₦airaland Forum

Preparing his final loot.

Adminisher:
This is going to knock out a number of banks. To be honest with you I don't like the new CBN governor. He lacks foresight and is very parochial. What Nigeria should be doing is targeting diaspora transfers that can be in excess of $45billion a year through special instruments. Our human resources abroad make more foreign exchange than oil and gas makes for us locality and also many things are possible if only the man were really bright instead of bringing ideas like stealing N65 from cross ATM transactions.

This same man you are criticizing built the best performing bank in West Africa and one of the best in Africa.
He understands the system.

Adminisher:
This is going to knock out a number of banks. To be honest with you I don't like the new CBN governor. He lacks foresight and is very parochial. What Nigeria should be doing is targeting diaspora transfers that can be in excess of $45billion a year through special instruments. Our human resources abroad make more foreign exchange than oil and gas makes for us locality and also many things are possible if only the man were really bright instead of bringing ideas like stealing N65 from cross ATM transactions.

I beg to disagree. Where did the application fee collected from over 1million Nigerians for the immigration test go to? Where do all the tender fees paid by contractors go to? Who gives any account for these fees? That is why deputy directors can carry up to N6billion in the boot of a vehicle driving around the whole of Abuja looking for real estate to buy.

No! Enough is enough. Everything should be remitted to a central source and paid out to MDAs electronically from the accountant-general's office.

snakie86:
This is a welcome development cos it means that government has denied MDAs the mandate to collect, warehouse and remit revenues at the end of the month to the Consolidated Revenue Funds (CRF).Revenue accruing directly to the CRF are expected to be paid into the account of the federal government in any commercial bank which is thereafter remitted to the government’s single treasury account, otherwise known as the CRF, within 24 hours.

FIRS,NIMASA,NNPC,CUSTOM,FAAN and other agencies that have revenue accounts in commercial banks are expected to remit whatever comes into their account to FG within 24 hours.

In a lay mans language.....We all pay taxes (PAYE,WHT,VAT,STAMP DUTY etc) to Government through FIRS. these taxes are processed by Banks, FIRS maintain revenue accounts in all commercial banks which all these taxes goes in on a daily basis...What they do with the money once it hit their revenue accounts in these banks is to wait till end of the month before consolidating all revenue from banks and remit to the CRF. Government is now saying that, once revenue is processed by Banks, it must get to the FG within 24hrs.

The advantage of this is that some loopholes for embezzlements will be blocked and there will be transparency in revenue collection.

For commercial Banks, it will be a great disadvantage as float being enjoyed by this banks on millions of revenue account wont be there again....it will reduce their income in terms of float on daily balances on this account but this can be cover up a bit with aggressiveness of the amount of revenue they help collected from individuals and corporation on behalf of federal government.

I hope my little explanation helps and hope the link below on failures of MDA's in non-remittance of FG revenue will help in understanding the concept of this policy better
http://www.thisdaylive.com/articles/disquiet-over-non-remittance-of-fg-s-revenue/139336/

In other words....govt is getting stricter about the money coming in....especially as the Sky High Oil Price era is over.

justscorch:
I don't know what u mean but I just want make dem jail ALL the corrupt politicians jare,dia cup don full.I'm voting Buhari just for that single act

But APC said that Buhari will not jail anybody that has stolen our funds before now. Your party promised to jail only those that steal from the day buhari becomes President, that way, Abacha, Alamiesegha, Bode George, Tinubu, Amaechi, Ibori and Buhari himself is pardoned.

Job loss

stagger:
I beg to disagree. Where did the application fee collected from over 1million Nigerians for the immigration test go to? Where do all the tender fees paid by contractors go to? Who gives any account for these fees? That is why deputy directors can carry up to N6billion in the boot of a vehicle driving around the whole of Abuja looking for real estate to buy.

No! Enough is enough. Everything should be remitted to a central source and paid out to MDAs electronically from the accountant-general's office.

Nigeria is on the cusp of greatness under this man's administration/stewardship.

FrankC3:
But APC said that Buhari will not jail anybody that has stolen our funds before now. Your party promised to jail only those that steal from the day buhari becomes President, that way, Abacha, Alamiesegha, Bode George, Tinubu, Amaechi, Ibori and Buhari himself is pardoned.

Where u hear that one,abi u follow dem dey meeting? Even at that sef,if they begin arresting the looters from the day Buhari becomes president it's still better than stealing is not corruption

londoner:
Yes, people still have their ways of stealing in every country in the world, but this is a fantastic development.

GEJ has the right ideas and is actually ACTING upon them.

His hand are the better hands to change Nigeria in the short to medium term future. He is thinking of closing loopholes and reducing corruption at the source and Buhari is only talking about punishment after the fact.

Could this be why he has delayed the budget, if he has?

This man is no fool.

he isn't a fool but a coward, wetin e go achieve when his wife an ordinary fl goes away with .........

This is not new infact we have been paying import duty electronically for the past 6years just that now, FG want to implement it in all ministries

dre11:
This will be a good step
But, why is it coming just now


Why did the government wait so long before it adopt this strategy

Why did it had to come after election was done, why not 2years ago or last year.
Why wait till after election

So, all the ministry account won't be checkmate for fraud before the elections

That's why some ministry could donate almost 500,000,000 for his campaign.

I am familiar with the back-end of this system being written about. Politics aside, this particular project, just like IPPIS, was completed in record time. It takes far longer time to deliver such project with similar scope of capability even in private sector.

We are seeing a fundamental change in the understanding of our challenges and renewed government commitment to tackling them. Connect this to the FOI bill and see how well government has done in the fight against corruption. The fact is that there can never be another Maina of the pension scam again. There can never be another Bode George again. There can never be another Adenike Grange again. The system that made their acts possible has been eliminated without much noise. Whatever anyone does, even in the next 100 years, the system will retain the record and this can easily be declassified by the system and made available to Civil Society Groups in response to FOI requests.

The jury is still out on the economics of jailing people indiscriminately in country like ours that is plagues with populace corruption.

Philosophically, is a jail term meant to be a punishment or for rehabilitation of a social misfit? If you ask a Buhari, the poverty of his philosophical base for policies will make him tell you that it is to punish people, but that is not why jails are built. That is why some societies call it 'Correction Facilities'. That will be too much grammar for Buhari.

Morally, do we really have the right to beat the child for spilling the milk on the floor? The damn milk was just on the floor! The right thing is to keep the milk away from the child before punishing the child when he goes the extra mile to spill the milk. Buhari wants to retain the location of the milk on the floor and taunt any child that dare spill the milk with prison terms.

As someone once said, it is not the idea of Rtd. General Buhari's age that is the problem, it is the age of his ideas. He is stuck in the 80's.

LordReed:
Are you talking of stuff like Western Union, Moneygram?

You forgot bank wire transfers and money orders!

snakie86:
This is a welcome development cos it means that government has denied MDAs the mandate to collect, warehouse and remit revenues at the end of the month to the Consolidated Revenue Funds (CRF).Revenue accruing directly to the CRF are expected to be paid into the account of the federal government in any commercial bank which is thereafter remitted to the government’s single treasury account, otherwise known as the CRF, within 24 hours.

FIRS,NIMASA,NNPC,CUSTOM,FAAN and other agencies that have revenue accounts in commercial banks are expected to remit whatever comes into their account to FG within 24 hours.

In a lay mans language.....We all pay taxes (PAYE,WHT,VAT,STAMP DUTY etc) to Government through FIRS. these taxes are processed by Banks, FIRS maintain revenue accounts in all commercial banks which all these taxes goes in on a daily basis...What they do with the money once it hit their revenue accounts in these banks is to wait till end of the month before consolidating all revenue from banks and remit to the CRF. Government is now saying that, once revenue is processed by Banks, it must get to the FG within 24hrs.

The advantage of this is that some loopholes for embezzlements will be blocked and there will be transparency in revenue collection.

For commercial Banks, it will be a great disadvantage as float being enjoyed by this banks on millions of revenue account wont be there again....it will reduce their income in terms of float on daily balances on this account but this can be cover up a bit with aggressiveness of the amount of revenue they help collected from individuals and corporation on behalf of federal government.

I hope my little explanation helps and hope the link below on failures of MDA's in non-remittance of FG revenue will help in understanding the concept of this policy better
http://www.thisdaylive.com/articles/disquiet-over-non-remittance-of-fg-s-revenue/139336/

Thank you very much my broda.

justscorch:
Where u hear that one,abi u follow dem dey meeting? Even at that sef,if they begin arresting the looters from the day Buhari becomes president it's still better than stealing is not corruption

I suggest that you get a little more familiar with the position of your party on the issues that concern you before knowing whether to continue calling them your party.

If elected Nigeria’s president in 2015, former military leader, Muhammadu Buhari, will not immediately go after past leaders, politicians and officials, who stole the country dry and committed other offences, his party, the All Progressives Congress, APC, said Monday.
Mr. Buhari will be more focused on solving Nigeria’s many problems left behind by the former leaders, APC chairman, John Oyegun, said.
“The first moments of a Buhari Presidency, the outlook is on the future,” said Mr. Oyegun. “The message will be clear, whatever you engage in before that is detrimental to the people of this country, please stop it, change has come
http://www.premiumtimesng.com/news/headlines/173941-buhari-will-not-probe-past-corrupt-nigerian-leaders-repent-apc.html

justscorch:
I don't know what u mean but I just want make dem jail ALL the corrupt politicians jare,dia cup don full.I'm voting Buhari just for that single act

"jail them all" and still feed them in jail with taxpayers' monies, right?
u pple need to stop being irrational. emotions won't get the job done.

I must commend this initiative by the FG. Sincerely speaking, if we continue at this rate, in 5 years time we will become a global model for E-Government. I saw something like this implemented in South Korea, very efficient. I don't feel like bailing out of naija again oh.

Billyonaire:
Electronic Data Interchange is what the Federal Government is trying to implement in the Revenue sector. With EDI, revenues will go through payment platform with online electronic wallets, and each payor will see how much he has been remitting so far to government and funds will be held by the reserve bank. The addenda of the EDI will have electronic forms to enter details and memo about the funds and everything is stored online on intranet or internet for auditing. Corruption will be zeroed, because the process will no more be manually managed, unlike now, that revenue collectors can collect bits of revenue to lie to government and pocket some change due to cumbersome paper-works. I will say, apart from fertilizer distribution process, this is a major financial management integration system and futuristic policy for Nigeria's revenue growth. This is the best anti-corruption policy and its world class.

Thanks dear.

FrankC3:
I am familiar with the back-end of this system being written about. Politics aside, this particular project, just like IPPIS, was completed in record time. It takes far longer time to deliver such project with similar scope of capability even in private sector.

We are seeing a fundamental change in the understanding of our challenges and renewed government commitment to tackling them. Connect this to the FOI bill and see how well government has done in the fight against corruption. The fact is that there can never be another Maina of the pension scam again. There can never be another Bode George again. There can never be another Adenike Grange again. The system that made their acts possible has been eliminated without much noise. Whatever anyone does, even in the next 100 years, the system will retain the record and this can easily be declassified by the system and made available to Civil Society Groups in response to FOI requests.

The jury is still out on the economics of jailing people indiscriminately in country like ours that is plagues with populace corruption.

Philosophically, is a jail term meant to be a punishment or for rehabilitation of a social misfit? If you ask a Buhari, the poverty of his philosophical base for policies will make him tell you that it is to punish people, but that is not why jails are built. That is why some societies call it 'Correction Facilities'. That will be too much grammar for Buhari.

Morally, do we really have the right to beat the child for spilling the milk on the floor? The damn milk was just on the floor! The right thing is to keep the milk away from the child before punishing the child when he goes the extra mile to spill the milk. Buhari wants to retain the location of the milk on the floor and taunt any child that dare spill the milk with prison terms.

As someone once said, it is not the idea of Rtd. General Buhari's ideas that is the problem, it is the age of his ideas. He is stuck in the 80's.

Fantastic write up!

NoreenUG:
GEJ is plugging loopholes and curbing corruption intelligently while buhari's understanding of anti-corruption is jailing ppl aimlessly without trial and witch-hunting his political enemies like obasanjo did.
that is the difference between a graduate and a stark illiterate.

I don't like Buhari but, most graduates including you don't know what the word illiterate simply means. Please dust your dictionary for it is wrong to call someone illiterate if he can read and write well. Not by certificates

nejifresh:
I must commend this initiative by the FG. Sincerely speaking, if we continue at this rate, in 5 years time we will become a global model for E-Government. I saw something like this implemented in South Korea, very efficient. I don't feel like bailing out of naija again oh.

That's good. In fact if GEJ is elected, I will begin to enact my plan to relocate (partially at first) to Nigeria.

Just let me hear of significant changes in the reliability of electricity and plans will be seriously FAST TRACKED.

GEJ is really distinguishing himself from Buhari.

danvault:
I don't like Buhari but, most graduates including you don't know what the word illiterate simply means. Please dust your dictionary for it is wrong to call someone illiterate if he can read and write well. Not by certificates

lame jab.
muhammadu buhari remains an unlettered emptyhead he should never be allowed anywhere close to aso rock. thanks.

chemali:
The judiciary is an institution. The prison services is an institution. The police is an institution. Efcc is an institution. When people disobey the laws, when the steal, when they are corrupt, these institutions are saddled with getting them. Is he destroying these institutions and building other institutions?
Irrespective, this is a good development

Good points dear friend. GEJ is not destroying these institution u mentioned. But u and i know that
1: prevention is better than cure.
2: when u put prison someone u use tax payers money to feed him. The money he might have sent to foreign banks wont ever come back. At the end u r the loser at all side.
3: as GEJ pointed out, killing robbers have not in anyway stoped armed roberry. But u know using ATM cards and making ones accounts accesible no matter where one is has reduced lose of cash.

as u said... good development it is...indeed

Won't the electronic revenue collection platform be routed through banks ?

Will the new account of domiciliation be opened in central bank ?

Let this not be a case of depriving many banks to favour one. Later we hear that the central revenue account for all MDAs is now in First bank or Zenith..

FrankC3:
I suggest that you get a little more familiar with the position of your party on the issues that concern you before knowing whether to continue calling them your party.

Lol I don't support any party even though I'm an ijaw boy from bayelsa,I'm stating my grievances based on how it affects me,I might not know much about politics,Nigerian politics at that. But my common sense screams for ALL CORRUPT POLITICIANS to be jailed,luckily for dem no be me dey run for presidency I for suggest execution I bet that would have won be enough votes .

100Cents:
Won't the electronic revenue collection platform be routed through banks ?
Will the new account of domiciliation be opened in central bank ?
Let this not be a case of depriving many banks to favour one. Later we hear that the central revenue account for all MDAs is now in First bank or Zenith..

It will go through any bank that want to participate just like Bank Giro Credit in UK. Now the banks need to remit to FG account with CBN with 24hrs. Before now they remit every month. In the face of oil price slump this will enhance cash flow for the FG and reduce expenses and bottleneck involved before now.

NoreenUG:
lame jab.
muhammadu buhari remains an unlettered emptyhead he should never be allowed anywhere close to aso rock. thanks.

That's Buhari's problem, just try to know the meaning of the word illiterate for future reference.

NoreenUG:
"jail them all" and still feed them in jail with taxpayers' monies, right?
u pple need to stop being irrational. emotions won't get the job done.

E better make dem chop for jail jare,shebi na only food and AC dem go enjoy,no more private jets and houses in Malibu and Jupiter, JAIL DEM ALL

Corruption is in the people not really in the system, becasue the people form the system.
Prior to now, no MDA can open any official account without the authority of their supervising ministry and they are open to auditing on a regular basis. Hence, if sharp practices are being perpetrated, it simply means the staff, managements and auditors alike are the corrupt elements who need to be dealt with. If not, they will still find a way to play the new platform.

olabukola:
It will go through any bank that want to participate just like Bank Giro Credit in UK. Now the banks need to remit to FG account with CBN with 24hrs. Before now they remit every month. In the face of oil price slump this will enhance cash flow for the FG and reduce expenses and bottleneck involved before now.

Anyway its good.

Let it improve efficiency and reduce waste.

kowema:
Chai, on this note, I pity those old Generation Banks especially Union bank cus their Pocket wud be emptied.....Its Govt. Funds dat has been sustaining them since

union bank federal road safety account go finally rest... hehehehe.....

IjogzK:
See how clueless Nigerians are. Very few peeps can contribute at this point because it doesn't involve senseless PDP or APC arguments. Even the eediots arguing 24/7 are of no electoral.

Leave the internet and get your voters card.

@Topic Lmaooooo GEJ be forming cleansing the system when we are a few weeks to election.

If this was done 2011 it would have been a welcome development. But right now its

#GMB
#Change

d fact dat u stil went back to wat u preachd against...is a seal of ur cluelessness

FrankC3:
But APC said that Buhari will not jail anybody that has stolen our funds before now. Your party promised to jail only those that steal from the day buhari becomes President, that way, Abacha, Alamiesegha, Bode George, Tinubu, Amaechi, Ibori and Buhari himself is pardoned.

Now u can see how Nigerian politicians keeps fooling their gullible faithfuls.

Every rational minded Nigerian should applaud the directives to the MDA's from the FG