₦airaland Forum

OKAY!

refiner:
fayose again....dis man no dey tire!


always fighting d FG!

What goes around, comes around. APC spent so much time castigating and criticising their predecessor they completely forgot about drawing a blueprint of success for their incoming govt. Me thinks they never really believed they could win the election.

efilefun:
you got time replying the lying ineffectual buffoon, it was actually frustrated by those who were running private accounts in their ministries and not because they did any stvpid research or whatever on it. At first when it was implemented they were all screaming its GEJ's idea, and here they are twisting their words already.

All the Mary-Kay make up they were using to deceive everybody had been washed away and now we seeing the real facts they kept hiding just to bring back that clueless zoologist who should have been in the zoo instead of aso rock

Only fools argue blindly against common sense..

plaetton:
Not exactly sir.

GEJ government came up with the plan, but on critical expert analysis, they realised that it would immediately choke the banking sector and the economy to near death.
Therefore, they decided to keep on hold, while trying to figure a better way to harmonize FG accounts without choking the economy.

Then General clueless stepped in, impervious to economic common sense, pushed the TSA forward, completely oblivious of the immediate economic implications.

@bolded,

Please can you buttress what you meant by that word 'CHOKE' the banking sector & economy?

horlareey:
Wasted Sperm.

Lol.
Psychological projection.

Actually, if you were made of any good substance, you would articulated a superior argument to shame me.

If a knee jerk insult is all that you're capable of, then we know who is the product of inbreeding.

I have always said people should stop celebrating dis man called Fayose. He plays to the gallery and gullible people sing his praises. He attacks the government in public and goes behind to beg. What double life. I pass

omenka:
I pity for Ekiti people. I think they have a mad man, like former Kogi governor, for a governor.

which kogi governor?

nsedet:
Zoombies talking again. What is the joke in all he said. Is the dollar not more than 400naira has stated. Is the TSA not emeshed in fraud. Zoombies like you will die in poverty cause u just don't want to say the truth

u could make your point without resorting to insults..by God's grace,it is too late for me to be poor let alone dying in poverty..

plaetton:
From an economic point of view, there are no benefit at all.
But From a propaganda point of view, the benefits are msny.
Firstly, you can always thump your chest that you saved such and such, which, on critical analysis, is a lie.

First of all , taking out 2trillion naira from the banking sector in one swoop is economic stupidity. Banks , and by extension, the economy needs that float ,both as a reserve cushion , as well as a steady lubricant for the creation and expansion of credit, the engine for economic activities and growth.

By taking such monies from banks, where they earned interests for the government, and fees for the banks, the clueless government did the equivalent of turning off the switch in a very busy factory.

In this computer age, harmonizing and monitoring disparate accounts is something that a even an amateur computer science student like kingebukasblog can easily write an algorithm for.

It's not rocket science.

Then clearly you do not know a dime of that you speak. The banks should focus on what should really be their work, which is stimulate economic growth by investing in the manufacturing and production section. Not bankers to government. Among the things I learnt while in secondary school was that the central banks are bankers to the government, not the commercial banks

This fool is getting insane gradually.

omenka:
I pity for Ekiti people. I think they have a mad man, like former Kogi governor, for a governor.

Benue have a sane governor okwaya? Face your Governor for once biko

omooba969:
@bolded,

Please can you buttress what you meant by that word 'CHOKE' the banking sector & economy?

The economy expands when banks create and expand credit.
The amount of credit banks create is proportional to the amount they have on deposit. That's why banks send out pretty damsels to solicit and bring deposits.

In Nigeria, banks biggest depositor is the federal government , which ,at any given time, keeps trillions of Naira spread throughout the banking sector.
The banks use these funds as a leverage to create and expand credit to fuel and lubricate our economic engine.

The banks , and by extension, the general economy, have not only gotten used to enjoying this multi trillion naira float over the years, but have come to depend on it.

Now, when you yank this 2trillion naira float away from the banking sector and the economy , and then have it domiciled in a single CBN account, where it earns NO interest and stimulates NO economic activity, then banks and general economy become instantly anaemic.

This is the case right now.

bigerboy200:
u could make your point without resorting to insults..by God's grace,it is too late for me to be poor let alone dying in poverty..

Of course, Nigeria said the same thing in 1977. Wealth is fleeting my dear and pride goes before a fall. This is not meant to wish for your down fall though, on the contrary I want you to be bouyant all the way. However, it seems to me that sound unbiased reasoning is critical requisite to STAYING wealthy.

politricks:
But Gej started TSA buhari only implemented it. So can we also call it GEJ poison?

GEJ introduced and made it systematic knowing the effect on the economy if strictly enforced. But your insensitive and analog president chose a wrong and stringent approach that is causing the cash drought.

rottennaija:
Then clearly you do not know a dime of that you speak. The banks should focus on what should really be their work, which is stimulate economic growth by investing in the manufacturing and production section. Not bankers to government. Among the things I learnt while in secondary school was that the central banks are bankers to the government, not the commercial banks

Yes, but banks, by virtue of their credit creating capabilities, serve as the primary agency through which the government fuels, lubricates and finetunes the economy from time to time.

Banks and government have a symbiotic relationship.

In this case now, the government is betraying that relationship, and the banks may start a slow death as a result.

plaetton:
Not exactly sir.

GEJ government came up with the plan, but on critical expert analysis, they realised that it would immediately choke the banking sector and the economy to near death.
Therefore, they decided to keep on hold, while trying to figure a better way to harmonize FG accounts without choking the economy.

Then General clueless stepped in, impervious to economic common sense, pushed the TSA forward, completely oblivious of the immediate economic implications.

I disagree. The truth must be told,if PMB continues to fight corruption,nigeria economy will crash but in the long yield positive results. The foundation of Nigeria economy is laid on corruption. If the fight against corruption continues Nigeria will shake if not fall. Gej wished to fight corruption he sensed the implications, he has no choice than to relax.

If u no je gbi u won't die gbi that's the meaning. Of the TSA my governor dey fear ooooo. He don je gbi be that

plaetton:
Not exactly sir.

GEJ government came up with the plan, but on critical expert analysis, they realised that it would immediately choke the banking sector and the economy to near death.
Therefore, they decided to keep on hold, while trying to figure a better way to harmonize FG accounts without choking the economy.

Then General clueless stepped in, impervious to economic common sense, pushed the TSA forward, completely oblivious of the immediate economic implications.

yes .. he put it on break not hold ( ONIYEYE ) ..... so its because of TSA that reduced the sales of world crude oil market throughout the Globe ? ....

GEJ government came up with the plan, but on critical expert analysis, they realised that it would immediately choke the banking sector and the economy to near death.
Therefore, they decided to keep on hold, while trying to figure a better way to harmonize FG accounts without choking the economy.

Then General clueless stepped in, impervious to economic common sense, pushed the TSA forward, completely oblivious of the immediate economic

Unfortunately, sir. U didn't get d right information. If u re a civil servant conversant wit govt policies,u would be known dat the GEJ govt gave a directive for d implementation of d TSA but was nt adhered to because there was no political will power to pursue d implementation. Remita was engaged by d last govt n d cry abt 25billion naira was anything but true. Google is our friend. Check out d terms of d contract involving CBN,OAGF n Remitta, u wil understand dat d figure is someone's evil imagination. 05% of 1% of d total revenue lodged in d FG Account can never hav amounted to N25B to Remitta in one month. Fayose is just looking for cheap popularity.

emerged01:
I disagree. The truth must be told,if PMB continues to fight corruption,nigeria economy will crash but in the long yield positive results. The foundation of Nigeria economy is laid on corruption. If the fight against corruption continues Nigeria will shake if not fall. Gej wished to fight corruption it sensed the implications, he has no choice than to relax.

I totally agree that Nigeria and almost everything in it is founded on corruption.
Therefore, corruption is NOT about so and so individual or so and so regime. It is an infrastructure that you encounter everywhere.

Listen. When I was in secondary school almost 30 yrs ago, the senior prefects would get up to 10 loaves of bread, while yeomen like us settled for or had to struggle for one.
At that time we didn't see it as corruption.
That's why GEJ said that corruption is not just stealing public money, it is a self-sustaining infrastructure.

This government has it wrong if they think they can fight corruption by newspaper headlines alone.

rolams:
But did u read PMB statement said GEJ did not implement it. What could be the reason? Because it won't work. Imagine huge revenue coming from different sectors on daily basis into a single account. How do u check d details to d root. Whatever revenue a sector claimed it generated would b taken. I can giv more explanation on dis.

but why claim u brought up sumfin that won't work?

plaetton:
Yes, but banks, by virtue of their credit creating capabilities, serve as the primary agency through which the government fuels, lubricates and finetunes the economy from time to time.

Banks and government have a symbiotic relationship.

In this case now, the government is betraying that relationship, and the banks may start a slow death as a result.

In that case, the banks should take the government to court for betraying their relationship. Then you can come back and we discuss more

When the money scattered all over the banks average Nigerians that drive the economy never benefit from it instead banks were busy funding importation of petroleum products. Little they lend to manufacturing sector were on a high percent interest.

espn:
stop twisting facts.. show us a post where they claimed to have put the TSA on hold because of its immediate implication on the economy..Please provide a link to ur claim

There are fears that the new policy may bring the nation’s banking sector to its knees due to the lump sum of money that would be withdrawn from their banks as well as inability to mobilise enough deposits to keep their operations afloat under the new regime.
A banker in one of the old generation banks in the country,John Adianu,said the new system is a serious change for the banking sector and may cause some banks to consider downsizing their workforce in order to cope with the development the new policy would pose
Read more at http://www.dailytrust.com.ng/news/business/the-victims-gainers-of-treasury-single-account/106702.html#DFLxK5XDrP0QHXKU.99

hamzyluv:
yes .. he put it on break not hold ( ONIYEYE ) ..... so its because of TSA that reduced the sales of world crude oil market throughout the Globe ? ....

My point is that TSA should never have been implemented at a time when our chief source of revenue for the economy , oil, was fast dwindling.

Most nations , even the ECB, JCB, etc are experimenting with unorthodox ways to stimulate their economies by indirectly giving money to banks.
I am sure you have heard Quantitative Easing or QE, Negative Interest Rates or NIRP and Zero Interest Rates or ZIRP.
These are measures aimed at stimulating the economies through funding for banks.

How Nigeria, with a near comatose economy, could GO IN the OPPOSITE DIRECTION is the one of the wonders of modern economic stewardship.

The action was nothing short of idiotic.

rottennaija:
In that case, the banks should take the government to court for betraying their relationship. Then you can come back and we discuss more

Lol.

It's a Symbiotic relationship, not a legal one.

politricks:
But Gej started TSA buhari only implemented it. So can we also call it GEJ poison?

Yes GEJ started it but was implementing it with sense gradually. Then comes BUHARI to bambooze it in with a N60b scandal. The person wen start am use sense dey implement am cos he knew it will negatively rob off on banks.

plaetton:
Apparently, you don't know much about economics.

Apple computer, for example, has a cash horde of about $300b. But Apple still borrows money from banks , and even offers long and medium term bonds to finance it's daily operations.
If you don't understand how and why, then that makes you an economic semi-literate. No insult intended.

Don't argue against things you don't fully understand.

Oga....Government is different from a Manufacturing industries who does "COST BENEFIT ANALYSIS" of any project b4 embarking on it..'nd sure dey know der ROI(return on investment) after such investment....Pls aw can u borrow your own money at double digit interest rate...Pls wer s d common sense?...Nigerian Banks are fraud.....sme was cabalised...banks uses government funds to re capitalize...aids corruption n kill small business.
Nigeria Banks capital base are fake..'nd TSA has Just revealed dat, most of dis banks were not doing any serious business rather dan keep n share government money wit some corrupt FG officials

The same minister whose office could not prepare a simple budget should not assault the sensibilities of Nigerians by telling States to accept a TSA policy that is characterised with fraud - fayose !!!! SHAME!!!! Buhari wanted to steal 2 TRILLION Naira in 1 YEAR!!!! JEEEZZZZ!!