₦airaland Forum

davodyguy:
No I know many people comment on issues they're clueless about.

Where were the monies withdrawn to? Buhari's house or his pockets?

What do you even understand by TSA?

Let me educate

Ministry of finance had 10 accounts in Zenith Bank, TSA says no, close the 9 other accounts and operate just One in Zenith. Does that affect Zenith Bank? Or does it stop the interest on the account?

SMH at your epic misunderstanding and misrepresentation of fact

Truly many people comment on issues they are clueless about.
Could you imagine someone telling us that TSA means keeping one account in a commercial bank.
Please don't embarrass yourself again because the TSA account is domicile in the CBN.
This government have turned the CBN to a commercial Bank

PEREP:
Simply put 'Naira in some accounts with CBN have no economic value because it is not exchanging hands to create opportunities for new business or consolidate existing business of bank customers'

The funds mopped as a result of TSA is not being traded for anything except when govt needs it.

Hope this is a bit simpler? Nice weekend

The TSA money is going to end back up in circulation by the way of funding the budget. That way it even works better for Nigerians because it's more spread either by way of income or infrastructural development than banks that decide on who they feel the need to enrich or not depending on an unfair criteria. Look at all the bad loans at AMCON. The people that get the loans are the ones that fell like they have the power of getting away with it if they don't pay back. The small business doesn't even stand a chance when you tell them to get collateral that's equal to the loan they're trying to secure. On top of that these bank guys try to fleece them off every dime those ones have managed to gather themselves.

So your GEJ is oblivious of this assertion of yours abi!.

You surely does not know about banking enough. I even doubt your computer programming knowledge!

Even CBN banking software engineers could not write software to harmonize individuals account and they have to come up with BVN.

And BVN works aftereffect when all banks make report of the daily activity. Then each BVN will be ran through the combined transactions to keep track of individual's transaction. And anti laundering experts can then ran a series of queries through it.

ON TSA, it works in a similar way to BVN. Each bank send in the TSA money at the end of the day. But with report of each sub TSA account. So that CBN can track how much comes in through each ministries and MDAs. The last few digits on the TSA account distinguish one MDA from the other.

As i am an Engineer, I have noticed that COREN, which is now on TSA, has a TSA account, but its account has an appendage to show that it is for COREN. The VAT or other tax payment also on TSA but different appendages. All the TSA money are remitted to the CBN at the end of each day with their report. CBN can track what each payment is meant for via the codes.

No bank has crashed or been threatened of crashing since the FGN withdrawer of its account. In fact the CBN lending rate has come down afterwards to increase liquid cash availability to the banks.

plaetton:
I sympathize with you.
But like I said earlier, this is the computer and information age.
An inexpensive software program can simultaneously harmonize ,update and monitor a million government accounts in real time.
It's not rocket science.

MrImole:
Stop lying boy, no b only 4months salaries dem go receive this year, na 1month, eranko osi. Peter Ayodele Fayose is our Governor and there is nothing you "I PITY EKITI or EKITI DÖN ENTER ØNE CHANCE" morons can do about it.

Quote me and let me give you the address to your burial ground.

I take people with fact and figures serious, not ekiti tout that politics and peanut from ekiti politicians has taken away the fountain in their knowledge. if not because I have been trained in the core yoruba way I would have said and support with orinlase incantations that only
those people like me in your house that you would show their burial ground

plaetton:
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.

Earlier I didn't put sir in my post, I have come to put "Sir". My respect!

Laid2001:
So your GEJ is oblivious of this assertion of yours abi!.

You surely does not know about banking enough. I even doubt your computer programming knowledge!

Even CBN banking software engineers could not write software to harmonize individuals account and they have to come up with BVN.

And BVN works aftereffect when all banks make report of the daily activity. Then each BVN will be ran through the combined transactions to keep track of individual's transaction. And anti laundering experts can then ran a series of queries through it.

ON TSA, it works in a similar way to BVN. Each bank send in the TSA money at the end of the day. But with report of each sub TSA account. So that CBN can track how much comes in through each ministries and MDAs. The last few digits on the TSA account distinguish one MDA from the other.

As i am an Engineer, I have noticed that COREN, which is now on TSA, has a TSA account, but its account has an appendage to show that it is for COREN. The VAT or other tax payment also on TSA but different appendages. All the TSA money are remitted to the CBN at the end of each day with their report. CBN can track what each payment is meant for via the codes.

No bank has crashed or been threatened of crashing since the FGN withdrawer of its account. In fact the CBN lending rate has come down afterwards to increase liquid cash availability to the banks.

First point is that software does exist, and can be written to tag and harmonize all FG accounts with commercial banks in real time.
Maybe corruption and lack of Will won't allow proper use of it Nigeria.

Second point is that do you expect commercial banks to start advertising the fact that there are under stress as a direct result of TSA?
C'mon , be realistic.

PEREP:
When we had the funds, we traded with it, made more money, opened new branches, employed more graduates, provide business opportunity for other businesses - ATM suppliers, Bricklayers, Cash movement companies, Security outfits etc.

As it stands today, any major fund required by any of the production giants will likely not see the light except Federal Govt go the way of Stimulus plan for such companies/sectors.

We are worse off as a nation with moniess sitting in CBN without putting them to work.

So basically we should give banks government money so that they get bigger and that to you is a fair deal. Some of those graduates could have used the funds to start their own businesses and provide employment for more people rather than sit behind a desk in a bank. Lack of funds, lack of infrastructure is killing ideas, basically hindering development in this country. I don't see how a bank getting huge affects anyone except the executives. Bank worker salaries haven't increased over the years even with all that money, as a matter of fact I think they was a time they had a pay cut and there hasn't been an upward review at the salaries for many years. Nigerian banks have never been friends of SMEs, which should be what's driving our economy. They may talk about it but they don't do anything. They fund those they know, they can make easy money back from.

Though Fayose's hands are not clean, the truth is that the new TSA is a scam, just like the fake zero-budgetting. It doesn't exist. They are just providing false documentation.

LoJ:
We never claimed that it was the intended effect. Indeed, it could have been that, those who did so, aimed at stealing the money. But that's no longer the issue right now.

All I'm saying, is that if The TSA was to be done effectively and efficiently in a way that does not harm the economy, it could have been well planned ahead of time, in order to give time to the Banks to diversify, adjust and adapt.


The fact that Banks are not giving out loans easily to SME and entrepreneurs is a different problem which has its causes. it is in the interest of the Bank to give out a loans, and if Banks are not doing so, they are not happy about that. Every loan that a Bank does not give, is a lot of money they are loosing. So if they don't, look for the reason and correct it instead of blaming them, for they surely do not do such gladly.

So it is up to a competent government to identify Why a Bank would not give out loan and tackle the issue, instead of blaming them. Do you believe a Bakery would be glad not to sell bread?

Look my brother, What we are trying to make the general public understand is, no nation ever develops when there is no strategic partnership between the Banking sector and the government. When both are fighting against each other, they may score cheap short term points, but in the long run, it shall not bear fruits.

Cheers.

You know the CBN is already putting things in place to help them cope with the withdrawal. So it's not like they're just leaving them high and dry. The new charges are supposed to help the banks cope with the government money loss. You know that apart from the FG's stamp duty, banks too have their similar charges. Apart from these new charges, these banks have always had all these charges here and there even resulting in double charging. You're worried for the wrong people bro. The banks will be ok, it's Nigerians that have been short changed for years. If this TSA money is judiciously spent, it'll serve Nigerians better generally than bank guys and the government officials grumbling.

LoJ:
You wrote to plaetton as if, it is only the interest of the banks that is at stake . A Government seeking the well being of its constituents do not fight against the banking sector, but instead cooperate with it. It is a win win situation and a convergence of interest.

When the banking sector gives out credit, it helps entrepreneurship, it sustains the economy, it alleviates the burden on the common nigerian, and in doing so it generates profits. In order to give out that credit, a Bank needs disposable funds, a huge part of that fund was from the government.

The sudden and unplanned removal of those fund is tantamount to the removal of oxygen on planet earth. If it was planned and announced 2, 3 years ahead of time, Banks would have looked for contingency plans.

Cheers.

Honestly, this banks have gotten used to the idea of government money so much so that they forget their real work. Most times, they refuse to give credit facilities because they are comfortable with government money

rottennaija:
Honestly, this banks have gotten used to the idea of government money so much so that they forget their real work. Most times, they refuse to give credit facilities because they are comfortable with government money

Exactly!! The banks are used to easy money. It's time for everyone to get to work, no more free money. Let's all get creative.

God bless us, u were great!gboza gboza gboza!

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.

Ekiti workers supported the man to come on board simply because Fayemi was prudent too much to allow them unfettered access to state fund,now they have seen the difference between White & black & they have to carry their cross till the man leaves.

989900:
Ole! Barawo! That would spoil una 'show'.

Ekiti, e kpele, e ti shi 'raisi' je!




Another self-centered, self-serving post.
You, or your people are either part of the looters, or part of the banking system!

Is that how to run a bank?!

Is that how to run a country?

Is that how to run a paye system that pays over 26,000 ghost workers billions of Naira every month, in connivance with same thieving banks and MDAs -- and we say the country is broke?!!!

Do you know about the tens of unaccounted accounts that were discovered with billions in them?

Are you aware for example that NNPC does not not know how many accounts it actually has? #sad

Do you know the N2.2 trillion recovered so far and counting, is almost half of our previous budget, roughly same amount Christina Lagard came prostelyzing we come and borrow?

What happened to the over $9b the CBN borrowed banks to save them some few years ago, have they returned it?

Do you know the laziness, 'cluelessness', profiteering and racketeering of them banks and CBN's management's selfishness is part of the reason why there is no power supply, no working refineries, no jobs, no factories, no housing/effectively realistic mortgage plans?

Who wants to borrow @ 25% interest rate?

How many businesses would grow at 20-25% interest rates ( if not the oil cabals . . . ), while we get to borrow in other countries at 2-7%, maximum of 13% interest rates?

Tell me why banks would do proper traditional banking if they can get cheap money from borrowing gov't, gov't's money -- not so genius to own and run a bank now in Nigeria is it?

Between you, those almost 100 peeps that liked your post, and the 'General', who is the clueless now?

Thanks Sir!

“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.”

That's classic

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.

even dangote still borrows money from banks

ademega:
fayose would never support such policy. he is single handedly controlling, directing and embezzling ekiti money. he would always complain no money. workers in the state now gets salary once in 4 months. this year ekiti workers are expected to receive just four months salary. they may likely receive January salary by August.

people are just praying in ekiti that something should happen so that this man could just cease to be their gov.
if u need the definition of one chance come to ekiti

Nahhh...Come to Delta! the real One chance!

alanposh:
End time buhari poison

I'm sure you're not up to date with your argument or your choice written words. Are you not in Nigeria when the PDP were making jest of APC that even the TSA Buhari is implementing is the product of GEJ and PDP. Now I see why this government only reply to responsible commentaries from PDP and their crumb pickers. If you like walk with your head down in annoyance. Nigeria will be great again through SAI BUHARI.

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

Thing is, these "criminal Cabals" will do EVERYTHING within their POWER, to ensure that nothing works in Nigeria.

Of-course, these Criminals will use "Party/Religion/Ethnic Differences" to DIVIDE Nigerians so they (the criminals like Fayose) can have their own way.
Whether we Nigerians can rise above those sentiments and chose what is good for governance in our country, is left to be seen.

TSA will ensure that Govt officials, from a President, Governor, to Civil Servants, cannot loot and steal Govt Revenue, just as they like.
It will improve transparency of 'income and spendings'.




Lastpage!

mrmetoo1:
So basically we should give banks government money so that they get bigger and that to you is a fair deal. Some of those graduates could have used the funds to start their own businesses and provide employment for more people rather than sit behind a desk in a bank. Lack of funds, lack of infrastructure is killing ideas, basically hindering development in this country. I don't see how a bank getting huge affects anyone except the executives. Bank worker salaries haven't increased over the years even with all that money, as a matter of fact I think they was a time they had a pay cut and there hasn't been an upward review at the salaries for many years. Nigerian banks have never been friends of SMEs, which should be what's driving our economy. They may talk about it but they don't do anything. They fund those they know, they can make easy money back from.

The Postulation here is clear.

Let's look @ the era where liquidity within the system is better with Govt funds in banks and when it lies without economic value in CBN.

The banks will come out better I can assure you because they got a business to do but a possible shrink in staff, venturing into new frontiers among other limitations will characterize the space and definitely affect the economy the more.

We as a people need to purge our hate for banks because we think charges are point of extortion as if there are no bills to be paid.

Let's see how far the current stand of government carry us. At least Garba Shehu (Media SA to President) said the fight against corruption will stimulate the economy.

Our country need prayer....
All we need to do is pray

mrmetoo1:
The TSA money is going to end back up in circulation by the way of funding the budget. That way it even works better for Nigerians because it's more spread either by way of income or infrastructural development than banks that decide on who they feel the need to enrich or not depending on an unfair criteria. Look at all the bad loans at AMCON. The people that get the loans are the ones that fell like they have the power of getting away with it if they don't pay back. The small business doesn't even stand a chance when you tell them to get collateral that's equal to the loan they're trying to secure. On top of that these bank guys try to fleece them off every dime those ones have managed to gather themselves.

Let's get practical here!

When the funds were in the banks, were MDAs denied access to them by banks for the purpose of funding government expenditures? It is a No answer.

While the budget is growing through debate, what value is the money in CBN creating compared to putting it to use with short term financing? The latter is far better.

This issue is very clear, you don't need funds with CBN before you streamline your accounting process to understand how much you have and where you have it.

A simple reporting process by banks to CBN will do the magic.

989900:
Ole! Barawo! That would spoil una 'show'.

Ekiti, e kpele, e ti shi 'raisi' je!


Another self-centered, self-serving post.
You, or your people are either part of the looters, or part of the banking system!

Is that how to run a bank?!

Is that how to run a country?

Is that how to run a paye system that pays over 26,000 ghost workers billions of Naira every month, in connivance with same thieving banks and MDAs -- and we say the country is broke?!!!

Do you know about the tens of unaccounted accounts that were discovered with billions in them?

Are you aware for example that NNPC does not not know how many accounts it actually has? #sad

Do you know the N2.2 trillion recovered so far and counting, is almost half of our previous budget, roughly same amount Christina Lagard came prostelyzing we come and borrow?

What happened to the over $9b the CBN borrowed banks to save them some few years ago, have they returned it?

Do you know the laziness, 'cluelessness', profiteering and racketeering of them banks and CBN's management's selfishness is part of the reason why there is no power supply, no working refineries, no jobs, no factories, no housing/effectively realistic mortgage plans?

Who wants to borrow @ 25% interest rate?

How many businesses would grow at 20-25% interest rates ( if not the oil cabals . . . ), while we get to borrow in other countries at 2-7%, maximum of 13% interest rates?

Tell me why banks would do proper traditional banking if they can get cheap money from borrowing gov't, gov't's money -- not so genius to own and run a bank now in Nigeria is it?

Between you, those almost 100 peeps that liked your post, and the 'General', who is the clueless now?

Emotional babbles and rants.
Almost too silly for me to respond.

You made Zero points. Neither did repudiate any of my points.
There are time for sentiments and times for rational common sense.

Your reference to " you and your people " along with your local vernacular betrays your intellectual paucity.

Perhaps you think that adding your local vernacular adds a pinch of common sense to your emotional babble ?

For mental midgets, everything is " we we and them them".

I am sure you haven't figured out that corruption is not localized in any particular place or sector or people.

I am one those who publicly advocate for the liquidation of commercial banks implicated in economic sabotage after the third conviction.

You can't destroy the economy because you want to fight a phantom corruption.

I say phantom because if you don't know what corruption is, the root causes, the mental and infrastructural framework under which it occurs, then you're simply fighting a shadow.

You and your type have taken the typical lazy man's approach to addressing and fighting a real problem by narrowing your focus on your perceived enemies or competitors . Yes, you know, " those other people ", just as you foolishly addressed me as " you and your people ".

this man on point since the emergence of A.p.chits. tell dem,our only bold Nigerian.

this man on point since the emergence of A.p.chits. tell dem,our only bold Nigerian.
in short even d lie lie 5000 bucks me no want again. just safe d country.

blackpanda:
Once again you have goofed on the provisions of our constitution. You may also wish to wish to consult the federation alloc. Act. Once again and for the avoidance of doubt: IT IS ILLEGAL FOR GOVT INSTITUTIONS TO PUT GOVT FUNDS IN COMMERCIAL BANKS. Period.

You dont negotiate with or rationalize the constitution. The provisions are clear as crystal. Commercial banks are more than capable of conducting their business by actually providing professional services to customers and not lazily waiting for "free" govt funds. Jeez! This is not rocket science!

My friend, if you insist that TSA was implemented to enforce the Constitution, then surely, this government is not only hypocritical, but has it's priorities upside down.

If they had any regards to the Constitution, then EFCC would not be breaking into people's homes and offices without search warrants.
They would be obeying court orders regarding the release of suspects held for days without charges and after being granted bail.

If they had respect for the Constitution, they would not be blackmailing and intimidating judges and defence lawyers.

If they respect for the Constitution, they would NOT suddenly and unilaterally sack and appoint VCs, bypassing the council that has the statutory responsibility for appointing and sacking Vice Chancellors.

So, pls , spare us the Constitution enforcement BS.

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.

Sir, please is this the case in advanced economies i.e. government money in commercial banks? Only want to know please.

Of course he will not be interested in any policy that will keep his looting fingers from the state's till.

Rubbish!

ademega:
I take people with fact and figures serious, not ekiti tout that politics and peanut from ekiti politicians has taken away the fountain in their knowledge. if not because I have been trained in the core yoruba way I would have said and support with orinlase incantations that only
those people like me in your house that you would show their burial ground

People like you in my house? slowpoke in our house?
How many months is Fayose owing? 2months: December and January ever with a meagre allocation of #1.2 billion per month. Stop lying against Fayose and stop saying what you don't know

Can someone please tell Ayo Fayose that no one asked for his opinion on TSA; his permission isn't needed; it is an instruction to which everyone must comply

E pain am, big time.

Bye-bye to jati-jati... The days of ''thiefry'' are now numbered.

#SaiChangi

yemivictor:
Sir, please is this the case in advanced economies i.e. government money in commercial banks? Only want to know please.

Yes.
There is absolutely nothing wrong or abnormal about it.

Banks and governments, right from the beginning of banking, have always enjoyed a Symbiotic relationship.

Governments finetune the economy through the regular infusion or depletion of cash or Treasury instruments in the banking system.

But again, consider that in our economy, we don't have a big industrial sector.
So, the government is the only game in town for high finance.
Therefore, government and its funds provide most of the fuel for economic activities and growth.

So, the idle funds of big government plays very vital role in keeping our banking sector stable enough to carry out their credit creating capabilities.