₦airaland Forum

Tough times ahead in post 2015 elections

By Omoh Gabriel We reproduce this article that was first published in March last year. We warned the nation of the tough times ahead in the foreign exchange market, banks sacking workers and the economy at large. In view of what is happening in the economy and readers’ demand, we re-publish this article as a reminder.

The 2015 election will certainly come and go but the after effect may linger for a long time. Whether it is PDP or APC that eventually wins the presidential election, the party that will come to power post-election had better get prepared for the handling of the economy.


As it stands, the nation is on a financial cliff that can fall off any time except a miracle happens. The one commodity that provides life support for the economy has seen its price at the international market fallen to as low as $58 per barrel.


The International Energy Agency has predicted that crude oil prices may fall to as low as $20 per barrel. Oil prices might have stabilised only temporarily because the global oil glut is worsening and U.S production shows no sign of slowing, the United States may soon run out of spare capacity to store crude, which would put additional downward pressure on prices. That process would last at least until the second half of 2015, when growth in U.S oil production is expected to start abating.



Combined with an increase in global demand, the expected U.S production slowdown would give some support to oil prices and respite to oil producers’ group, OPEC. On the face of it, the oil price appears to be stabilizing. Behind the façade of stability, the rebalancing triggered by the price collapse has yet to run its course, and it might be overly optimistic to expect it to proceed smoothly.


If that happens, the incoming government will have a Herculean task to run the country effectively. Many states will not be able to pay their bills, same with the Federal Government. As it is now, money that would have been judiciously used is being frittered away in foreign currency in the name of election. Right now, politicians have invaded the foreign exchange market to buy up the available dollar to pay the electorate for votes.


Indications are that the pressure on the naira now is as a result of political activities in the country. Post-election, the naira may see some level of stability at N197 to the dollar. The usual use of dollar in political campaign has led to further depletion of the nation’s foreign reserves as money is carried around in sacks to people whom the politicians believe have some influence over a certain section of the populace and their presidential voting choice.

As a result of the mopping up of the dollar from the system for non-productive use, a less than 3 per cent differential between the bank naira-dollar rate and the black market rate after the November 2014 devaluation is now about 13 per cent in less than five months. This is not in the best interest of the economy and after the election, if prices of crude continue its southward journey, things will become worse as fewer dollars will be available at the foreign exchange market.


This will give rise to hyper inflation which is already rising and will continue to rise. The National Bureau of Statistics (NBS) last week released the Consumer Price Index (CPI) report for February 2015 saying that prices of goods and services rose slightly by 20 basis points, which is about 0.2 per cent. It said that rise in prices headline inflation — measured Year-on-Year (Y-o-Y) was estimated at 8.4 per cent, 20bps higher than 8.2per cent reported in January 2015.


This is largely in line with analysts’ expectations, as they anticipated the inflationary pressure to intensify in February due to the weakness of the domestic currency over the past six months. This had a knock-on impact on prices of both imported food and non-food items. This was attributable to the faster movement in the prices of imported food items, as reflected in the faster pace of growth in the Imported Food Index in February to 8.8 per cent – a 12-month high.

After the election, whichever party comes into power, Nigerians should expect a rough time going forward. There is no doubt that with dwindling oil prices, Jonathan or Buhari will have no option than to remove fuel subsidy completely. It will not be a matter of choice, it will be a matter of survival for the government to continue to meet its internal financial obligations.


The first shot at raising revenue will be subsidy removal. Nigerians should not be deceived. This will certainly come into play early in the life of the new administration. None of the political parties has made it an electoral issue and Nigerians have not asked either Jonathan or Buhari what they intend to do with subsidy on petrol. Subsidy on petrol will likely be fully removed after the election.

The Nigerian banking sector will feel the heat as they are likely to lay off employees after the election is successfully concluded. Many companies may not be able to service their facilities and non-performing loans may mount. Banks may be tempted to stop giving out loans due to high cost of funds.

In a bid to tighten monetary policy after the election, the CBN may demand to sterilise public funds in the banking system or demand that all public sector funds be placed directly with it. The private sector deposit in banks may see some increase in the amount the CBN will withdraw from banks. The banks will be under extreme pressure to perform post-election 2015. The Federal Government under pressure to raise money may after the election allow the naira to further depreciate to raise more money for government as crude oil prices probably falls below $53 which is the 2015 budget benchmark.


More manufacturing companies will close or reduce operations due to stifling business environment wreaking havoc on their businesses: higher power prices, naira devaluation, less power from the national grid which means more expenses incurred to run generators and insecurity.

Like one analyst said: “When a party not in power is trying to win power, you can only rely on their promises and the character of the presidential candidate of that party to determine how well you should trust their word. For the party already in power, you need to assess what they have done over their first four years in office against what they said they would do.


It is a choice between what a party says they will do and your perception of the character of their presidential candidate and what the other party has visibly done in the four years they held power and not what they intend to do in the second term when they can no longer be held accountable for their dos and don’ts.



Read more at: http://www.vanguardngr.com/2016/06/tough-times-ahead-post-2015-elections/

daclint:
Im still in doubt

If that happens, the incoming government will have a Herculean task to run the country effectively. Many states will not be able to pay their bills, same with the Federal Government. As it is now, money that would have been judiciously used is being frittered away in foreign currency in the name of election. Right now, politicians have invaded the foreign exchange market to buy up the available dollar to pay the electorate for votes.


Indications are that the pressure on the naira now is as a result of political activities in the country. Post-election, the naira may see some level of stability at N197 to the dollar. The usual use of dollar in political campaign has led to further depletion of the nation’s foreign reserves as money is carried around in sacks to people whom the politicians believe have some influence over a certain section of the populace and their presidential voting choice.

As a result of the mopping up of the dollar from the system for non-productive use, a less than 3 per cent differential between the bank naira-dollar rate and the black market rate after the November 2014 devaluation is now about 13 per cent in less than five months. This is not in the best interest of the economy and after the election, if prices of crude continue its southward journey, things will become worse as fewer dollars will be available at the foreign exchange market.

naijaking1:
Responsible for our woes like releasing Kabiru Sokoto today?

Franchise21:
After 16months in office, u want us to still be blaming the previous administration? I tot they promised us CHANGE during their campaign? Y are they now blaming the past government. They better fulfill their campaign promises. We don't care if they re magicians or not

nnachukz:
This is a year and some months running. Soon it will be two years. Are you sure you will continue with this blame game for the remaining years. My dear, that is complete failure.

This is largely in line with analysts’ expectations, as they anticipated the inflationary pressure to intensify in February due to the weakness of the domestic currency over the past six months. This had a knock-on impact on prices of both imported food and non-food items. This was attributable to the faster movement in the prices of imported food items, as reflected in the faster pace of growth in the Imported Food Index in February to 8.8 per cent – a 12-month high.

After the election, whichever party comes into power, Nigerians should expect a rough time going forward. There is no doubt that with dwindling oil prices, Jonathan or Buhari will have no option than to remove fuel subsidy completely. It will not be a matter of choice, it will be a matter of survival for the government to continue to meet its internal financial obligations.

Franchise21:
After 16months in office, u want us to still be blaming the previous administration? I tot they promised us CHANGE during their campaign? Y are they now blaming the past government. They better fulfill their campaign promises. We don't care if they re magicians or not

ddippset:
that's because 16 months isn't enough to fix problems of 60 months or maybe 180 months. As long as oil is down and you are cheering the avengers on, to continue bombing, this government needs at least 4 years to give you change. And as long as you keep blaming this government for the problem, this government will keep blaming the government that caused it. You don't expect them to keep quiet and take the thrash talking from you, do you?

ddippset:
that's because 16 months isn't enough to fix problems of 60 months or maybe 180 months. As long as oil is down and you are cheering the avengers on, to continue bombing, this government needs at least 4 years to give you change. And as long as you keep blaming this government for the problem, this government will keep blaming the government that caused it. You don't expect them to keep quiet and take the thrash talking from you, do you?

davodyguy:
Read the article again. Even if Jonathan had won, it wouldn't have been better. Stop 'bandwagoning' ignorance.

This article predicted the future(which is now)

The Rivers State Governor, Chibuike Amaechi, has revealed that the state is broke and that, the governor-elect, Nyesom Wike, is in for a surprise.

Amaechi assured the nation not to worry, saying that the president-elect, Muhammadu Buhari, will fix the nation’s finances.

The governor made this known on Sunday in Port Harcourt, while speaking at the state’s meeting of the All Progressives Congress (APC) governorship candidate, Dr. Dakuku Peterside’s campaign.

Amaechi, who began by thanking God, asked God to provide help for the next government.

“God answered our prayers to save us. He also answered our prayers to save Nigeria. I’m not joking, we have no money anywhere. In Rivers State, no money. I think Nyesom Wike is coming, we are waiting. He will look for money for salary; there is none. Luckily for us, we endured these pains because we had to pay our loans.

“We are enduring the pain because we are paying our loans. Maybe he is lucky because we have paid out a lot of our loans if not all. So, he will have to manage. But when he pays out salary, we will see if any of them can do what we did in this state: whether they can build the schools, the roads, even to get a loan,”  Amaechi said.

He praised the level of work being done by the special panel meant to investigate the pre-election violence in the state.

The governor also claimed that a newly promoted commissioner of police, John Amadi, had tried to assassinate him.

His words: “I will say to all of you that there is a man called John Amadi, former Deputy Commissioner of Police, who sat down and ran a programme to embarrass the APC and embarrass the incoming federal government; even after Buhari had won the presidency. Now, to embarrass us further, I hear he has been promoted to a Commissioner of Police and transferred out of Port Harcourt. He will come back. John Amadi will come back; you will see. The only way he will not come back is if we don’t form government, but if we form government, he will account for his actions.


READ ALSO: Time Up! Vacate Your Offices Today – National Assembly Management Tells Lawmakers

“After John Amadi, an Assistant Commissioner of Police in Khana said it is mutiny to take on the federal government, and sat down and fought APC as if he was a PDP member. I don’t know whether he has been promoted or not, but if he has been promoted, he will also come back. That one does not require a judge. The Inspector General of Police (IG) can promote them as he wants; he can even promote them up Assistant Inspector-General of Police, but they must all account for their actions.

“John Amadi intended to kill me and I will tell you how. On my way to my village to go and vote, I ran into some criminals attacking an APC member and I stopped. I stopped with the intention to rescue the gentle man and arrest those people, as governor. I did not know that they had given instruction to my own security not to obey me.

“So, when I told the policemen to arrest them, they were just standing. On further inquiries, I was told that we were told not to go anywhere they were voting. When I asked the C4I to reinforce security, John Amadi called them back and asked them to leave there. The only thing that saved me and saved the situation was that the Brigade Commander sent in soldiers.

MadamExcellency:
Had Jonathan won, foreign investors wouldn't have left in droves.

MadamExcellency:
Had Jonathan won, TSA will be implemented in phases such that banks, indigenous industries and private sector will not collapse instantaneously.

MadamExcellency:
Had Jonathan won the worst that our economy will get to is growing by 2% instead of 6%.

MadamExcellency:
Had Jonathan won, rich Nigerians and people in diaspora will continue to put in their money into the system to boost local content.

MadamExcellency:
Had Jonathan won, there won't be such massive de-marketing of Nigeria as fantastically corrupt country that was championed by Buhari's utterances which practically kept would-be investors away from Nigeria.

MadamExcellency:
Had Jonathan won CBN wouldn't have ceased peoples foreign currencies nor temporarily suspended dollar account that lead to total collapse of Naira.

MadamExcellency:
If I may ask, you mean to say that Rivers State Government is in shambles because Amaechi squandered all that was left of the State to sponsor Buhari?




https://www.naij.com/440901-wike-is-in-for-a-surprise-rivers-state-is-broke-amaechi.html

How Buhari Ruined Our Economy, Bankrupted 34 States Despite Fuel Price Hike [MUST READ]

Nigeria's President Muhammadu BuhariIn about one year of MuhammaduBuhari’s misrule, Nigeria dropped from being the largest economy in Africa to who-knows-where, and number one investment destination in Africa to number 13. What a difference one year can make.

Inflation rate that was below 9% when former President Goodluck Jonathan handed over to General Buhari on May 29, 2015 is now at 15.6% under Buhari. In one year, Buhari has taken our inflation rate from single digit to double digits.

Our GDP growth rate was was at 6.95% under Jonathan, now it is -0.36%, the worst in Nigeria’s history. Officially, our GDP is in ‘recession’. If this is not a sign that President Buhari has ruined the economy completely in just one year, what is?In 2013/14, Nigeria was the 3rd fastest growing economy in the world, now we are 29th in the world. With the country’s current negative GDP of -0.36, Nigeria is set to be kicked out of the top 50 economies of the world in no time.

It is important to note that there are only 4 countries with negative GDP growth in Africa in the last quarter and Nigeria is now one of them.
[b]
The notion that President Buhari met an empty treasury when he took over is false because President Jonathan handed over$30 billion in Foreign Reserves, $5 billion in accrued Liquefied Natural Gas dividends, $3 billion in the Excess Crude Account, and around $2.4 billion in the Sovereign Wealth Fund.

Buhari was handed over a budget of about N4.5 trillion passed by Jonathan, few weeks before handover. Around N5.3 trillion was received as oil income in 2015, how was this money squandered by Buhari?

With the landing cost of petrol to the country at N89 per litre given the drop in price of crude oil, the Buhari’s federal government still increased fuel price to N145 per litre. Effectively Buhari is making a profit of N56 per litre of petrol bought by Nigerian. So, why does Buhari keep giving the impression the country is broke?With this increased revenue from a new income stream, why hasn’t the Buhari government this new income? Why can’t states get more money from the federation account? Why can’t states pay salaries?

There are those blaming governors for their inability to pay salaries after spending one year under Buhari. They are simply naive or uneducated.

The federal government of Nigeria – Abuja – is a quasi colonialist that controls everything from the states, yet it starves the states of their own money. When people say governors go to Abuja to beg for funds, I laugh.

What does Abuja generate? Absolutely NOTHING.

By law, Abuja, doesn’t allow the states to manage their resources,it sits on top of everybody’s resources, yet some blame the states for inability to “generate revenue”. But what does the federal government generate? NOTHING.

All the funds come from the states. So this whole argument that the states are beggars is a big lie.

Only reason why Lagos and Rivers remain viable is because Lagos was a former federal capital and naturally continues to enjoys the benefits of a giant economy. The structures of revenue generation in Lagos were created by the Nigerian State and not Lagos State. Rivers is a similar case.

The reason why many of us criticized Governor Rauf Aregbesola for bankrupting Osun State back then was that the economy was booming under former President Goodluck Jonathan. State’s monthly revenue was far in excess of the wage bill. The states were not being shortchanged as they are now under President Buhari.

The crisis in Osun State was purely that of mismanagement. Osun has no business being bankrupt if not for the financial mismanagement of Governor Aregbesola and the overbearing dividend-bearing godfatherism of APC national leader, Bola Tinubu.

But, today, after one year of General Buhari’s rulership, Nigeria’s economy has been ruined by his bad economic policies, knee-jerk policy reversals, and outdated thinking, and all states are in financial trouble.

Nigerian states are not beggars. They are being colonised by a greedy master. They generate the resources of the nation. But the federal government takes it all and leaves them with nothing.

A Nigerian state cannot explore mineral deposits or construct a deep-sea port. The Nigerian law forbids them from doing so.Those bystanders who keep repeating that states need to generate income should also remember that states cannot tax their citizens to death. States cannot tax businesses to death. If they do, they risk businesses closing down or a relocation of businesses to tax friendly ones. Both means job losses in the state and doesn’t in anyway achieve the purpose of increasing“internally generated revenue”.

There are some faulty arguments which say that only nine states generate the bulk of the resources shared by from federation account which is then shared between the three arms ofthe federal government – executive, judiciary, and legislature and the 36 states and federal capital territory is not true.All states general some revenue, which the federal government swoops on. Some states, however, generate more than others. While the ‘almighty’ Abuja generates nothing.

Why can’t the federal governmentincrease the capacity of a state like Rivers to generate more income?Those who attack states for “not generating revenue” should be more concerned with pressing the the federal government to generate revenue because the federal government is to one to blame for the states going broke.

This is one reason why diversification of the economy should not just be a talk show butan active policy of the federal government. Shouldn’t the federalgovernment be more interested in improving the capacity of the states to general more revenue because it depends 100% on them?

If the federal government earns N50 billion monthly from Rivers State, then gives Rivers back a measly N5 billion, wouldn’t you think the same federal government should be interested in seeing Rivers increase its revenue to N100 billion monthly? So it can take it all and then Rivers can come “begging” for N10 billion of its own money? It is also curious to note that since President Buhari took office, transparency has been thrown out the window, state allocations continue to decline even with the fuel price increase and removal of subsidy, increase in taxes, and reports of recovery of looted funds.

The federal government needs to stop the current structure of “sharing all the money”. The government should invest in the capacity of states to generate more income.The revenue sharing formula is also faulty. It robs the states and local governments, who have the bulk of the government responsibility to the people and gives a lion share, 50%, of the government revenue to the federal government. That, in itself,is injustice to the Nigerian people.[/b]

davodyguy:
This post of yours is laughable, cos you just lifted it somewhere and you have no steam to expatiate


What 'drove' the foreign investors away between June, 2015 to date?


How would it have been implemented? Care to break it down for Jonathan? Don't just make comments, back up your comments please



How would he have done that? Or the dollars they looted for the election, would have been collected and repumped into the economy?

Do you know the meaning of liquidity?



I see. Where were these diasporas people when NOI said Nigeria is broke and needed to borrow to pay salaries? Didn't they pump in the money or they pumped in and the money was looted?


Under whose regime was corruption so so pronounced?
Whose body language encourage corruption?
Under whose regime did Dasuki gate happen?
Under whose regime did farouk Pawan hide money in cap?
Under whose regime did we record fuel subsidy scam?

You have nothing to say, go sleep



Which dollars? The one that was used to prosecute the 2015 election? Or did you miss that part from the article?

As a result of the mopping up of the dollar from the system for non-productive use, a less than 3 per cent differential between the bank naira-dollar rate and the black market rate after the November 2014 devaluation is now about 13 per cent in less than five months. This is not in the best interest of the economy and after the election, if prices of crude continue its southward journey, things will become worse as fewer dollars will be available at the foreign exchange market.

Who was the president in 2014, when dollars were being mopped out for non productive reasons?

Whose wife is laying claims to over $20million?






Any evidence to empirically prove Amechi used River state money to sponsor buhari?

You have no point to prove at all

davodyguy:
[s]This post of yours is laughable, cos you just lifted it somewhere and you have no steam to expatiate


What 'drove' the foreign investors away between June, 2015 to date?


How would it have been implemented? Care to break it down for Jonathan? Don't just make comments, back up your comments please



How would he have done that? Or the dollars they looted for the election, would have been collected and repumped into the economy?

Do you know the meaning of liquidity?



I see. Where were these diasporas people when NOI said Nigeria is broke and needed to borrow to pay salaries? Didn't they pump in the money or they pumped in and the money was looted?


Under whose regime was corruption so so pronounced?
Whose body language encourage corruption?
Under whose regime did Dasuki gate happen?
Under whose regime did farouk Pawan hide money in cap?
Under whose regime did we record fuel subsidy scam?

You have nothing to say, go sleep



Which dollars? The one that was used to prosecute the 2015 election? Or did you miss that part from the article?

As a result of the mopping up of the dollar from the system for non-productive use, a less than 3 per cent differential between the bank naira-dollar rate and the black market rate after the November 2014 devaluation is now about 13 per cent in less than five months. This is not in the best interest of the economy and after the election, if prices of crude continue its southward journey, things will become worse as fewer dollars will be available at the foreign exchange market.

Who was the president in 2014, when dollars were being mopped out for non productive reasons?

Whose wife is laying claims to over $20million?






Any evidence to empirically prove Amechi used River state money to sponsor buhari?

You have no point to prove at all[/s]

MadamExcellency:
Is like you haven't done any administrative or managerial work that comes with responsibility or even a marketing job that has a target in this your life hence you are trying to analyse a subject beyond your faculty.

By the way, I am original and copy no one.

I am done with you because your mind is stiff and can't accommodate certain knowledge I wish to pass across.

Bye.

davodyguy:
[s]This post of yours is laughable, cos you just lifted it somewhere and you have no steam to expatiate


What 'drove' the foreign investors away between June, 2015 to date?


How would it have been implemented? Care to break it down for Jonathan? Don't just make comments, back up your comments please



How would he have done that? Or the dollars they looted for the election, would have been collected and repumped into the economy?

Do you know the meaning of liquidity?



I see. Where were these diasporas people when NOI said Nigeria is broke and needed to borrow to pay salaries? Didn't they pump in the money or they pumped in and the money was looted?


Under whose regime was corruption so so pronounced?
Whose body language encourage corruption?
Under whose regime did Dasuki gate happen?
Under whose regime did farouk Pawan hide money in cap?
Under whose regime did we record fuel subsidy scam?

You have nothing to say, go sleep



Which dollars? The one that was used to prosecute the 2015 election? Or did you miss that part from the article?

As a result of the mopping up of the dollar from the system for non-productive use, a less than 3 per cent differential between the bank naira-dollar rate and the black market rate after the November 2014 devaluation is now about 13 per cent in less than five months. This is not in the best interest of the economy and after the election, if prices of crude continue its southward journey, things will become worse as fewer dollars will be available at the foreign exchange market.

Who was the president in 2014, when dollars were being mopped out for non productive reasons?

Whose wife is laying claims to over $20million?






Any evidence to empirically prove Amechi used River state money to sponsor buhari?

You have no point to prove at all[/s]

We were elected to pad budgets- APC Lawmaker ... http://thenationonlineng.net/we-are-elected-to-pad-budget-lawmaker/

---

[/b]Abacha never stole – Buhari http://allafrica.com/stories/200806090008.html

---

[New report says...NNPC fails to remit $4.2bn under Buhari http://www.dailytrust.com.ng/news/general/new-report-says-nnpc-fails-to-remit-4-2bn-under-buhari/140490.html

---

How states squandered FG bail out funds - Vanguard News
http://www.vanguardngr.com/2016/04/states-squandered-fg-bailout-funds/

---

Nigeria records best ranking in four years on Transparency International’s corruption index under Jonathan

Nigeria has recorded its best ranking on Transparency International’s corruption perception index (CPI) under President Goodluck Jonathan.

In the latest report by TI, Nigeria is ranked the 136th out of the 175 surveyed.

Nigeria was ranked 144th in 2013, 139th in 2012 and 143rd in 2011 ─ with the 2014 position bettering that of 2013 by eight places...

blueto:
1. TSA refers to Treasury Single Account, a public accounting system using a single account, or a set of linked accounts by government to ensure all revenue receipts and payments are done through a Consolidated Revenue Account (CRA) at the Central Bank of Nigeria (CBN).

2. The pilot TSA scheme commenced in 2012(Jonathan's tenor) using a unified structure of accounting for 217 government Ministries, Departments and Agencies, MDAs, for accountability and transparency in public fund management.3. All government MDAs remit their revenue collections to the CRA through their individual commercial banks on a fee-for-service remuneration basis.

4. Although all monies earned by the federal government through value added tax (VAT), customs duties, immigration and other charges, are supposed to be paid into the CRA, a few exceptions border on accounts operated by joint venture partners with government, like oil mining leases (OMLs) in the oil and gas industry.

5. Deposit Money Banks (DMBs) are allowed to maintain revenue collection accounts for MDAs, but all collections must be remitted to the CRA at the end of every banking day; that is MDAs’ accounts with DMBs must be at zero balance at the end of every banking day.

6. TSA allows government banking to be unified, to enable the relevant stakeholders, such as the Ministry of Finance and Accountant General of the Federation to have full oversight of all cash flows across different bank accounts.

7. The different TSA account types include main account; subsidiary or sub-account; transaction account; zero balance account; imprest account; transit and correspondence accounts for different transaction purposes.

8. TSA helps check incidence of multiple accounts operated by government MDAs for collection and spending of government revenues.

9. TSA will ensure adequate monitoring of government revenue receipts and expenditures and block leakages, as no MDA is allowed to keep any operational bank account.

10. TSA will help check incidence of idle cash lying over extended periodsin bank accounts held by spending MDAs, while government continues to borrow to execute its budgets.

11. Under TSA, DMBs using public sector funds deposited by MDAs to make free profits will not be possible.

12. To pay money under TSA, depositors make payment to a transitaccount in a commercial bank and the funds are automatically remitted to the CRA in the CBN at regular intervals, say at the end of the business day or at more frequent intervals

13. Payments through the TSA followan electronic system, with direct payments or deposits to the bank account of the beneficiary MDA.

14. MDAs registered on the electronic payment platform, or CBN Payment Gateway, through the Settlement Centre, Funds Department, Office of the AccountantGeneral of the Federation are grantedaccess to funds collected on their behalf at the CBN.

15. The TSA scheme covers all MDAsas well as other institutions and parastatals that collect revenues andmonies payable to FGN, including all forms of receipts, refunds, operating surpluses, transfers, donations, over-payment, taxes and customs duties, etc.

http://www.premiumtimesng.com/features-and-interviews/199725-15-things-know-treasury-single-account-tsa.html

blueto:
https://www.thecable.ng/nigeria-improves-ti-corruption-index?_e_pi_=7%2CPAGE_ID10%2C7861973972

davodyguy:
[s]

You Johnathanians are bunch of Joker's. I asked how it would have been implemented better under Jonathan and all an intellectually inept like you could do is to lift up an article on premium times, which is just to explain what TSA stands for? OMG. You guys are more laughable than I thought.

Lol. Your own post, you don't understand. The one you lifted, you don't even understand either. Yet someone like you is abusing buhari?

Joker's

In your own words and not from lifted materials, explain how it would have worked better and also how your Jonathan performed in terms of running a corrupt system[/s]

blueto:
http://www.thetrentonline.com/buhari-ruined-economy-bankrupted-states/