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Tag: TSA

  • FG creates special TSA account for COVID- 19 donations

    FG creates special TSA account for COVID- 19 donations

    The Federal Government has put created a framework for the collection, management and reporting of COVID-19 donations.

    According to the Minister of Finance, Budget and National Planning Zainab Ahmed, the federal government is developing a comprehensive framework for the transparent management of the contributions which at last count now stands at ₦19.4 billion.

    In the interim, President Buhari “has approved the restructuring of the Treasury Single Account (TSA) in order to better mobilize cash donations from the generality of our people and corporate bodies across the nation.”

    Under the new arrangement, the TSA account has been structured to “create flexibility and build a coalition with financial institutions while maintaining the sanctity of the TSA.”

    Going forward, the COVID-19 Donor Accounts, which will form part of the existing TSA arrangement, will be opened with: Zenith Bank; Access Bank; Guaranty Trust Bank; UBA and First Bank.

    These accounts, Ahmed said, “will be linked to the main TSA for ease of monitoring and reporting.”

    She said: “We will be issuing circulars and Ministerial Orders to ensure that charitable donations by benevolent companies to support our COVID-19 Pandemic efforts are tax deductible, pursuant to Section 25 of the Companies Income Tax Act.”

    On support to private sector, the Minister said government is “organising support to the private sector, the CBN has announced infrastructure funds, funds for SMEs so that private sector can access this funds.”

    She noted that “the Afrexim Bank has announced $3billion funds that is also available for the private sector. The IFC which is branch of the World Bank has also got funds which is for the private sector, the federal government is not in a position because of our fiscal space to give grant to the private sector.

    On when April salaries will be paid, she said “salaries are paid traditionally when we do FAAC so immediately FAAC is concluded then it is time to pay salaries.”

  • APC says implementing change most difficult thing

    The All Progressives Congress (APC) said Federal Government was doing the best possible to effect change in the polity, but admitted it had been the most difficult assignment to tackle.

    The party’s National Publicity Secretary, Malam Bolaji Abudullahi, stated this in a statement on Sunday in Abuja.

    He said that sometimes, change became necessary or inevitable as Nigeria found in 2015 because of the misrule of the Peoples’ Democratic Party (PDP).

    Abdullahi urged Nigerians to remain steadfast in the collective task of achieving “the Nigeria of our dream”, adding that with prayers and support for APC-led Federal Government, the country would be propelled to growth in all facets.

    He said that the APC was increasingly baffled by PDP’s “new found proclivity for constantly spewing falsehood in the name of opposition rhetoric and politics”.

    Abdullahi recalled that a recent statement by PDP spokesperson had accused the APC of corruption, sectionalism and opposition clampdown, among other things, in the lead-up to 2019 elections.

    “While it is a widely known fact that suppressing the opposition was the stock in trade of the PDP during its defunct 16 year rule, the APC has definitely not inherited this undemocratic practice in its governance style,” he said.

    He said this was both in its internal politics and the country’s administration, under President Muhammadu Buhari.

    According to him, the PDP while in government, illegally and routinely used state apparatus to harass opposition figures.

    He said that such could be seen in the attack on APC data centre in Lagos, blockade of the air and road routes to prevent movement of then opposition leaders in the lead-up to the 2015 elections among other clampdowns.

    He added that it was unfortunate that the PDP was quick to forget the divisive, insensitive and sectional politics it played during the 2015 electioneering campaign.

    “The PDP without an iota of proof, rather spewing laughable conspiracies, accuses the APC-led administration of barefaced looting.

    “Elections are around the corner and Nigerians are not gullible.

    “They see through the PDP’s diversionary antics aimed at deflecting attention from the wanton culture of impunity and corruption it instituted when it held sway,” Abudullahi said.

    He noted that the PDP administration could not operate the now-implemented Treasury Single Account (TSA) which had greatly plugged government revenue leakages.

    He added that Nigerians generally agreed that the era of impunity was beginning to disappear from national life.

    The party spokesman said that there was also a gradual acceptance of the best practice and time-honoured values of honesty, hardwork, patriotism, abhorrence of corruption, accountability and integrity in everyday life.

    He said that Nigerians were wiser now “with sharp memories”.

     

  • JAMB earmarks N7.744bn overhead, N2.683bn projects, reduces TSA remittance

    The Joint Admission and Matriculation Board (JAMB) said it has earmarked the sum of N2.683 billion for capital projects, which it said has affected how much it will remit into the federation account.

    JAMB Registrar, Professor Ishaq Oloyede, stated this while appearing before the Senate committee on Monday.

    He disclosed that the examination body would not remit all the N7.8bn it generated in 2017 into the Federation Account citing several reasons.

    Oloyede said that although JAMB projected for N14.691bn as its Internally Generated Revenue for 2018, N7.744bn would be used for overhead costs, while N2.683bn had been earmarked for capital projects.

    He pointed out that JAMB was given zero allocation for the overhead and capital components of its 2017 budget.

    “If we remove N7.744bn estimated for overhead cost and N2.683bn earmarked for capital project from the projected N14.691bn IGR, the balance surplus will be N4.262bn to be remitted into the Federation Account, as against N7.8bn remitted last year.

    “This has to be so because of critical expenditures to be carried out on overhead in terms of maintenance and upgrading of our facilities and information technologies, and in particular the highly needed capital project of procurement of new headquarters that will be on the national fiber optics for easy connection,” Oloyede said.

     

  • EXCLUSIVE: NNPC faces fresh probe over non-remittance to TSA

    EXCLUSIVE: NNPC faces fresh probe over non-remittance to TSA

    The Nigerian National Petroleum Corporation, NNPC alleged failure to remit a huge sum of money into the Treasury Savings Account may be a source of fresh troubles for those at the company’s helm of affairs.

    The money, according to sources, totals $629 million and is lodged in different sums in different accounts.
    An account in Sterling Bank with number 0023515951 is said to hold $26,560,076.76 while the sum of 16.6 miilion dollars is in an account with number 1006160930 in Keystone Bank.

    TheNewsGuru.com gathered that the sum of 277.8 million dollars is in another account with Diamond Bank numbered 0033789960 while a total sum of 19 million dollars sits in two different accounts with First Bank. $12 million is in a current account numbered 2006307767 and 6.9 million is in another First Bank Escrow account with number 2016965894.

    In addition to this total sum of $340,102,485.10 another sum of $289 million is placed via two separate cheques with the Central Bank of Nigeria.

    According to sources, requests from relevant offices to the NNPC to remit the total sum of the said $629,093,716.77 to the Nigerian Petroleum Development Company TSA account as is the practice have been rebuffed for reasons not known yet. Treasury Single Account (TSA) allows government banking to be unified, to enable the relevant stakeholders, such as the Ministry of Finance and Accountant General of the Federation have full oversight of all cash flows across different bank accounts.

    TSA also helps check cases of multiple, sometimes, untraceable accounts operated by government MDAs for collection and spending of government revenues.

    TSA helps check cases of idle cash lying over extended periods in bank accounts held by the agencies of government, giving room for unscrupulous officials to make private wealth from interests on such deposits or by trading with the money.

    Also, the scheme makes it impossible for banks that are fond of using public sector funds to make free profits to continue to do so.

    The introduction of the Treasury Single Account policy, therefore, has been useful in reducing the proliferation of bank accounts operated by ministries, departments and agencies, thereby ensuring financial accountability as well as transparency.

    Though it was first introduced in 2012 by the Goodluck Jonathan administration, its implementation was largely nil until the Muhammadu Buhari government came on board and gave the scheme real muscle.

    It is against the background of TSA’s potentials for curbing corruption that any flouting of its rules is sternly frowned upon by the Buhari government which sets so much store of fighting corruption.

    According to Sources, the fact that relevant queries were raised by appropriate offices but ignored may compel the presidency to empanel an inquiry soon.

  • Provide audit reports on TSA in six weeks, Reps tell CBN, Auditor General

    The House of Representatives on Wednesday mandated the Central Bank of Nigeria (CBN) and the Office of the Auditor General of the Federation (OAGF) six weeks to provide it with detailed reconciliation and audit reports of the amounts generated so far in the Treasury Single Account (TSA).

    The House said it’s ultimatum was necessitated by the need to know the current and true status of the TSA going by reports that not all Ministries, Departments and Agencies (MDA) have complied with the August 2015 directives of the Federal government on the policy.

    The Abubakar Danburam-led ad-hoc committee investigating the status of the TSA said the November 10 deadline is sacrosanct, adding that all money banked in the country are not excluded as long as they have MDAs’ account with them.

    The Committee held a closed door meeting with officials from the Office of the Accountant General of the Federation (OAGF), Auditor General’s office as well as CBN and some commercial banks.

    According to the Chairman, the Committee was forced to take the decision following the revelation of the Director of Funds, Accountant General’s office Alexander Adeyemi that there were still leakages in collecting funds from agencies despite the existence of TSA.

    It would be recalled that the Committee was told last month that the TSA has not been audited by the office of the Auditor General since its inception two years ago.

     

  • ‘Hidden’ N249b TSA fund: FG to pay 6 banks N1.2m as court strikes out suit

    ‘Hidden’ N249b TSA fund: FG to pay 6 banks N1.2m as court strikes out suit

    A Lagos Federal High Court on Wednesday in Lagos struck out a suit filed by the Federal Government seeking to recover 793.2 million dollars allegedly kept by seven commercial banks in violation of the Treasury Single Account (TSA) policy.

    The defendants are: Diamond Bank, United Bank for Africa (UBA), First Bank, Skye Bank, Fidelity Bank, Sterling Bank and the defunct Keystone Bank (now Heritage Bank).

    The vacation judge, Justice Chuka Obiozor, struck out the suit following a motion of discontinuance filed by the federal government.

    Counsel to FG, Prof. Yemi Akinseye-George (SAN), on Tuesday informed the court that he had the instruction of the Attorney-General of the Federation to discontinue the case in the “overall interest of the public”.

    Consequently, he filed a motion of discontinuance in accordance with Order 50, Rule 2, Subsection 1, of the Federal High Court Civil Procedure Rules 2009, asking the court to strike out the suit.

    The federal government had in the suit alleged that the banks connived with some government agencies to illegally conceal 793.2 million dollars meant to have been transferred to the TSA domiciled in the Central Bank of Nigeria.

    But the banks, through their counsel, had denied the allegation.

    The banks were represented by Dr Ajibola Muraina (UBA) Mr Seyi Sowemimo (SAN), (Fidelity Bank); Mrs Abimbola Akeredolu, (SAN), (Sterling Bank); Mr N.A Oragwu (Diamond Bank), Mr E.A Okorie (First Bank) and Mr Babatunde Ogungbamila (Keystone Bank).

    All the defendants on Tuesday in a reply to the federal government’s notice of discontinuance, demanded between N10 million and N20 million as costs from the plaintiff.

    While striking out the suit, Obiozor ordered the federal government to pay N200,000 as cost to all the banks except Skye Bank which had no representation in court.

    Obiozor said:“I have considered the reason given for the discontinuance, the demand, as it were, of public interest.

    “I have also considered the fact that when a notice of discontinuance is duly and validly filed, it cannot be recalled, as the suit ceases to exist, the moment it is effectively discontinued subject to the payment of costs.

    “I find that as I have not adjudicated on claims in the action before me for a pronouncement on the merits of the issues arising therefrom.

    “The proper order to make, with respect to this matter, is one striking out this suit and not of dismissal and I so hold.

    “In the instant case before me, the matter is yet to proceed to trial, I do not find that the justice of this case demands that this matter should be dismissed.”

    On costs, the judge ruled:“Nevertheless, I shall not turn a blind eye to the effect of the interim order on the defendants.

    “This case cannot now go on, I find no reason not to compensate the defendants with costs at least to those of them who have appeared in this matter.

    “I find the request for N10 million or N20 million as costs to the defendant not to be founded on with respect to established
    principles.

    “The defendants deserve compensation which I assess and put at N200,000 against and in favour of and to be paid to each of the first, second, fourth, fifth, sixth and seventh defendants.

    “In the final analysis, the suit is hereby struck out and the plaintiff shall not re-list this suit without the prior leave of court.

    “The interim order of this court made on the 20th of July 2017, is hereby set aside, truncated and discharged.”

  • Alleged hidden N249.6b: UBA refutes claim, says ‘We’ve fully remitted NNPC cash into TSA’

    United Bank for Africa (UBA) Plc on Friday faulted its inclusion by the Federal High Court in Lagos, in the list of seven banks keeping a total of $793,200,000 in contravention of the Federal Government’s Treasury Single Account (TAS) policy.

    TheNewsGuru.com reports that a vacation judge, Justice Chuka Obiozor, made the interim order following an ex parte application by the office of the Attorney-General of the Federation (AGF).

    The judge warned that the remittance order would be made permanent on August 8, unless cause was shown why it should not.

    The AGF, through his counsel, Prof. Yemi Akinseye-George (SAN), accused the commercial banks of illegally keeping the sums in their custody for “unknown government officials”.

    Justice Obiozor ordered the banks to remit the money to the designated Federal Government’s Asset Recovery dollars account domiciled with the Central Bank of Nigeria (CBN).

    The banks are United Bank for Africa (UBA), Diamond Bank Plc, Skye Bank Plc, First Bank Limited, Fidelity Bank Plc, Keystone Bank Limited and Sterling Bank Plc.

    However, UBA in a statement signed by its Group Head, Marketing & Corporate Communications, Bola Atta, said the bank had remitted the Nigeria National Petroleum Corporation (NNPC)/ Nigeria Liquefied Natural Gas (NLNG) cash to the TSA account since August last year.

    UBA denied currently keeping such fund, adding that the Central Bank of Nigeria (CBN) had cleared it of any wrongdoing after it remitted the fund.

    “Our attention has been drawn to the order of the Federal High Court in Lagos directing that seven commercial banks, including UBA Plc, temporarily remit a total of $793,200,000 allegedly hidden in contravention of the Federal Government’s Treasury Single Account policy, pending the determination of the suit filed by the Attorney General of the Federation on behalf of the Federal Government,” Atta said.

    “We wish to state categorically that UBA has fully remitted all NNPC/NLNG dollar deposits since August 24, 2016. We hereby emphasise that none of such funds are currently in the Bank’s books. Our action was further corroborated by a clearance memo published by CBN on its website on same date,” the statement said.

    A statement signed by then CBN Director, Banking Supervision, ‘Tokunbo Martins, said: Further to the directive of the Central Bank of Nigeria (CBN) to all Deposit Money Banks (DMBs) to return all outstanding un-remitted NNPC/NLNG foreign currency, this is to confirm that the United Bank for Africa (UBA) Plc has remitted all outstanding NNPC/NLNG deposits in its possession to NNPC’s Treasury Single Account (TSA) at the CBN”.

    “Accordingly, the United Bank for Africa (UBA) Plc has been readmitted into the Foreign Exchange Market effective Thursday, August 25, 2016,” Martins said.

    The bank thanked all its customers, business partners and other stakeholders who reached out to it on account of the judgment.

  • Unbanked population controls 75% daily retail transaction in Nigeria – Expert

    An expert at SystemSpecs has said the current un(der)banked population in Nigeria controls well over 75% of daily retail transaction in the country.

    Mr. Oluwaseun Adesanya, Manager, Corporate Strategy & Performance Management at SystemSpecs, revealed this while speaking with TheNewsGuru, saying the situation is alarming for financial inclusion in the country.

    “Nigeria prides itself as the most populated country, and economy giant of the African continent with over 176 million people; yet 64% (of the adult population) is currently un(der)banked!” Mr. Adesanya lamented, stressing that this current un(der)banked population, findings have revealed, controls over 75% of daily retail transaction in the country.

    “The result is the increasing number of informal financial operators whose activities are not regulated, but control high volume of liquidity which could have been use to create economic opportunities if it were in the hands of the formal financial institutions,” he said.

    Mr. Adesanya said some of the challenges to the success of financial inclusion in Nigeria are misconception, channel, framework, compensation model and market intelligence.

    He said SystemSpecs will lead discussions in the direction of these issues to critically analyze them with the view to finding solutions to them at the 61st International Statistical Institute (ISI) World Statistics Congress (WSC) that is set to hold in Morocco.

    “The solution is not far-fetched when the above challenges are thoroughly considered and experts’ advice is consulted for success implementation to increase the percentage of financial inclusion in Nigeria within the next possible time,” he noted.

    TheNewsGuru report the biennial WSC is the flagship conference of the ISI and its seven associations.

    It brings together eminent statisticians and members of the statistical community from the five continents to present, discuss, promote and disseminate research and best practices in every field of Statistics and its applications.

    Mr. Adesanya, who is leading SystemSpecs’s delegation to the conference, will be presenting a paper and anchoring discussions on “Financial Inclusion in Nigeria: The Challenges of Banks & Mobile Money Operators (MMOs)”.

    SystemSpecs is Africa’s leading software company that owns HumanManager and Remita. Remita currently powers Nigeria’s Treasury Single Account (TSA).

    The 61st ISI WSC will hold from 16 to 21 July 2017 in the Red City of Morocco, Marrakech.

     

  • Jonathan developed framework for whistle-blowing, TSA, BVN, others – Rep

    Jonathan developed framework for whistle-blowing, TSA, BVN, others – Rep

    …says National Assembly will pass whistle blowing bill soon

    A member of the House of Representatives, Abiodun Olasupo (representing APC- Iseyin/Iwajowa/Kajola/Itesiwaju Federal Constituency) has said former President Goodluck Jonathan’s administration developed the framework for the whistle-blowing, Treasury Single Account (TSA) and Biometric Verification Number (BVN).

    Olasupo also said the bill on whistle blowing is at an advanced stage of being passed by the National Assembly.

    He noted that the National Assembly was working hard to ensure that all enabling laws protect the identity of whistle blowers and strengthen the principle.

    The federal lawmaker spoke in Iseyin during a routine tour of his constituency to inaugurate projects and brief constituents.

    “You should not be surprised that all the measures used in the anti-corruption crusade today were developed by President Goodluck Jonathan’s administration.

    “The Jonathan administration developed the policies of whistle blowing, Bank Verification Number (BVN), Treasury Single Account (TSA) but lacked the political will to implement them.

    “You can see that the implementation by President Muhammadu Buhari’s administration is bringing the desired results,’’ he stated

    Reacting to the N125 billion National Assembly Budget for 2017, he said that the budget was only N10 billion above that of 2016.

    The lawmaker stated that the increment in the budget was not limited to the National Assembly alone, but also affected the State House, Judiciary, Nigeria Customs Service and other parastatal agencies.

    “When the 2017 Appropriation Bill is signed into law by the president or Acting President, it would be accessible to all and you will see that it was increased across board.

    “When you look into the budget and do the analysis properly, I am sure you will believe that the National Assembly is one of the most poorly funded arms of this government.

    “For the first time in the history of the nation, the eighth National Assembly made the details of the budget public and you will see a budget of economic recovery.

    “The old, present and future National Assembly members should know that legislatures the world over cannot win popularity contest when it comes to budgeting,’’ he said.

    Appraising the implementation of the 2016 budget, Olasupo said it was the first time the budget of the country passed the threshold of N1 trillion in terms of capital expenditure.

    He said that apart from this, funds were judiciously used inspite of the nation’s low income.

    The lawmaker also said that it was the first time in a long while that there was a budget of less than 30 percent capital expenditure and over 60 percent recurrent expenditure.

    “This is a very good development for the nation and I am sure that by the time
    the 2017 budget is fully implemented, we would be a little over 40 percent in terms of capital expenditure.

    “When Buhari came on board, he said that he was looking forward to seeing more of the budget going for capital expenditure and lower recurrent expenditure,’’ he said.

    Olasupo, however, dismissed the speculations that there was a face-off between the executive and the National Assembly.

    “It might look like we are antagonising each other but that is what we are meant to be doing. It is out of this that we put many things in the right shape.

    “The separation of power principle entrenched in the constitution encourages checks and balances.

    “What the people are seeing is democracy in action. This will not affect the development of the nation.

    “ Nigerians should not be afraid, we are doing what the law empowers us to do,’’ he said.

    The lawmaker, however, promised not to relent in giving the quality representation required of him in the National Assembly.

     

     

     

    NAN

     

  • TSA implementation: FG rakes in additional N4 billion monthly – Accountant General

    The Accountant General of the Federation, Mr. Ahmed Idris has said the implementation of the Single Treasury Account, TSA has helped the Federal Government blocked multiple accounts where over N4 billion which could have been to banks’ advantage now comes directly to its coffers.

    He also said with the TSA, it recorded over N7 trillion towards the end of March.

    Idris revealed this in an interview with Economic Confidential in Abuja.

    He however noted that the said the amount represents monies belonging to different Ministries, Departments and Agencies(MDAs) put in portal in such a way that government can view the entire balance as one.

    In his words: “When we say we have over N5 trillion in TSA, it does not mean free funds for spending. No! no! no! These monies belong to various ministries, departments and agencies put in a portal in such a way that you can view the entire balance as one.

    “The movement is now over N7 trillion. But as I explained earlier, these are not free money. People should not be thinking of why is government borrowing to fund budget. These are budgeted monies for MDAs for projects and developments,” he said.

    He said that the federal government through the implementation of the TSA has saved additional N4 billion monthly which could have been held by banks, noting that a total collapse of government activities would have occurred if the TSA was not in place.

    “But let me also make a strong and important point. If not because TSA is in place and now that the recession is here, only God knows what would have happened. A monthly drain of over N4 billion and yet no revenue coming in and leakages continued.

    “It could have been a disaster. It was government’s foresightedness and focus even as TSA was in place before the recession. And that is why we are floating and not sinking, and we will not sink God willing,” he said.

    “For instance, why would one university have over one hundred and twenty bank accounts, and some of them even hidden and missing and carrying huge balances. We also discovered that there are costs associated with keeping these multiple bank accounts. Every month the government incurs over N4 billion in maintaining these accounts.

    “Yet Government is borrowing its own money. And to stop government from borrowing its money and for the fact that there was no commensurate returns on such monies, it was double tragedy! This is like a sword with two sides that can cut from any of the sides. Sanity was brought with the introduction of TSA.”

    Speaking on the transparency in the disbursement of federation account monthly, the AGF noted that transparency and openness are key to the present administration, adding that It is a desire to institute discipline, good governance and trust. The government cannot be trusted if it says one thing and does another.

    “The meager revenue that has been accruing is being judiciously used and there is fiscal discipline in management of public resources. Let me give you an example in the previous administration.

    “There was a time state government kicked against savings. Now because what they know and being practiced by government of the day, they have decided to imbibe the culture of savings.

    “We have excess Petroleum Profit Tax (PPT). These are excess taxes from petroleum tax. When we get money over and above budgeted figure, the excess is always being saved. If it were before, state governments and other stakeholders would say it should be shared. And this is what has been giving us buffer, especially at this time of recession.

    “Despite the lean resources, we take from it and augment accordingly. And this is being done transparently. All the stakeholders are aware of balances at any point in time. Whatever revenue comes in is shown at National Economic Council meetings including all the governors who will be briefed by the Minister of Finance.

    “They have seen the openness and have accepted what government has put in place and the economic team. This is why we are achieving remarkable success amidst recession”, he said.