₦airaland Forum

Demdem:

Fool, face topic. I Av little time to attend to ediocy. U fools abound and I need to attend to as much as I can.

Demdem:

What wrong are u talking about? Can u swear with ur seeds that whatever Amaechi is being accused of (though without any basis) ur hero akpabio is not far worse or guilty about it? If u can't, Av u called for his investigation? If u haven't, don't u think it's being hypocritical for u to nail a man simply because he chose to lead in the booting out of the fool back to Otuoke?

Rockstar07:
Earlier in February, the Central Bank of Nigeria issued a circular directing all deposit money banks to implement the Remita e-Collection Platform. The Remita e-Collection is a technology platform deployed by the Federal Government to support the collection and remittance of all government revenue to a Consolidated Account domiciled with the CBN. This marked the beginning of the full implementation of Treasury Single Account (TSA) system in Nigeria.

Though Section 80 (1) of the 1999 Constitution as amended states “All revenues, or other moneys raised or received by the Federation (not being revenues or other moneys payable under this Constitution or any Act of the National Assembly into any other public fund of the Federation established for a specific purpose) shall be paid into and form one Consolidated Revenue Fund of the Federation”; successive governments have continued to operate multiple accounts for the collection and spending of government revenue in flagrant disregard to the provision of the constitution which requires that all government revenues be remitted into a single account.

It was not until 2012 that government ran a pilot scheme for a single account using 217 ministries, department and agencies as a test case. The pilot scheme saved the country about N500 billion in frivolous spending. The success of the pilot scheme motivated the government to fully implement TSA, leading to the directives to banks to implement the technology platform that will help accommodate all MDA’s in the TSA scheme. The recent directives by President Mohammed Buhari that all government revenues should be remitted to a Treasury Single Account is in consonance with this programme and in compliance with the provisions of the 1999 constitution.

But what is a Treasury Single Account?
In a nutshell, a Treasury Single Account is a public accounting system under which all government revenue, receipts and income and collected into one single account, usually maintained by the country’s Central Bank and all payments done through this account as well. The purpose is primarily to ensure accountability of government revenue, enhance transparency and avoid misapplication of public funds. The maintenance of a Treasury Single Account will help to ensure proper cash management by eliminating idle funds usually left with different commercial banks and in a way enhance reconciliation of revenue collection and payment.

How Is TSA Run?
With particular reference to Nigeria, the Central Bank has opened a Consolidated Revenue Account to receive all government revenue and effect payments through this account. This is the Treasury Single Account. All Ministries, Departments and Agencies are expected to remit their revenue collections to this account through the individual commercial banks who act as collection agents. This means that the money deposit banks will continue to maintain revenue collection accounts for MDA’s but all monies collected by these banks will have to be remitted to the Consolidated Revenue Accounts with the CBN at the end of each banking day. In other words, MDA’s accounts with money deposit banks must be zerorized at the end every banking day by a complete remittance to the TSA of all revenues collected. The implication is that banks will no longer have access to the float provided by the accounts they maintained for the MDA’s. Difference types of account could be maintained under a TSA arrangement and these may include the TSA main account, subsidiary or sub-accounts, transaction accounts and zero balance account. Other types of accounts that could [be] operated include imprest accounts, transit accounts and correspondence accounts. These accounts are maintained for transaction purposes for funds flowing in and out of the TSA.

Benefits of TSA
From the foregoing, it is obvious that the primary benefit of a TSA is the mechanism it provides for proper monitoring of government receipts and expenditure. In the Nigerian case, it will help to block most if not all the leakages that have been the bane of the growth of the economy. We have a situation where some MDA’s manage their finances like independent empire and remit limited revenue to government treasuries. Under a properly run TSA, this is not possible as agencies of government are meant to spend in line with duly approved budget provisions. The maintenance of a single account for government will enable the Ministry of Finance monitor fund flow as no agency of government is allowed to maintain any operational bank account outside the oversight of the ministry of finance.

How will this affect the banking system?
As a matter of fact, deposit money banks stand to lose immensely from the implementation of TSA. This is because of the fact that public sector funds constitute a large chunk of commercial banks deposit. Indeed, it is estimated that commercial banks hold about N2.2 trillion public sector funds at the beginning of sector quarter of 2015. The impact of this amount of money leaving the system can be imagined when one considers the fact that each time the monthly federal allocation is released by FAAC, the banking system is usually awashed with liquidity and as soon as this public sector funds dries up through withdrawal by the states, liquidity tightens again with interbank rates going up. Of major impact will be the movement of funds of revenue generating parastatals such as the NNPC, out of commercial banks.
In the coming months, we see a return of deposit ‘wars’ amongst banks as each DMB devices means of mobilizing funds from the private sector. We see a return of the era when women are employed by banks specifically for deposit mobilization and tacitly encouraged to use any means necessary to get funds. We see increase in deposit interest rates as a major means of inducing customers and most importantly we see a drop in lending and in the profitability of banks, at least, in the short to medium term until they fully come to terms with the impact of the policy and begin to properly position themselves for true banking business. Ultimately, we see the share price of these banks falling as investors attempt to price in the policy impact.

Improved Public Finance Management[b][/b]
Finally, the implementation of this programme is a critical step towards curbing corruption in public finance. This is in line with the commitment of the current administration to combat corrupt practices, eliminate indiscipline in public finance and ensure adequate fund flow that will be channeled to critical sectors of the economy to catalyze development. Nigerians are excited at the directive by President Buhari as this will mean that some government agencies that have been known to be withholding funds from the Federal Government are now under compulsion to remit monies to federal treasuries. These agencies include: Nigeria Customs Service (NCS), Nigerian National Petroleum Corporation (NNPC), Nigerian Ports Authority (NPA), Federal Inland Revenue Service (FIRS), Nigeria Immigration Service (NIMS), Nigerian Maritime Administration and Safety Agency (NIMASA), Federal Airport Authority of Nigeria (FAAN) amongst others.


http://thestalwartreport.com/understanding-the-treasury-single-account-tsa-system-things-you-should-know/

gentleman100:
At least you guys can read, this is not a tribal group. If you have nothing reasonable to share, just view and leave. Thanks in advance to all who will give reasonable opinions.

Mariecakes:
Little doubts days, weeks or a month b4 wedding is quite normal... but big doubts, disconnection and less communication is not normal..you might have all these because of the new guy you just met...talk to your Old guy, try figure where things went wrong, he just might feel the same way as you do n it will be easier to end it now....or you can Find out what happened n fix it

Squig:
Did you have doubts about your spouse before your wedding?

Did you meet someone amazing and you wanted him but decided to go ahead and marry your spouse?

How do you feel about the marriage now? Do you feel you did the right thing?

I'm in my mid 20s and I'm getting married next month, we've been together for almost 5years. He is the love of my life and I've never doubted my love for him or the fact that I wanted a family with him. He's got everything I want in a man.

The problem is we started having issues about 6 months ago, we stopped talking like before and we are completely disconnected now especially on my end but we're still going ahead with the marriage plan and I still want to marry him.

I met another guy I am really attracted to and we've been talking about a lot. He knows I am having issues with my man and I can't tell him we are planning to get married.

I'm having doubts about my man now, I'm confused, I feel I'll be happier with this new guy, I'm thinking it's lust but it's getting more complicated. Should I go on with the wedding?

Feel free to talk sense into my head, I need to hear hard truths.

Obiagelli:
I have read countless comments from the pdp and it's supporters about the decision by JP Morgan to remove Nigeria from it's bond index, the truth of the matter is that they had warned to remove is as far back as January 2015 for currency restrictions.

Was Buhari president in January?



www.bloomberg.com/news/articles/2015-02-05/nigeria-woes-deepen-as-jpmorgan-hits-emefiele-with-debt-warning


NB. I am totally indifferent about currency restrictions or JP Morgan itself.

I heard tonyebarcanista or Barcanista mentioned this as Buhari's failure in his thread.

INTROVERT:
Winter is coming

Chuks84:
It's amazing how we encourage mediocrity in this country. This contraption belongs in a primary school science exhibition.

Since you are not an engineer you should not be making such comments. Meanwhile, let me school you a little about common sense that you obviously dont have. ask yourself this question, if that guy can build something like that from a rusty and dirty material using the engine of a tricycle don't you think if given a high quality material he will build something more fascinating? Now manage this knock on your head Receive sense in Jesus name.

DAVE5:
I am not an engineer or anything close to that but if I was going to build a car, i won't consider this trash as an option


ingenuity is not by force, if u r not a genius u can't jump and become one


even in 1600s America dint consider this an option

Since you are not an engineer you should not be making such comments. Meanwhile, let me school you a little about common sense that you obviously dont have. ask yourself this question, if that guy can build something like that from a rusty and dirty material using the engine of a tricycle don't you think if given a high quality material he will build something more fascinating? Now manage this knock on your head Receive sense in Jesus name.

dirtymoney:
i keep disrespecting my father online.

dirtymoney:
1879..... And you call him a Nigerian?
That was long before this zoo came into existence...
He prolly would have made history as the first drug baron if he were born in the zoo era.

Sorry I am just stupid

obailala:
Hehehe... food for the every hungry wailers... Okay, ministers would be sworn in this month and all this will come to an end. The honeymoon period ends this month.

anigold:
bros its a pity that 65% of humans are either stupid,crazy,mad,irrational or unreasonable in their day to day actions...

Lets hope for a better tomorrow..

Am sure buhari's gullible supporters will start another senseless rants... I called it BOO-WAILING....

Owliver:
was Jonathan the president when boko haram started?

Kx:
So much for reading skills.


We are a bit too quick to trade blames.
Was Buhari the president in January 2015 when this whole JP M stuff started?

davidzfarm18:
JP Morgan, however, placed Nigeria on what it called ‘Negative Index Watch’ in January this year and warned that currency controls introduced by the CBN were making bond market transactions too complex to meet its rules.

Sorry, did any of the haters above read the above part of the message.
Who was our President in January 2015?

Nothing wrong in criticising the president but we shd do that validly.
After all, the same haters will want appointment from the one they never wish well.
Mr President you are on course

Kx:
If an assemblage of World Bank Ngozi, Goldman Sachs Olusegun Aganga and world renowed Adesina in Ph.d GEJ team could attract such warning from JP Morgan in January after 6 solid years of magic NOI economic wizardry, how come u expect PMB to clear the mess and avert this just within 5 months of calling the shorts?
[size=18pt]

Forget every nonesense I am telling you I am senseless and under Buhari's spell.

Lets open our eyes, read the full details of the article and see for ourselves that the warning was set in motion since January when your dearly beloved "hero" of democracy in some peoples mind-GEJ- left us this poo.

I think I am not making any sense at all, foolish me[/size]

christinie:
Is this the change they promised?

Where is the change they were chanting about?


The economy of our great country is sliding down south and these hypnotised e-rats are here defending Mr. Illiterate President aka dullardiho.



Are these e-rats for real or they are heavily bribed to fight these senseless fights?




NB: I don't care if e-rats come here to call me a hoe/bitch like they have been doing. They got no lines, all they do is to call you names they hear people call the females around them.

Idiatss!

simongonner:
we don hear parrot....

Beremx:
Fayose don kolo finish!

Unfortunately, PMB has never responded to all your rants against him. Isn't it obvious Fayose is just a noisemaker who is desperately seeking for Buhari's attention?

Let me know when Fayose hits the market to buy ponmo and vegetables again or stands on the road to check licenses of drivers. That's all he's good at.

Goke7:
before it was islamic agenda, then later someone said apc is using witchcraft, since all those strategy is not working, now we are being reminded that Nigeria is on satanic foundation all because some people lost at the polls.

When they were enjoying Nigeria's money, they never told us that we were on a satanic foundation, in fact they reminded us that God is a Nigerian but since they are no longer in power Nigeria is now satanic.

God will punish them and their future generations with thunder, fire and they will all die miserably in Jesus name and I SAY A VERY BIG AMEN.

The same prayer I pray for anyone who will quote and bash me or support the satan himself FFK.

sukkot:
there was nothing deep in what he said. i am a deep thinker and i want you to engage me. what was deep in what he said ? lets break bread. i shall await your response

olu1759:
you no tell us say na ur relative,as we don know now,we no go insult am again...ODE