1. 17,000 commercial bank accounts operated at 0%
interest rate discovered and now closed
For the first time in a long run, the federal government could know where its
funds held by various MDAs were kept…at 0% interest rate. All these accounts
have now been closed and the balances moved to the CBN for effective control
and management by Government.
2. FG also discovered spurious accounts operated in its
name
Quite a number of the 17,000 accounts operated on behalf of the FG were
fictitious – only opened in the name of government but operated by private
entities, to government’s detriment. As the government lost out, so did the
common Nigerian.
3. As at the last count, over N3 trillion of FG’s money
has been saved into TSA
According to high-ranking officials of federal government, especially the Ministry
of Finance and the CBN, more than N3 trillion has been mopped up from the
over 17,000 bank accounts formerly maintained by MDAs in commercial banks.
4. Government can plan better for the people
A government unable to stay atop its finance can do little or nothing for serve
the electorate as it ought to. Unlike ever before in the history of Nigeria,
Government is now aware of how much it has per time and can plan better for
the citizenry and, of course, has more funds to implement such plans.
5. Civil servants and bankers can no longer “chop” 10%
and more of interest on government funds
While Government earned 0% interest rate on funds in commercial banks,
permanent secretaries, directors of finance, certain bank officials and other key
officers were busy collecting a minimum of 10% interests on these funds.
This made them super-rich civil servants and employees with property sprawling all
over the choicest parts of the country, while the average Nigerian is left to
languish. Are you surprised that many of them with pitiable salaries could send
four or more children to foreign schools at the same time? No longer will a
select few enrich themselves on the sweat of an entire nation!
6. Government will not borrow its own money anymore
Are you surprised or just can’t understand it? Let me break it down for
you. Before TSA, all MDAs collected their budget allocations and stashed in their
own names in different commercial banks. This meant that while one MDA could
have funds, another who did not have and needed to money urgently had to
borrow from commercial banks at ridiculous commercial rates – almost always at
over 20% interest! Guess what?
The funds lent to the MDA in need are from what another MDA has kept with
the same bank. The cycle was endless, with the Federal Government being the
only loser. TSA has however brought an end to this sickening evil.
7. Government now has a single full control of all its
funds at any point in time
TSA is a case of government money in government bank, controlled by
government people. Since the CBN cannot in reality become bankrupt like the
other banks, government money is safe and can be monitored and accounted for
24/7. No one can carry out any transaction again behind government’s back.
8. Government money is secure
Because all funds of the federal government are kept with the Central Bank of
Nigeria, which is the Bankers’ Bank and suffers no risk of bankruptcy, Government
is assured that its funds are safe, unlike before when they were kept with
commercial banks, where they were subject to loss as a result of possible
bankruptcy.
By the way, nobody has told us how much of government funds have been lost to
distressed commercial bank in the past. With TSA, not again!
9. 100% online real-time banking for MDAs – No
cheques anymore !
Can you believe that, with TSA, MDAs no longer write cheques? One of the
implications of this is that government Ministries, Departments, and Agencies would
deal less and less with cash. They are all connected directly to CBN.
10. Payers of government are not restrained with
payment channels and modes
With TSA, making payments to the federal government is at its easiest level ever!
Government can receive payments via numerous channels, not only at commercial
and microfinance banks, but also via other channels like POS terminals, debit/
credit cards, online banking sites, digital wallets, among others.
11. Government can earn more income
Owing to the increase in the channels through which payments can be made into
the TSA, the federal government can earn income round the clock, and can
conduct banking services 24/7, even on weekends!
12. Government contractors have to fulfil their contracts
on time
With e-payment which is integral to TSA, suppliers and contractors of
Government now get paid much faster than before and nobody has to wait for
cheques to clear before getting out money. This way, contractors have no more
excuses for late execution of contracts – this also reduces the corruption that
goes with government contracts.
13. Centralised accounting and auditing of all
government transactions
If you have ever wondered why TSA is under so much attack by some “special
civil servants”, bankers and their other cohorts, you need not look any
further. This is the single reason: with TSA, all payments into any commercial,
microfinance or mortgage banks can be traced right from when the payment is
approved, who approved it, what the payment is for, when it was paid, it if was
taxed, and so on.
14. Monitoring of compliance with budgetary allocation
With TSA, FG can tell which of its agencies are compliant with its budgetary
allocations and which ones are not. Government is able to tell which sectors of
the economy is faring well and which are not, and be able to determine the
fiscal actions to remedy negative situations.
15. Empowerment and promotion of local IT capacity
and retention of funds within the local economy
Years ago, who would have believed that a Nigerian IT firm would create a
software solution capable of carrying the burden of an entire nation and
spearheading the leap from regression into the promising future of ICT solutions?
But that is what SystemSpecs, the owner of Remita, the indigenous software used
for TSA, has done.
This is enough proof that there are even more potentials that can be harnessed
in Nigeria. The federal government has, however, not paid the firm and
commercial banks that drive the TSA the agreed collection fee.
16. Entrenchment of federal government’s e-Payment
policy and acceleration of financial inclusion
The future is not in cash payment; it is in e-payments. And the whole world is
fast advancing towards this transformation. With TSA, Nigeria can beat her chest
as being among the progressive nations of the world that have embraced
electronic payments, the future.

h

These are lies, conjectures and innuendos.

Just follow inconsistencies, and then see that this is just another paid social media civil servant trying to earn his/her pay.

The TSA implementation Nuked the Nigerian economy.

Of course , the government needs to track its funds and that of the various agencies.
There are software programs for that.

There is nothing wrong with the TSA.
It is the reckless implementation, the sudden withdrawal of N3tr , about 4% of GDP, from an already struggling economy that guaranteed sudden death to the Nigerian economy.
The effects of this nuclear bomb on the Nigerian economy will ripple all across this country for many many years.

Stay tuned.

the disadvantages
1. millions of job loss
2. making one individual richer than the whole banks in Nigeria by managing it.
3. Very easy way for the government to steal the country blind e.g buhari. etc cos I'm very busy now will be right back.

Government is felt . Not seen

Nice piece although I don't believe all the "super stories" listed. @ plaetton let's have your opinion.

TSA was created by Jonathan
TSA was fully implemented by Buhari

Jonathan did not mean for Nigeria, see the impact on the economy.

Keneking:
TSA was created by Jonathan
TSA was fully implemented by Buhari
Jonathan did not mean for Nigeria, see the impact on the economy.

The GEJ administration that conceived the TSA knew very well both the advantages and disadvantages of withdrawing all Federal govt monies from commercial banks.


The plan was originally meant for only govt generated revenue while the budgetary allocations will be remitted to commercial banks.


This was to ensure accountability in govt generated revenue and also ensure that commercial banks will still have govt patronage in terms of liquidity flow from monthly budgetary allocations.


But your dullard who never knew the reasons behind the STA initiative withdrew both govt revenue and budgetary accounts thereby squeezing commercial banks off much needed liquidity.

The result is clear today with most banks haemmoraging as a result of the withdrawal of all federal govt patronage thereby leading to a spike in interests rates due to low liquidity flow.

The outcome is that most banks are on the brink of collapse leading to restructuring, branch closures and antecedent job losses.

Have you asked why NNPC has been exempted from the STA?

Think well before you answer my last question.


Zombie.

Keneking:
TSA was created by Jonathan
TSA was fully implemented by Buhari

Jonathan did not mean for Nigeria, see the impact on the economy.

The TSA was proposed by GEJ.
But economists advised that its implementation be suspended, to work out a piecemeal method of implementation without strangling the banking system and monetary systems, and by extension, the entire economy.

Common sense prevailled, and it was put on ice.

Then Mr ignorant came, unable to understand simple economic principles that underpin the economy, went ahead and dropped the equivalence of an economic nuclear bomb on the Nigerian economy.

The fallout is just beginning.
Economic nuclear winter is going to be with us for long while.

TSA is the first right step in the anti-corruption struggle.

plaetton:

The TSA was proposed by GEJ.
But economists advised that its implementation be suspended, to work out a piecemeal method of implementation without strangling the banking system and monetary systems, and by extension, the entire economy.

Common sense prevailled, and it was put on ice.

Then Mr ignorant came, unable to understand simple economic principles that underpin the economy, went ahead and dropped the equivalence of an economic nuclear bomb on the Nigerian economy.

The fallout is just beginning.
Economic nuclear winter is going to be with us for long while.

Have you noticed that the TSA has not bulged from its original 2 trillion naira opening balance since being implemented?

Even the fake claim of loot recovery by this lying govt was not remitted to the TSA but rather a separate account which is not privy to public scrutiny was claimed to be opened by these liars in office.

Also, why did they refuse to remit NNPC funds to the STA?


The level of corruption surrounding this STA is staggering and in due time Nigerians will soon see the fraud that is currently being perpetuated by this ever lying fraudulent saint Buhari .

These are lies, conjectures and innuendos.
Just follow inconsistencies, and then see that this is just another paid social
media civil servant trying to earn his/her pay.
The TSA implementation Nuked the Nigerian economy.
Of course , the government needs to track its funds and that of the various
agencies.
There are software programs for that.
There is nothing wrong with the TSA.
It is the reckless implementation, the sudden withdrawal of N3tr , about 4% of
GDP, from an already struggling economy that guaranteed sudden death to the
Nigerian economy.
The effects of this nuclear bomb on the Nigerian economy will ripple all across
this country for many many years.
Stay tuned.



4 ur info mister, came across dis on Naij.com(official) u don't just open ur mouth and talk.......

wolexini:
These are lies, conjectures and innuendos.
Just follow inconsistencies, and then see that this is just another paid social
media civil servant trying to earn his/her pay.
The TSA implementation Nuked the Nigerian economy.
Of course , the government needs to track its funds and that of the various
agencies.
There are software programs for that.
There is nothing wrong with the TSA.
It is the reckless implementation, the sudden withdrawal of N3tr , about 4% of
GDP, from an already struggling economy that guaranteed sudden death to the
Nigerian economy.
The effects of this nuclear bomb on the Nigerian economy will ripple all across
this country for many many years.
Stay tuned.



4 ur info mister, came across dis on Naij.com(official) u don't just open ur mouth and talk.......

So?
Because you came across it on Naij.com , that makes it fact?

On your own, couldn't you sift the wheat from the Shaff?

The so called TSA benefits are more of a wish-list than actual achievements.

This not true.


See some benefits for your self. The TSA was an IMF policy to start with

The Treasury Single Account (TSA) policy of the federal government partially commenced in February 2015 under the administration of ex-president Goodluck Jonathan. It was however the Muhammadu Buhari-led administration that began its full implementation in September 2015, with the presidential directive to all Ministries, Departments and Agencies (MDA) of the federal government.

16 months after kick-off, the nation has derived numerous benefits from its implementation. Here, in 16 succinct points, are the top benefits derived so far:

16 benefits of TSA – 16 months after

1. 17,000 Commercial Bank Accounts Operated at 0% Interest Rate Discovered and Now Closed: For the first time in a long run, the federal government could know where its funds held by various MDAs were kept…at 0% interest rate. All these accounts have now been closed and the balances moved to the CBN for effective control and management by Government.

2. FG also Discovered Spurious Accounts Operated in its Name: Quite a number of the 17,000 accounts operated on behalf of the FG were fictitious – only opened in the name of government but operated by private entities, to government’s detriment. As the government lost out, so did the common Nigerian.

3. As at the Last Count, over N3 Trillion of FG’s Money has been Saved into TSA: According to high-ranking officials of federal government, especially the Ministry of Finance and the CBN, more than N3 trillion has been mopped up from the over 17,000 bank accounts formerly maintained by MDAs in commercial banks.

4. Government Can Plan Better for the People: A Government unable to stay atop its finance can do little or nothing for serve the electorate as it ought to. Unlike ever before in the history of Nigeria, Government is now aware of how much it has per time and can plan better for the citizenry and, of course, has more funds to implement such plans.

5. Civil Servants and Bankers can no longer “Chop” 10% and more of Interest on Government Funds: While Government earned 0% interest rate on funds in commercial banks, Permanent Secretaries, Directors of Finance, certain bank officials and other key officers were busy collecting a minimum of 10% interests on these funds.

This made them superrich civil servants and employees with property sprawling all over the choicest parts of the country, while the average Nigerian is left to languish. Are you surprised that many of them with pitiable salaries could send four or more children to foreign schools at the same time? No longer will a select few enrich themselves on the sweat of an entire nation!

6. Government will not Borrow its own Money anymore: Are you surprised or just can’t understand it? Let me break it down for you.

Before TSA, all MDAs collected their budget allocations and stashed in their own names in different commercial banks. This meant that while one MDA could have funds, another who did not have and needed to money urgently had to borrow from commercial banks at ridiculous commercial rates – almost always at over 20% interest!

Guess what? The funds lent to the MDA in need are from what another MDA has kept with the same bank. The cycle was endless, with the Federal Government being the only loser. TSA has however brought an end to this sickening evil.

7. Government now has a Single Full Control of all its Funds at any Point in Time: TSA is a case of government money in government bank, controlled by government people. Since the CBN cannot in reality become bankrupt like the other banks, government money is safe and can be monitored and accounted for 24/7. No one can carry out any transaction again behind government’s back.

8. Government Money is Secure: Because all funds of the federal government are kept with the Central Bank of Nigeria, which is the Bankers’ Bank and suffers no risk of bankruptcy, Government is assured that its funds are safe, unlike before when they were kept with commercial banks, where they were subject to loss as a result of possible bankruptcy.

By the way, nobody has told us how much of government funds have been lost to distressed commercial bank in the past. With TSA, not again!

9. 100% Online Real-time Banking for MDAs – No Cheques Anymore! Can you believe that, with TSA, MDAs no longer write cheques? One of the implications of this is that government Ministries, Departments, and Agencies would deal less and less with cash. They are all connected directly to CBN.

10. Payers of Government are not restrained with payment channels and modes: With TSA, making payments to the federal government is at its easiest level ever! Government can receive payments via numerous channels, not only at commercial and microfinance banks, but also via other channels like POS terminals, debit/credit cards, online banking sites, digital wallets, among others.

11. Government can Earn More Income: Owing to the increase in the channels through which payments can be made into the TSA, the federal government can earn income round the clock, and can conduct banking services 24/7, even on weekends!

12. Government Contractors have to fulfil their Contracts on Time: With e-payment which is integral to TSA, suppliers and contractors of Government now get paid much faster than before and nobody has to wait for cheques to clear before getting out money. This way, contractors have no more excuses for late execution of contracts – this also reduces the corruption that goes with government contracts.

13. Centralised Accounting and Auditing of all Government Transactions: If you have ever wondered why TSA is under so much attack by some “special civil servants”, bankers and their other cohorts, you need not look any further. This is the single reason: with TSA, all payments into any commercial, microfinance or mortgage banks can be traced right from when the payment is approved, who approved it, what the payment is for, when it was paid, it if was taxed, and so on.

14. Monitoring of Compliance with Budgetary Allocation: With TSA, FG can tell which of its agencies are compliant with its budgetary allocations and which ones are not. Government is able to tell which sectors of the economy is faring well and which are not, and be able to determine the fiscal actions to remedy negative situations.

15. Empowerment and Promotion of Local IT Capacity and Retention of Funds within the Local Economy: Years ago, who would have believed that a Nigerian IT firm would create a software solution capable of carrying the burden of an entire nation and spearheading the leap from regression into the promising future of ICT solutions? But that is what SystemSpecs, the owner of Remita, the indigenous software used for TSA, has done.

This is enough proof that there are even more potentials that can be harnessed in Nigeria. The federal government has, however, not paid the firm and commercial banks that drive the TSA the agreed collection fee.

16. Entrenchment of Federal Government’s e-Payment Policy and Acceleration of Financial Inclusion: The future is not in cash payment; it is in e-payments. And the whole world is fast advancing towards this transformation. With TSA, Nigeria can beat her chest as being among the progressive nations of the world that have embraced electronic payments, the future.

from http://dailypost.ng/2016/07/01/jubril-gawat-%E2%80%8B16-benefits-of-tsa-16-months-after/

TheDevilIsALai:


Have you noticed that the TSA has not bulged from its original 2 trillion naira opening balance since being implemented?

Even the fake claim of loot recovery by this lying govt was not remitted to the TSA but rather a separate account which is not privy to public scrutiny was claimed to be opened by these liars in office.

Also, why did they refuse to remit NNPC funds to the STA?


The level of corruption surrounding this STA is staggering and in due time Nigerians will soon see the fraud that is currently being perpetuated by this ever lying fraudulent saint Buhari .