₦airaland Forum

This is good news

Wailers sef.. I can't hear wailers from the top of my building. The truth has spoken!

ObidikeObinna:
You need to improve your grammar my brother

To decisive people?

Na wa ooo

It's effect of autocorrect
The rest of the grammar shows he ain't that bad

Iroh88:
They would still be angry at this news. They are programmed to be angry at everything.

Misery is all they see, misery is all they dwell in, misery is all they embrace. Bitterness keep them breathing, take it away from them and see them wilt like vegetables planted in Sahara desert.

Slowly but surely, we will get there.

God bless Nigeria.

Guy u wicked!

Xbee007:
The Federal Government is planning to reduce the amount of borrowing needed to fund the 2016 budget from funds mopped up from government agencies through the implementation of the Treasury Single Account.

The 2016 budget, which has been submitted by President Muhammadu Bubari to the National Assembly, has a deficit of N2.2tn.

The deficit, according to the fiscal document, is to be financed through the borrowing of N1.84tn made up of domestic borrowing of N984bn and foreign borrowing of N900bn.

There are anxiety in government circles that the deficit may rise to about N3tn as a result of the global drop in oil price, which is currently selling below the $38 per barrel budget benchmark price.

But speaking on Monday at a workshop on TSA for the accountants-general of the states in Abuja, the Minister of Finance, Mrs. Kemi Adeosun, said the over N2.2tn, which has so far been recovered from government agencies through the TSA, would assist in reducing the volume of borrowing.

She said the current issues and challenges surrounding cash flow management had re-enforced the need to ensure that scarce resources at the disposal of the federal, state and local governments were prudently and efficiently managed.

Adeosun described the workshop as apt and timely, as it came at a time when the global economic downturn was creating challenges that demanded efficient and effective management of cash resources.

She explained that the TSA was an essential reform for any government wishing to pursue fiscal sustainability and prudent management of its resources.

Outlining some of the benefits of the TSA, the minister said it would increase accountability and transparency, improve the processing of payments and collections, and reduce borrowing costs.

Adeosun said, “The global economic challenges, which are affecting our nation, demand optimum efficiency in the management of public funds. These objectives require an overhaul of the financial management approaches adopted to meet financial obligations on time and ensure that cost effective financial support is provided to public institutions.”

Source:http://www.punchng.com/fg-to-cut-n1-84tn-borrowing-through-tsa-recovery/

It is wrong for the govt to use the word "money recovery" for TSA. It was never lost but just mopped up from different account. Back to Op, i think the opposition is the strongest helper of this govt. Once the "wailers" ceases to pile down or stop existing, pmb will end into the ditch of irreparable destruction. They always come to implement the oppositions critics when they are tired of praises from Zombi's world view.

excellencyabia1:
Using english to decisive people, using pen to write in the whole money.

Ur grammar is too poor

efilefun:
Let me educate you a lil, I once worked for a company that came to nigeria with a software, they approached some government hospitals and asked how much they make annually, after being told the guy told them if the software is used they will make nothing less than double of the figure and any year the money ain't complete he would refund the balance, ever since the software had been running before I left the country some years back they had been making more than triple of what they made annually before.
The TSA just erradicated some individuals account used in some ministries instead of the official Acct, do you know with the TSA every ministry can easily be investigated when they deposit below what they were expected to deposit? You don't just come online to trash a good idea cuz you hate the person spearheading the battle. #Shalom

clap for yourself! All your long epistle just to educate yourself that TSA blocks leakages as an audit tool. Only those not knowledgeable in finance and those playing politics with a simple audit procedure are zombied !!! This govt is rudderless!

excellencyabia1:
Using english to decisive people, using pen to write in the whole money.

Just watch some MU MU go still come shout sia Baba lol

tuniski:
IPOB must be giving u nightmares! Anyway, I am yoruba and a northerner. Yeye zombie. TSA is only an audit tool not an increase in revenue however,it helps in reducing leakages on one hand but introduces bottlenecks that could lead to eventual erosion of same saved leakages.
Bottom line it is basically a snap shot of government revenue cycle at any given time. The propaganda is sounding as if such reflection has no expenditure side!

You are the true Son of a Yoruba man thank you very much. Educate these guys plz.

yemmight:
You don't have any clue the importance of TSA to the nation and how much government has recovered using it and that is why we keep educating you guys happening things in the nation and stop all these stubbornness in court and on the streets.

the height of cluelessness is using recovered in the same sentence with TSA! TSA doesn't recover but aggregate revenue/cash while leaving out the critical side of expenditure in d equation of govt finance! Hope it help your understanding!

To honest IPob has no love for 9ja only for Jona yesterday we saw picture of projects what Ameachi did in river state, his legacy but someone challenge them to show even 2 picture of project Jona execute in river state, they fail miserably.

mrmetoo1:
Awesome news!! I'm all for less borrowing. This is the reason the IMF suggested looking within. Soon we'll be able to fund our entire budget without borrowing and largely reduced dependence on oil revenue.

How will wailers wail at this news... let's stay tuned!!

Wake up. U are in a bad dream.

tuniski:
the height of cluelessness is using recovered in the same sentence with TSA! TSA doesn't recover but aggregate revenue/cash while leaving out the critical side of expenditure in d equation of govt finance! Hope it help your understanding!

It is so unfortunate that sentiment has blindfolded large numbers of youth in this country today.

tuniski:
IPOB must be giving u nightmares! Anyway, I am yoruba and a northerner. Yeye zombie. TSA is only an audit tool not an increase in revenue however,it helps in reducing leakages on one hand but introduces bottlenecks that could lead to eventual erosion of same saved leakages.
Bottom line it is basically a snap shot of government revenue cycle at any given time. The propaganda is sounding as if such reflection has no expenditure side!

The recovery of gigantic loss of revenue can be looked at to be an increase in revenue. I am pretty sure far more was lost during past administration. If TSA had not been implemented, this Nigeria would have been short-changed to the tune of N1.84tr
I recall when PMB assumed office, the state allocations actually increased despite shortage in crude oil earnings. This was attributed to more transparent account reporting. The previous administration simply cut the allocation to the states.

tuniski:
Clueless! Do u recover your own money in 20accounts now consolidated in one account? They should stop propaganda and distortion with spurious figures that can incite the public! Apc just don't get.

These are funds civil servants would have pen to withdraw unknowingly to the government.

excellencyabia1:
Using english to decisive people, using pen to write in the whole money.

Learn to spell "deceive" then come back and let's talk.

viktor01:
"from funds mopped up from government agencies through the implementation of the Treasury Single Account."



I thought a thread I read some days back said the money were recovered from looters?
Guess the first name that came to mind?.......D*A*S*U*K*I.

Politicians sha, so up till now we have not recovered shi-shi from any of the so called yam eaters?

I also read SOMEWHERE that the recovered loot will be used for what they were initially meant for.

gists:
The recovery of gigantic loss of revenue can be looked at to be an increase in revenue. I am pretty sure far more was lost during past administration. If TSA had not been implemented, this Nigeria would have been short-changed to the tune of N1.84tr
I recall when PMB assumed office, the state allocations actually increased despite shortage in crude oil earnings. This was attributed to more transparent account reporting. The previous administration simply cut the allocation to the states.

The state allocations did not increase infact it reduced though it was attributed to fall of crude oil price. PMB even had to bail out some states.

To the issue of TSA , the minister has to also explain what she means by mopped up. Money was simply transfered from the account of the ministies to the cbn central account.

But my fear is budget implementation cos the contractor has to apply to the cbn through the ministry to get paid. Has the CBN employed new staff to carry out the job of over 100 account departments in different ministries?

Illiterate spoted. So english is your problem, am sure somone can translate it to igbo for you

excellencyabia1:
Using english to decisive people, using pen to write in the whole money.

davidmark4naija:
What about the EFCC cash recovery?

Sebi day sed EFCC has recovered over 1 trillion naira, some sed its $2 trillion dollars so far(in 5D)?

So wia does all dat money go to? Abi dem just day give us figures to shop belleful ba?

You believe should not be doing this. It is painful. Didn't the government say the money recovered will be used for what it was initially meant for?

Why do you guys wail for the seek of it? Deliberately ignoring facts for your agendas.

tuniski:
IPOB must be giving u nightmares! Anyway, I am yoruba and a northerner. Yeye zombie. TSA is only an audit tool not an increase in revenue however,it helps in reducing leakages on one hand but introduces bottlenecks that could lead to eventual erosion of same saved leakages.
Bottom line it is basically a snap shot of government revenue cycle at any given time. The propaganda is sounding as if such reflection has no expenditure side!

Yoruba and northerner?

efilefun:
Let me educate you a lil, I once worked for a company that came to nigeria with a software, they approached some government hospitals and asked how much they make annually, after being told the guy told them if the software is used they will make nothing less than double of the figure and any year the money ain't complete he would refund the balance, ever since the software had been running before I left the country some years back they had been making more than triple of what they made annually before.
The TSA just erradicated some individuals account used in some ministries instead of the official Acct, do you know with the TSA every ministry can easily be investigated when they deposit below what they were expected to deposit? You don't just come online to trash a good idea cuz you hate the person spearheading the battle. #Shalom

GOD bless you.

yommys01:
Yoruba and northerner?

yes I am and even moslem too! So when zombies begin to term discerning citizens as IPOB, they only show their folly. I am nigerian and insist on progress irrespective of whom!

tuniski:
clap for yourself! All your long epistle just to educate yourself that TSA blocks leakages as an audit tool. Only those not knowledgeable in finance and those playing politics with a simple audit procedure are zombied !!! This govt is rudderless!

since you know it's an ordinary audit procedure why bad mouthing it?

excellencyabia1:
Using english to decisive people, using pen to write in the whole money.

Wetin this thing dey talk?

tuniski:
the height of cluelessness is using recovered in the same sentence with TSA! TSA doesn't recover but aggregate revenue/cash while leaving out the critical side of expenditure in d equation of govt finance! Hope it help your understanding!

And you honestly think this is absolutely wrong? The wrong term is used YES but tell me where in the world it is not done? It is a praise me, praise me attitude and will you blame the government considering how senseless some people have been in blaming this government?

obasiken:
The state allocations did not increase infact it reduced though it was attributed to fall of crude oil price. PMB even had to bail out some states.

To the issue of TSA , the minister has to also explain what she means by mopped up. Money was simply transfered from the account of the ministies to the cbn central account.

But my fear is budget implementation cos the contractor has to apply to the cbn through the ministry to get paid. Has the CBN employed new staff to carry out the job of over 100 account departments in different ministries?

Per the bolded:

Cash going to states from FAAC rising on fear of Buhari
Published On: Mon, Aug 10th, 2015
The surprise thirty-two per cent jump in Federal Account Allocation Committee (FAAC) disbursements to the three tiers of government in June was a result of a more transparent reporting of the federation’s gross revenues BusinessDay can report.

The unexplained rise at a time of a continued fall in international crude oil prices left many analysts wondering but investigation by BusinessDay has showed that the transparent reporting method imposed by the two-month old Buhari administration meant that revenues that were hitherto unaccounted for, had to be brought into the collective pool for sharing.

The total disbursable fund for June amounted to N539bn or $2.71bn, up by 32 per cent from the level for May.

The statutory allocation, the largest element of the payment, brought an increase of N162b or the equivalent of $810m on May revenues.

A state like Edo, for instance saw its June allocation rise significantly, by more than N500m and governor Adams Oshiomhole who confirmed the development was unequivocal that the additional funds would not have come in if government agencies were left to account for their revenues in their old ways.

“I can tell you that my state got much more than it would normally get and this additional funds came because they (federal agencies) could no longer hide or cook their books”, the governor told BusinessDay in Ndola, Zambia, on the sideline of the commissioning of the 1.5MT cement plant build by Dangote Cement.

The governor, who is one of those selected by the National Economic council to beam a searchlight on the irregularities in flows into FAAC, added, “we are already seeing the benefit of the attitude of the Buhari administration to our collective resources and this is welcome, especially because we have just started and their scope for getting better. We all can now see that the days of impunity are gone.”

Governor Oshiomhole’s explanation has helped to shed light on the jump in the federal allocation disbursement.

In its August 5 daily note, FBN Capital had said, “we struggle to explain the marked increase in the allocation which is predominantly derived from the oil industry.”

On Friday, FBN Capital welcomed the recovery in foreign reserves, which rose $2.5bn in July to $31.5bn on a 30-day moving average basis.

FBN Capital said the increase in reserve couldn’t be explained by just the savings from the ban on 41 items, which hitherto accounted for about $900m in FX utilisation per month, on the basis of figures for Q1.

Analysts at FBN Capital said, “we have to look elsewhere for additional explanations for the pick up in reserves in July.”
http://businessdayonline.com/2015/08/cash-going-to-states-from-faac-rising-on-fear-of-buhari/

yommys01:
And you honestly think this is absolutely wrong? The wrong term is used YES but tell me where in the world it is not done? It is a praise me, praise me attitude and will you blame the government considering how senseless some people have been in blaming this government?

I am not faulting TSA rather I am asking that information be put in proper perspective cos of many who might be misled!

tuniski:
Clueless! Do u recover your own money in 20accounts now consolidated in one account? They should stop propaganda and distortion with spurious figures that can incite the public! Apc just don't get.

smh.. but you don't have sense o

I have consistently insisted on the shuffling of the President's cabinet, especially in the area of finance and budgeting. Both Aunty Kemi and Uncle Udoma have no business managing the nation's financial fortunes. If nothing is done swiftly, we will be in a huge mess before the year runs out. The precariousness of our current situation vis a vis the global economic malaise calls for an experienced Financial guru versed in the area of monetary and development economics, global finance not just a microeconomics beginner

Wow

Super1Star:
Wetin this thing dey talk?

insulting people what benefit do you have