₦airaland Forum

tojohn:
Never had that ruzu can cure pile. Ruzu bitters can only aid digestion. please dont give them high hopes that might definitely fail.

You, don't kno what Ruzu Bitters is capable of doing, if you do, you won't say that Ruzu Bitters aid digestion.
Ruzu Bitters cleanses the blood, detoxify kidney & fight bacteria. The result is what you see in in d capability of Ruzu Bitters handling piles.

I have seen so many things but can you share what captures your attention in this picture?

Applaner:
any summary?

Yes Sai Baba, #change in our country

For the first time in a long time, government money is going to be in government bank — the CBN. That is how good the news can be. No more can heads of revenue generating ministries, departments and agencies fix the revenues they generated in commercial banks’ high-interest-yielding deposit accounts.

BY ODILIM ENWEGBARAAUG 12, 2015


For the first time in a long time, government money is going to be in government bank — the CBN. That is how good the news can be. No more can heads of revenue generating ministries, departments and agencies fix the revenues they generated in commercial banks’ high-interest-yielding deposit accounts. And with that, illegally earn money.

Also imagine non-revenue generating MDAs, in copying their revenue generating counterparts, too place their budgetary allocations in multiple high-interest-yielding deposit accounts, and with that divert money meant for financing both capital and recurrent. And in doing so, not only are salaries and wages not paid but projects are either delayed or permanently abandoned.

Just imagine also how section 22(1) of the Fiscal Responsibility Act of 2007, which allows revenue generating MDAs to remit only 80% of the operating surplus to the Consolidated Revenue Funds (CRF). And by driving operating costs so high close to 100%, which makes 80% of their operating surplus close to nothing, to the extent that at the end of the year these MDAs remit nothing to CRF. How bad will Nigerians feel on hearing that because of these lacunas and illegalities, government has been losing such mind-blowing revenues in their trillions of naira annually? For example, that between 2009 and 2012 government had N9.4trillion not remitted?

That is why Nigerians should applaud President Buhari for his boldness when on Sunday, August 9, 2015 he announced that all MDAs should transfer all their accounts with commercial banks to Treasury Single Accounts (TSA) with immediate effect. Yes, former President Jonathan gave similar directive in January with February 28, 2015 as the deadline but as usual, lacking leadership, he was ignored by most of these MDAs. The good news is that by August 11, most of these MDAs have started complying.

What this means is that henceforth, MDAs will no longer access public funds unless money from budgetary provisions. This is how it is supposed to be here in Nigeria as it is the case in modern economies around the world. This insistence on Treasury Single Account means fiscal discipline, efficiency, and accountability, on the part of government. In fact, this blockage of government revenue diversion and looting using TSA besides leading to the consolidation of government revenues, incomes, and receipts, it will also lead to the optimal utilization of government cash resources, including creative investment of public funds in the critical development sectors of the economy.

But with TSA leading to the closure of about 10,000 multiple bank accounts operated by MDAs in commercial banks, banks will have to wake up from their slumber. This is because the era when government’s money is either lent back to government or invested in forex speculations is over. It also means that no longer at Bankers’ Committee meetings member banks will demand that the CBN pursues their self-serving high interest rates to their benefits and those of heads of MDAs who placed public money in their high-interest-yielding fixed deposit accounts. With TSA, government can easily quarantine its revenues, with intended consequences including forcing interest rates to naturally nose-dive, since no serious business should be ready to borrow at such double digit rates when the economy is struggling at between 4 and 5 per cent.    

TSA is forcing banks to leave their comfort zone caused by dependence on government money to now become as creative and inventive as it is the case in modern economies around the world, which is to seek private deposits through investing in the real sector of the economy. In fact, with economic financialization soon over, banks will discover that their survival is dependent on their embracement of fractional reserve banking, which is leaving a fraction of private depositors’ funds in reserve while using the main deposits to chase high profit-yielding investments.

This means that soon the era of economic diversification through industrialization will soon begin. What this also means is that at the next Bankers’ Committee meeting, banks will insist that the CBN revisits its current cash reserve ratio (CRR) on private deposits from 31% to possibly 0% so that they can begin to attract more private deposits.

But for this TSA policy to be maximized, we need it to be accompanied with the Fiscal Sunshine Bill, which if enacted will open up the financial activities of government in a way that there will be no more hiding place for those who divert or loot government money. For instead, with Fiscal Sunshine Act in place, budgeting process and implementation, including contract awarding should all be in the open for Nigerians to see both how revenues are generated and how public money is being spent by those in government, and why.

Posting government transactions online for millions of Nigerians anywhere in the world to see, means that the time for contracts and procurements to be done through the backdoor is finally over, especially with Fiscal Sunshine Act insisting on conducting contracts in the open, including having them recorded and televised. And with spending public money outside appropriation made a serious criminal offence, attracting not less than ten years in prison without an option of fine along with the repayment of the money, no doubt, Nigeria would have brought public corruption to a standstill.

hinwazaka:
What a joke. You probably came up with this because of his inclusion in the team that escorted PMB to the US. Well let me clear you on some schematics you didn't see while fathoming this parody.
The relationship between PMB and the pastor ended the moment the ACN brokered the deal for the Osinbajo VP candidature. Just so you know PMB does not give a hoot about anyone but PMB likewise the pastor. Both men are Narcissistic and very selfish and it was the hand of God to ruin their chances of getting to Aso rock together. If that had happened it would have been a catastrophe because we will have seen a case of one ship, two captains. The only reason for the selfish pastor's inclusion was to go to the US with the original team known to Obama and the Democrats, to fool them into believing that all was well. But as expected the Americans saw through the charade, and briefed with already compiled reports, FIRED the APC. That is the short and long part of the story. Am afraid its not a Happily ever after story but rather will end up a TRAGEDY

You don't know Tunde Bakare, if you do u will erase this your comment and write another story.
Bakare that I kno at 60 desires nothing in his life but to see a New Nigeria where things work positively. His everyday song & statement is "Nigeria will be saved
Nigeria will be changed and
Nigeria will be great'
My prayer is that he will accept the ministerial post.

I tot I made d ftc but the ops on top has occupied d space.


PMB, I support you in all ways, whether it is 1million barrel or 250,000. Get it fixed.