20bn idle in Nigerians’ domiciliary accounts –CBN


The Central Bank of Nigeria on Thursday raised the alarm that about $20bn (N3.94tn) was lying idle in different domiciliary accounts of the citizens.

The Deputy Governor, Financial System Surveillance, CBN, Dr. Joseph Nnana, stated this during a meeting of the Joint Appropriation Committees of the National Assembly with government officials on the 2016 budget.

Nnana said, “Distinguished chairman sir, we have $20bn lying idle in various domiciliary accounts of many customers at the various banks across the country.

“This is part of the reasons why the naira has continued to slide against the US dollar.”

He alleged that some privileged Nigerians were behind the consistent slide in the value of the naira by embarking on dollar speculation to the detriment of the local currency.

The CBN deputy governor, however, expressed the hope that the passage of the 2016 budget would put a stop to the unrestrained drop in the value of the naira.

He said, “The CBN will embark on aggressive liquidity mop-up to enable the naira regain confidence. The CBN will not sit down and watch the consistent fall of the naira. After the passage of the 2016 budget, the naira will begin to bounce back.

“Those who speculate on dollars will have their fingers burnt.”

In her submission, the Minister of Finance, Mrs. Kemi Adeosun, told the gathering that the amount in the Treasury Single Account had risen to N2.9tn.

Adeosun explained that the money in the TSA was not meant to fund the budget contrary to a general impression.

She said that the money belonged to different agencies of government, which had the right to access the funds.

Her explanation was against suggestions by the legislators that the Federal Government should use the TSA to fund the 2016 budget amidst liquidity problem arising from the slump in global crude oil prices.

Adeosun said all the Ministries, Departments and Agencies of the government had their monies transferred into the TSA and should have access to them.

She said that the government had commenced the training of its personnel on the operation of the TSA such that any agency of government that needed its share of the funds in the account would not find it difficult accessing it.

The Chairman of the Joint National Assembly Committee on Appropriation, Senator Danjuma Goje, asked the executive to consider the postponement of the Special Intervention Programme till next year.

He argued that the implementation of N500bn intervention fund contained in 2016 budget proposals would not be feasible since there were no clear implementation strategies.

Goje said the explanations being offered by government officials about the implementation strategy for the programme were not satisfactory.

He said, “There is no detailed and clear-cut structure being laid down for implementation of this project because what we have in this budget is N300bn recurrent and N200bn capital. We had to push hard yesterday to get some details, which are not convincing. For instance, the explanation we got is that N5,000 will be given to one million Nigerians.

“Who will choose the one million people? What structures do you have in place to make sure that you choose the right people?

“You want to give money to about one million market women or there about, and in my place we do not have many market women; how will you choose the market women to represent all interests? We have not had clear explanations on the numerous issues surrounding the implementation of this programme.

“Even the afternoon school feeding contained in the budget is not feasible, because some students study under non-conducive environment. Will feeding them enhance their learning?”

Goje said while the National Assembly was in support of the programme, implementing it this year might not be feasible.

He, therefore, suggested that the money allocated to it should be added to the allocations for sectors like power, transport and health, while those responsible for its implementation should map out better strategy for it in 2017.

But the Minister of Budget and National Planning, Udo Udoma, said the special intervention programme was a political commitment, which the President Muhammadu Buhari administration would not hesitate to fulfil.

He promised to meet with relevant stakeholders to discuss on better strategies for its implementation.
http://tapread.net/2016/03/04/20bn-idle-in-nig…ary-accounts-cbn/ ‎

What? what is the definition of idle?

Is there not a clause in our Banking Laws that stipulates that Monies left after a certain time idly(hoarding) in the Banks, should be reported to the C.B.N who in turn have the powers to convert it into Federal Government Money? Cant the C.B.N name this owners of this $20 Billion? who are these Nigerians sitting on top of this money?

The Government should identify, arrest and prosecute those Nigerians who are guilty for the slide in the value of the naira by embarking on dollar speculation.

This Government is working.

[size=18pt]Clueless technocrats[/size]

Then the FG should try and unidle the money na lol

Over to the Wailers.
your birthday cake is read, eat and wail

So how much then is our reserves, $(27 + 20)billion or $(27-20)billion. These guys are confused.

Where do the bank's save these forex deposits, if not with our federal reserve bank (cbn) or do they save them in the united states? What are they telling us, it implies that if private individuals already have these 20bln usd saved here in domicilliary accts in Nigeria, our true reserves should be about 7 billion dollars, not including investments of foreign investors.

"Make these people tell us truth small now"

This woman is becoming feisty .don't play with banks ohh they are Demi gods ohhhh kemi.

Many ailment plague Nigeria that not even a budget of faaji acclaimed by CNN to be the biggest heist in Nigeria history can solve.

what do they mean as idle, would the CBN start forcing people to make use of their money, I don't understand.

HungerBAD:
What? what is the definition of idle?

Is there not a clause in our Banking Laws that stipulates that Monies left after a certain time idly(hoarding) in the Banks, should be reported to the C.B.N who in turn have the powers to convert it into Federal Government Money? Cant the C.B.N name this owners of this $20 Billion? who are these Nigerians sitting on top of this money?

The Government should identify, arrest and prosecute those Nigerians who are guilty for the slide in the value of the naira by embarking on dollar speculation.

This Government is working.

This government is really working. Very self evident for the blind to see.

Nigerians and their useless crave for foreign things. CBN should drop the Naira equivalent into those accounts to free the dollar.

HungerBAD:
What? what is the definition of idle?

Is there not a clause in our Banking Laws that stipulates that Monies left after a certain time idly(hoarding) in the Banks, should be reported to the C.B.N who in turn have the powers to convert it into Federal Government Money? Cant the C.B.N name this owners of this $20 Billion? who are these Nigerians sitting on top of this money?

The Government should identify, arrest and prosecute those Nigerians who are guilty for the slide in the value of the naira by embarking on dollar speculation.

This Government is working.

You are heartless.

The Government can only impose minimal tax on the deposits and nothing more.

How will you feel, if you deposit $100,000 for you children education abroad now, only for the Government to confiscate the "insurance"?

We are encouraged to save for rainy days and that some middle class have adopted as a culture.

Not to talk of those lying idle at home!

HungerBAD:
What? what is the definition of idle?

Is there not a clause in our Banking Laws that stipulates that Monies left after a certain time idly(hoarding) in the Banks, should be reported to the C.B.N who in turn have the powers to convert it into Federal Government Money? Cant the C.B.N name this owners of this $20 Billion? who are these Nigerians sitting on top of this money?

The Government should identify, arrest and prosecute those Nigerians who are guilty for the slide in the value of the naira by embarking on dollar speculation.

This Government is working.

Think before you blab! How can Government convert private citizen's money into govt coffers You want govt to steal people's money? Hian..all these wailers sef! Smh

blackpanda:


Think before you blab! How can Government convert private citizen's money into govt coffers You want govt to steal people's money? Hian..all these wailers sef! Smh

I think he believes in communism and unfortunately for him, Nigeria is not Cuba

HungerBAD:
What? what is the definition of idle?

Is there not a clause in our Banking Laws that stipulates that Monies left after a certain time idly(hoarding) in the Banks, should be reported to the C.B.N who in turn have the powers to convert it into Federal Government Money? Cant the C.B.N name this owners of this $20 Billion? who are these Nigerians sitting on top of this money?

The Government should identify, arrest and prosecute those Nigerians who are guilty for the slide in the value of the naira by embarking on dollar speculation.

This Government is working.

I hope u know your money is part of it? So long as u are not doing business with it.
Apc supporters are amazing, if government wants to use their hard earned money saved at the bank, they will quickly oblige. After all that is what they can do for their country.

LadyExcellency:


You are heartless.

The Government can only impose minimal tax on the deposits and nothing more.

How will you feel, if you deposit $100,000 for you children education abroad now, only for the Government to confiscate the "insurance"?

We are encouraged to save for rainy days and that some middle class have adopted as a culture.

Don't mind the poverty stricken guy,hungerbad.

The CBN can't do anything about the dollars I bought with my money at the rate of #205/ dollar. I'm I supposed to save in naira?

so because the Senator does not have many market women in 'HIS' place, the Federal Government should not implement a National programme.

#Selfishness, one of our numerous problems

CBN HAS GONE MAD AGAIN, RUBBISH