President Muhammadu Buhari revealed yesterday that under the immediate past administration, the Nigerian National Petroleum Corporation (NNPC) operated about 45 bank accounts while the Ministry of Defence had 70 accounts.
The president said it was for this reason that his government introduced the Treasury Single Account (TSA).
Responding to questions from a team of media executives, the president said, “The (economic) situation now is aggravated by the downturn in the petroleum industry. It is now $39 per barrel and we have debt servicing of about N1.5 trillion and we have commitments on the ground.
“We had to reorganise the NNPC. We had to introduce the TSA. There were 45 accounts in the NNPC alone. Ministry of Defence had about 70 accounts. We have got about N1.5 trillion through the TSA.
“The oil downturn is very unfortunate for this government. Check previous records. Over 90 per cent (of the budget) was for recurrent expenditure. No country can develop without capital projects. We were in very bad shape”.
Buhari further said government parastatals would be realigned in view of the lesser number of ministries the country now has.
“The process of government agencies earning monies and spending them and giving government change will have to stop. All government monies have to be paid to the Federation Account and a budget submitted for their operations,” he added.
https://www.today.ng/news/national/59310/before-tsa-nnpc-military-operated-115-accounts-buhari

And so hmmmm

Tht is a big LIE from mr bubu

He can only say NSA paid or did transaction with 45 accounts or NNPC did trasactiin with 70 different acct,but saying both ministry run such number of accts is a big LIE

Each account serving different purpose.

The TSA is to Public Sector accounting what BVN is to Private Sector accounting.
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No more shadow banking. Everyone's financial transactions will be on the radar of authorities with a click of a button.

Achuwa1:
He can only say NSA paid or did transaction with 45 accounts or NNPC did trasactiin with 70 different acct,but saying both ministry run such number of accts is a big LIE

What rubbish are you talking about. Do you know what happens in government?. Accounts are opened for departments and projects in various ministries. Why do you think 115 accounts is a lie?.

Achuwa1:
He can only say NSA paid or did transaction with 45 accounts or NNPC did trasactiin with 70 different acct,but saying both ministry run such number of accts is a big LIE

Have you worked in a bank that handles public sector accounts before?? Are you a staff of NNPC accounts dept?

I'm even shocked its only 45

Mehn!! Sometimes I feel like being apologetic to the PDP but when I hear certain things, my heart just weeps. It gets me wondering if these politicians ever had/have the masses at heart.

theV0ice:


Have you worked in a bank that handles public sector accounts before?? Are you a staff of NNPC accounts dept?

I'm even shocked its only 45

The guy is a very big foool! I f he is not a foool he could have easily asked any person who has worked in a highbrow branch (this includes some cleaners) and they would have told him to shut up his mouth before he brought out such ignorant statements.

It is 100% true and infact Buhari has underestimated the number of accounts, especially for the MOD.

AndroBlaze:


The guy is a very big foool! I f he is not a foool he could have easily asked any person who has worked in a highbrow branch (this includes some cleaners) and they would have told him to shut up his mouth before he brought out such ignorant statements.

It is 100% true and infact Buhari has underestimated the number of accounts, especially for the MOD.

Folks like him talk the loudest but he's just an ignoramus happy to display his ignorance in public.

If only he knows how much accrued to the top echelons of these MDA's under the tag 'specialized marketing' from the banks on each of these accounts....

Achuwa1:
He can only say NSA paid or did transaction with 45 accounts or NNPC did trasactiin with 70 different acct,but saying both ministry run such number of accts is a big LIE

I don't even know what is wrong with some of you wailers, is it every thing that comes out of Buhari's mouth that you fools must attack.... so if Buhari tells you your mother and father copulated to give birth to you, you will attack that to??

This is so easily verifiable from thousands of us who have worked in banks, it's so annoying that anyone can dispute this!

And look at the logic he even uses, is it possible for the office of the NSA or the NNPC to transact on Biodun Okoro's account- doesn't the account have to be open in their name... mumu.

theV0ice:


Folks like him talk the loudest but he's just an ignoramus happy to display his ignorance in public.

If only he knows how much accrued to the top echelons of these MDA's under the tag 'specialized marketing' from the banks on each of these accounts....

Abeg my brother I am just getting tired of some of the criticisms from these wailers... it just defys logic.


Even some small private government contractors have 20-30 accounts across all banks to assist in their nefaroius unproductive tactics and some times for legitmate reasons like projects and easy clearing of cheques; but we should act like the educated people we all are and call a spade a spade; it's isn't right nor best practise as it OBVIOUSLY makes accountability far harder to achieve.

AndroBlaze:


Abeg my brother I am just getting tired of some of the criticisms from these wailers... it just defys logic.


Even some small private government contractors have 20-30 accounts across all banks to assist in their nefaroius unproductive tactics and some times for legitmate reasons like projects and easy clearing of cheques; but we should act like the educated people we all are and call a spade a spade; it's isn't right nor best practise as it OBVIOUSLY makes accountability far harder to achieve.

I feel you bro....