The Treasury Single Account (TSA), powered by SystemSpecs, in force to manage the revenue flow of government is a necessary tool for transparency and accountability in governance, which must stay, despite the Shenanigan surrounding its implementation.

For a time like this, it came into existence. It was a need long unmet. In its nurture and sustenance, reside the seed of hope for securing a future for Nigeria’s patrimony, drive economic resurgence, the renaissance of indigenous technology and multiplier effects in terms of national progress. Yet, it is indeed an irony to witness the traumatic play-outs that are starving same baby to death gradually. Will it live or die? This is the question.

A solution to check the mysterious and callous disappearance of Nigeria’s collective patrimony into private wallets in high places has long been sought. For what seemed like eons, it remained elusive allowing mind-bugling financial leakages that kept the country perpetually in servitude to the whims of the sabotaging Mafiosi that grease the wheel of corruption. Then it was found. Not in foreign shores or lofty havens decked in corporate finery. It was found in a humble but diligent abode where oiled feet might seldom trod. Sometimes we find our needed elixir in the unsung and unheralded but noble places where the humble breed value quietly. The awaited solution to the erstwhile intractable Nigerian problem was found here in Nigeria, developed by an indigenous innovator. This is the miracle of Remita.

Click hereto read more" http://newsintels.com/news/cbns-attempt-to-starve-tsa-to-death/

Interesting explanation

masterblogger:



http://www.thisdaylive.com/index.php/2016/06/07/jonathan-i-did-not-leave-empty-treasury/?utm_source=twitterfeed&utm_medium=facebook

mecussey:



I cant find this money any anywhere in Nigeria, the TSA is empty and we have not aquired any new asset. I hope they use it judiciousley even if na only to generate 100mw of electricity

But let's talk about the cold between thew CBN and systemspecs

mecussey:



I cant find this money any anywhere in Nigeria, the TSA is empty and we have not aquired any new asset. I hope they use it judiciousley even if na only to generate 100mw of electricity

It will take time before the money would be used...

Looking gracious in a simple shirt and jacket, he calmly settles down in a chair with a humble mien that belies the respect he commands in the software industry home and aboard. Just back from Glasgow, where the African Scotland Forum honoured him with the Leadership in Technology Award, conferred him with a fellowship of the Centre for African Policy, Development and Research, Scotland and named a research centre after him, his success story, selfless efforts, pragmatic and patriotic activities need no introduction. After a stint in the banking sector, John Obaro left to pursue his passion – writing computer codes. For 24 years, his company, SystemSpecs Limited, has continued to perform wonders thus emerging as a leading provider of e-payment, financial, and human capital software solutions for the Nigerian and African environment. In recent time, the company even became more famous when its innovative product, Remita, software used for the transfer of government’s funds from commercial banks to the Central Bank of Nigeria (CBN) under the Treasury Single Account (TSA) policy of the Federal Government came under a slew of allegations – seen by some as efforts to destroy the TSA project. To set the records straight, the soft-spoken software guru sat with us to tell his side of the story
://newsintels.com/business/obaro-attacks-on-systemspecs-were-aimed-at-destroying-tsa-project/

360metrosports:
Minster of Power, Works and Housing, Babatunde Fashola as disclosed that once the current challenges confronting the power sector are fixed, Nigeria will be able to generate 12,000 megawatts of electricity.


The minister said in spite of the challenges, the country’s power sector still possessed the capacity to advance its power generation, transmission and distribution potentials through other energy supply sources.

“There are many perspectives to do this. The country has today the capacity to generate at least 12,000 MW. If we fix all what is not working in the industry, including building any new power plant, the country would be generating close to 12,000 MW,” he said.

According to the minister, meeting that target has been difficult because out of over 140 turbines, only about half has been able to get gas to work with.

The nation’s power generating capacity, he said, reached 5,000 MW before the recent spate of vandalism of gas pipelines, adding that the industry was already heading towards another milestone prior to the recent outages as a result of the blow up at the Chevron oil platform.

Mr. Fashola said the repairs of the pipelines would soon be completed to take the industry back to about 3000 MW capacity, adding that his ministry was looking at ways to bypass and evacuate condensates, so that more gas could be supplied and the industry able to generate up to about 3,800 MW.

On crazy billing by power distribution companies to consumers, the minister advised consumers to demand electricity meters to ensure that they were paying for only what they actually consumed.

http://www.metronaija.com/2016/05/nigeria-can-generate-12000-mw-of.html

Hahahahahah

2012 was a remarkable year in the lives of Nigerian. It was the first time the Nigerian government will actually remove fuel subsidy. The removal came as a shock to Nigerians and Nigerians suffered their first panic attack.

Occupy Nigeria was a protest movement that began in Nigeria on Monday, 2 January 2012 in response to the fuel subsidy removal by the Federal Government of President Goodluck Jonathan. Protests took place across the country and Protesters shut petrol stations and formed human barriers along motorways. Nigeria’s main trade unions eventually announced an indefinite strike and mass demonstrations from Monday, 9 January 2012, eventually the removal of fuel subsidy was reversed.

Another attempt has been made this year by the present government and The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) are bracing up for another industrial action against the government for the latter’s deregulation of Premium Motor Spirit (PMS) which has increased the price of the product from N86.50 to N145.00 per litre.

This is 2016 and we are going to have a repeat of what happened in 2012 if maximum care isn’t taken. The Nationwide strike in 2012 affected a lot of things. The strike affected so many sectors. If NLC is actually thinking of doing what is right for the people, they will suspend the proposed action. In fact, totally kill the thought of it. The 2012 strike lasted for six days before it was finally called off by the Labour unions after a unilateral reduction of the pump price to N97 by the government. During those periods, economic activities were paralyzed in the country for several days resulting in economic losses in millions of naira.

If the strike were to take place, it means people will have to start buying food-stocks and other things for keeps. But the truth is, where is the money to buy Foodstuffs for keeps? The government cannot even pay it’s workers due to economy crisis. Where will the ones that haven’t been paid for seven months get the money to buy and keep Foodstuffs for their families against the proposed “hunger strike” in the name of “industrial action”? The reason the Federal Government removed subsidy is to enable Nigerians enjoy more in the long run. We definitely cannot afford to go on strike right now because a whole lot of people will go hungry as there won’t be food to eat, neither will anyone be able to go to banks (should they even have the money).

According to the National Bureau of Statistics, it is estimated that the nation lost N207,408.28 million during the eight-‐day strike. N207, 408.28 million is a whole lot of money. It was also recorded that the Wholesale and Retail Sector both with respect to absolute amount and relative proportion to other sectors, recorded a loss of approximately N86,981.84. This sector accounted for 42% of the overall total loss in output during the period, followed by the Crude Petroleum and Natural Gas Sector, the largest source of government revenue accounted for N28,710.87 million, and 14% of economic losses, while crop Production accounted for N15,220.37 million and 7 percent of economic losses during the period.

The Coal Production sector experienced a loss rate of 20 percent, losses in this sector were tempered due to the fact that a substantial percentage of coal production is located in Enugu, which had minor disruption in economic activity. The Metal Ores, Quarrying and Other Mining sectors predominantly in the North and South-‐Western regions of the country experienced substantial slowdowns as the protests were intense in these areas.

the Agricultural sector also suffered some minor disruptions. Having it in mind that Agriculture in Nigeria remains largely on a subsistence level. However, in rural areas where the impact of the strike was not as intense fishing and forestry still experienced a significantly higher numbers of loss as producers could not take their products to the market. It’s been 4 years since the last strike action and a lot has changed in the Agricultural sector. More people are investing in the sector these days, the number of producers Nigeria back then would have increased by at least 7%. If NLC declares a nationwide strike now, the loss will be massive.

The country needs money right now and we can’t afford to suffer any mishap this time around. The economy is crawling, we need to do something to make it come up way faster than it is. If NLC declares another worldwide strike this time around, who knows how long it’s going to last? Because with the way things are, it doesn’t look like the government is going to bow to NLC. If the strike happens to come on and the nation goes on strike for God knows how long, the economy will relapse further.

As a result of the 2012 strike and violence, at least 10 people died as a result of the violence, while Red Cross volunteers treated more than 600 injured people.

The 2012 strike had its effect on the Aviation industry, as many people were not able to travel due to the stand-still effect of all sectors. The industry itself is already being affected by the current challenges in the country and any move to shut down the aviation sector this time around will lead to a total collapse of the sector.

Sensitivity is the one of the best attributes of humans. NLC comprises of people. The sensitive ones among them should consider the cons of their proposed industrial action on the people they supposedly want to protect. Strike, right now, will bring the economic wall the government is trying to build down. And we all will have to pay for it one way or the other. Every strike action comes with a kind of payment. Payment in cash and in Kind. If NLC embarks on strike, such action would drastically affect the ailing economy of Nigeria. And who knows, NLC may end up killing the people they say they want to protect

http://saffronpost.com/why-we-cant-afford-to-go-on-strike/[color=#006600][/color]

IKON360:

Before you jump up and start typing what you don't know, labour unions have the RIGHT to strike, a statutory provision backs this right but the scale NLC and TUC were aiming for shouldn't be allowed. "engagement and negotiations" we are in Nigeria o, force is what people understand.

I believe every Nigerian should read this article from Saffron Post, it goes beyond the emotional approach for an explanation to why Nigeria cannot afford another strike. Please click here to read the article: http://saffronpost.com/why-we-cant-afford-to-go-on-strike/

manutdrichie:


http://www.premiumtimesng.com/news/top-news/203305-fuel-price-hike-dont-take-nigerians-granted-kaduna-senator-shehu-sani-warns-buhari.html

I believe that we before we go all out and demand to Occupy Nigeria, let's look at this situation. Where was the NLC when States couldn't pay salaries for more than 7 months, or where was Occupy Nigeria when marketers stole more than 11 trillion Naira without delivering products? For the first time this month, i bought fuel freely without queue, without stress and without much fanfare at 145, Lat week, i queued for 4 hours to buy fuel at 155 .

asha80:


http://www.premiumtimesng.com/news/headlines/203099-nigeria-set-fully-deregulate-downstream-petrol-sell-n100-litre.html

I believe that discuss like this should not degenerate towards petty name calling. What we have is not a party issue but a Nigerian issue since the issue faced are not faced by members of one political party alone but by all Nigerians. Whether we like it or not, we cannot continue with this subsidy regime again based on the constant increase of Subsidy payment and the fact that the supply aspect of the deal has always fallen short of the amount spent from 2006 till date.

[quote author=gbengaadeleye12 post=45443139]For every litre of petrol, FG is pays subsidy of N12.88 to the private markets, N12.62 to NNPC for selling below the expected open market price.
As at last check the EOMP of petrol is N99.38 per litre for independent and major oil marketers and N98.62 per litre for retail outlets belonging to the NNPC.At the peak of the slump, the federal government recorded over-recovery in terms of prices of petrol about 10billion. That is subsidy for just 16 days at a consumption rat of 50million litres per day. About 85% of Nigerians buy petrol above the approved pump price of ₦86/₦86.5 per litre. On average Nigerians spend ₦176 per litre.
So who is enjoying the subsidy? Definitely not the average Nigerian [/quote

I believe that is the most vital question. Who is enjoying the subsidy?

Currently I buy a litre of fuel in Warri, Delta state at #150 which is above the official pump price. So that means the marketers are charging subsidies twice (collecting from the Govt and from me directly).


I believe the majoy problem we have is that there's no clear definition of what subsidy actually means, we need a better explanation pertaining the benefits or not of either continuing with the subsidy regime or not but to be honest, I believe that it should be removed so that we Marketers can now import and sell directly, this will allow competiton to come into the downstream sectory allowing market forces to the determine the price just like we have in the telecom sector. Govt's role should be to set the necessary guidlines for optimum operation.


Truthfully, this has gone beyond Party politics, it is not an APC/PDP issue. Remember, doing the recent fuel scarcity, most of us bought fuel at #200 & above. Also remember that there was scarcity even when the Govt paid subsidy of 12 and above.