₦airaland Forum

SenseiX:
Recently, the Office of the Accountant –General of the Federation (OAGF) directed all Ministries, Departments and Agencies (MDAs) of the Federal Government yet to comply with the Treasury Single Account (TSA) regime domiciled at the Central Bank of Nigeria (CBN)to embrace the policy not later than 28th February, 2015. By implication, the MDAs are to close all the revenue accounts they maintain in different Banks in the country and transfer the proceeds to TSA. This no doubt is a move to actualize the promise by the federal government through the Co-ordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala in December, 20 14 to block avenues of revenue leakages to shore up government revenue in the face of dwindling earnings due to falling oil prices.The AGF,Mr. Jonah Otunla had explained that all MDAs are henceforth to remit all internally generated revenue of the federal government directly through the federal government’s Consolidated Revenue Fund (CRF) at the CBN via electronic transfer. According to the AGF, the deadline to MDAs became necessary because although 551 agencies have complied with the policy, some big spending MDAs including the Armed Forces and the National Assembly were reluctant to key in.

Obviously, the policy on TSA is intended to curb the financial excesses of some MDAs that have been refusing to remit their earnings deposited in commercial banks to the FG which is constrained to go a borrowing from banks on high interest. How can the FG’s money be kept with banks by MDAs while the FG goes to borrow money to finance budget deficit from banks and other sources? This is quite absurd. The TSA policy may not serve the intended purpose which is to unify the government accounting system to ensure transparency if the remaining ‘supper’ MDAs cannot be made to comply. How do we explain for instance,why the head of a big earning MDA in the maritime sector recently appealed to the FG at the launch of one of its projects, that it should be exempted from remitting revenue to the government because it is embarking on big projects?The FG must be wary of waivers in implementation of the TSA that could be exploited as a conduit for embezzlement of public funds.

But how much money does the FG expect to save by keeping all MDA’s earnings with the CBN? We doubt that it would be that much compared to the huge revenue it needs to bridge the huge deficit in 2015 federal budget.

This newspaper therefore wants the FG to look beyond the TSA policy and assiduously ensure that the targets for non-oil revenue in the 2015 budget like custom duties, and taxes from the Federal Inland Revenue Service (FIRS) are met and possibly exceeded.All traces of corruption in the system must be identified and eliminated. Besides, the FG must decisively combat oil theft which accounts for loss of $7 billion revenue and the twin evil of pipeline vandalism so that the oil production target in the budget would be met.The nation’s huge prospects in agriculture, solid minerals and tourism should also be adequately explored to boost the nation’s income on a sustainable basis.

http://dailyindependentnig.com/2015/01/fgs-deadline-mdas-treasury-single-account-tsa/


Cc lalasticlala
Response To Those Who Said GEJ's orders weren't followed when he issued them in January.

otumopkor:
It would drive more dangote's into building refineries in the country. I cant believe your complaining even, he is trying to kill the import business of oil and create jobs. Here you are complaining. SMH

dorothy111:
With our level of development, no government should touch VAT,, in fact, they should reduce it. Instead, subsidy should be scrap. Let's buy fuel for 250 naira. Increasing VAT is wickedness. He can go generate his income elsewhere. Mansion owners should pay millions as tax, tax the richer folks higher. Leave us alone with our 200 bread and 40 naira tea

aresa:
Of what relevance and benefit was your 5 year old useless and incompetent plan to the people of Ogoniland after 5 years of inaction and zero movement.

Fast track means = Happening or done quickly, suddenly or immediately:suddenly, at once, straight away.... Not 5 years of nothing and incompetency.

Cutehector:
I'm sorry sir, that I don't know.. But what I do know is that the Buhari led administration has started makin plans to clean up that place.. I even read it on the news yesterday night...

Cutehector:
so why did it take a lot of years for d government to clean up dat place? Isn't Buhari not the president of the nation too? Does he hav two heads

Henry120:
Nigerian Army Special forces

engineerboat:
They need to be reminded dat in no matter how much they try to cover the truth with their lies, it will not work.

onatisi:
bros the truth is Nigeria is a complicated mess.

onatisi:
very confusing to say the very least

onatisi:
The puzzling question is,why didn't gej do these things during the 6 years he was in power? Strange

M16:
I don't think you have done international business before. If you have relatives abroad and the send you dollars or whichever currency, they will receive the naira equivalent here in Nigeria.

When you send money from Nigeria to UK, the person receives the money in pounds, not in naira or dollars. You don't need a domiciliary account account for transfers, you can and will receive in the countries currency. simple. Domiciliary accounts are for receiving and will be converted to receiving countries currency like western union

menxer:
the BIG importers can go swim with all the forms A - Z,

menxer:
little people can use their naira mastercard or PayPal (yes, linked to ur GTBANK mastercard)