced enough in my opinion. I smell hypocrisy from the writer.
I expect the protection seeker to criticize Jonah-daft to have waited till March 2015 before starting this policy. even at that nothing was on ground to ever suggest that it actually took off by March 2015. it was just an intent, it never happened. Jonah-daft was taking Nigerians for a fool, he never had that political will to implement such. It happened under the General. Case close. What was the fool doing all during the days of plenty when oil was selling at over $120 dollars per barrel. Thank Goodness, Nigerians got rid of him.

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Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by TonyeBarcanista(m): 12:30pm On Nov 19, 2015
chudionu58:
The singular reason APC E-goats are praising you is simply because you hailed Buhari as continuing with Jonathan's innovations... I thought GEJ was monumentally corrupt? How come the false anti-corruption crusaders are religiously continuing with his policies?? Yeye dey smell!
I think they are hailing my position on this and not really me. My brother, I wish State and LGAs will adopt the policy. As for those people that bribed their way to have 'juicy' positions, they will be disappointed when they realise that the TSA has kept the juice away from them... grin

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Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by baralatie(m): 12:31pm On Nov 19, 2015
karashita:
Tnx Ops for d insight.
However,much as this policy is welcome,it is stifling operations in some quarters.
For instance in some agencies,activities have run aground because they no longer have running cost.All accounts have been taken over.To buy ordinary stationeries is now a problem.
I wont go into details for obvious reasons,but it would appear some amendment stil need be done on the policy.
It is killing.
that is the other side though!
it is now the executive responsibility to pursue ITS BUDGET and properly make its financial plan ACCURATELY FOR THE SMOOTH RUNNING OF ITS MDAS!
I just hope the PMB clearly understand HOW to run an organisation with this scheme!

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Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by Kelvinatie: 12:32pm On Nov 19, 2015
[b]Thanks for this explanations. We most times come to hasty conclusions without giving deep thoughts or research to situations like this. Atleast, Nigerians are gradually gettin to know the truth in all this. But then why do you think the senate (via Dino Melaye and Saraki et al) are trying to bastardized the TSA?? Can`t we see the handwriting on the wall?? The National Assembly has before now written to the CBN to be excluded from the TSA. This information came to the President and he utterly rejected the exclusion of the National Assembly from the TSA. This in others words means that even the Senate President and his cronies will not have access to such monies for many selfish reasons. It also means that that the spendings of the National Assembly will not be the secret it was before now. That is a big restriction for those senators. Its like putting a rope in their necks. Well, let me end it here. But let me say something, if we know the REAL intentions of some of our politicians we will be worried even more. Let`s just learn to dig deeper next time. Thanks for the explanations[/b]

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Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by TonyeBarcanista(m): 12:37pm On Nov 19, 2015
karashita:
Tnx Ops for d insight.
However,much as this policy is welcome,it is stifling operations in some quarters.
For instance in some agencies,activities have run aground because they no longer have running cost.All accounts have been taken over.To buy ordinary stationeries is now a problem.
I wont go into details for obvious reasons,but it would appear some amendment stil need be done on the policy.
It is killing.
My brother, Agencies and Departments will adjust to the new change. At least accountability will set in. The complain of genuine people like you is very different from our politicians that seek to manipulate it for their own selfish reasons

3 Likes

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by billyG(m): 12:37pm On Nov 19, 2015
Da only thing that is constant iz change i see Tonye flying in d sky with Broom btw his thigh in d near future.
Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by gretblue: 12:40pm On Nov 19, 2015
The Ipods will soon attack their own.This is the kind of news they wouldn't want to read.

1 Like

Re: Treasury Single Account: Its Benefit, Major Players And Unnecessary Controversy by razid: 12:41pm On Nov 19, 2015
One of the positive developments of the implementation of this policy is that a long abandoned NTA station in our locality just received life recently. We were surprised because the project is one of the NTA stations initiated nationwide when Ben Murray Bruce was the DG. Probing further, we discovered that the money meant for the project has been cooling off in one of the numerous accounts we are talking about. So when the issue of TSA deadline came up, the culprits involved sharperly-sharperly released the fund so that they wouldn't be made scapegoats. grin
God knows how many of such projects that would have suddenly come alive in different areas as a result of this policy.

Kudos to the initiators, the planners and the executors. God bless Nigeria! grin grin grin

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