Skip to primary content
Skip to secondary content

OMOJUWA.COM

Latest Nigerian News | Naija News | Breaking News

OMOJUWA.COM

Main menu

Tag Archives: Treasury Single Account

Senate Investigates Alleged Abuse Of Treasury Single Account

Posted on December 14, 2015 by Staff Reporter
Reply

The Senate has begun an investigative hearing to unravel allegations of abuse of the Treasury Single Account regime (TSA).

President Buhari had given a directive that all government Ministries, Departments and Agencies should pay all revenues and monies accruing to the Federal Government into a Federal sub Treasury Account maintained by the Central Bank of Nigeria (CBN).

However, federal lawmakers on December 11 at legislative proceedings, expressed fears that the private firm hired to mop up government’s revenue into the account was costing the nation billions of Naira in fees.

A lawmaker had said that it was a gross violation of section 162 (1) of the Nigerian Constitution and the banks and other Financial Institutions Act.

Credit: ChannelsTV

Posted in NEWS | Tagged "Abuse", Alleged, Investigates, senate, Treasury Single Account | Leave a reply

Remove Unity Schools From TSA, Parents Tell Buhari

Posted on November 23, 2015 by Staff Reporter
Reply

The Parent-Teacher Association (PTA) of the Federal Government College, Ijanikin, Lagos has appealed to the Federal Government to remove the nation’s 104 Unity Schools from the Treasury Single Account (TSA) system.

 

A Spokesman for the association, Mr Yomi Williams, told the News Agency of Nigeria (NAN) in Ijanikin, near Lagos on Sunday that the introduction of the TSA policy was crippling the running of the colleges.

 

According to him, the TSA accounting system for all government-owned institutions, parastatal agencies and ministries by the Federal Government is posing serious challenges for both the colleges and parents.

 

He argued that the TSA was slowing down administrative operations in the colleges and frustrating parents in their bid to process school bills of their children and wards.

 

“I am not saying that the introduction of the TSA should not have been in the first place. What I am appealing for is for government to exempt all the 104 Unity Colleges from this TSA bureaucracy to ensure smooth operation of their academic activities.

 

“Considering the way these colleges are run, which you know is a 24-hours thing, I feel they will be better off if they are allowed to run their accounts the way they have been doing prior to the introduction of the TSA.

 

“For instance, ever since the resumption for this academic year, a lot of our parents have been complaining about the challenges they faced trying to pay their children and wards’ school bills.

 

“Some of our parents who had paid before the effective takeoff of the TSA and who submitted their bank drafts were later called back by the school to come back and collect their drafts and go and pay through the TSA as the college is unable to access them,” he said.

 

The spokesman argued that in spite of the lofty goals of the TSA, it had affected the running of the schools and made day-to-day services in the schools almost impossible.

 

Williams, who was elected spokesman of the PTA at a recent election of the school’s PTA, said the priority of his team was to consolidate on the achievements recorded by the immediate past PTA.

 

He recalled that the former PTA built a block of six classrooms for the school to sustain the academic excellence the school was known for since the 40 years of its existence.

 

“Our priority is to ensure adequate maintenance of existing infrastructure and to partner with the Principal Mrs. A.A. Ibukun-Oyewole, to keep the flag of excellence flying at FGC, Ijanikin.

 

He said the PTA was collaborating with Ibukun-Oyewole to create an atmosphere condusive for learning, noting that up to 20 additional teachers had been engaged by the PTA on part-time basis to ensure that students were up to date in every subject.

 

On the recent problem arising from the PTA election in the school, Williams said that some disgruntled elements who wanted to be in the PTA at all cost were responsible for the crisis.

 

“They resorted to blackmail, intimidation and name-calling all in a bid to preside over the PTA but at the end, the majority had their way.

 

“No self-respecting parent will come out to malign a school his child or ward is a student in,” he said, appealing to parents to join hands with government to promote learning in the unity schools.

 

(NAN)

Posted in NEWS | Tagged PTA, Treasury Single Account, Unity Schools | Leave a reply

No Diversion Of Public Funds Under Buhari’s Administration – Minister

Posted on November 17, 2015 by Staff Reporter
Reply

The Federal Government on Monday dismissed the alleged fraud in the Treasury Single Account (TSA) and the rumoured diversion of the TSA funds to bankroll elections in Bayelsa and Kogi.

The Minister of Information and Culture, Alhaji Lai Mohammed, in a statement by his Special Adviser on Media, Mr Segun Adeyemi, in Abuja on Monday,described the allegation as a contrived distraction.

Mohammed said if those behind the accusation had allowed themselves some measure of honesty, they would have realised that there had not and there would be no such impunity under President Muhammadu Buhari’s administration.

“It is understandable that the psyche of those who are making the frivolous allegations concerning the TSA has been badly affected by the impunity that permeated the country under the immediate past administration.

“But the lies that have been willfully disseminated by scandal mongers over the TSA cannot and will not fly.

“It was precisely to put an end to such impunity that Nigerians voted massively for President Muhammadu Buhari, who has an unblemished reputation for integrity, due process, transparency and the rule of law.’’

The Minister, who assured Nigerians that no one had tampered with the TSA funds, said it had begun to enjoy a new lease of life and attract national attention because of the political will and transparency demonstrated by President Buhari.

“Those behind the rumour that a single company made N25 billion from charging one per cent of TSA funds that passed through the company’s software, may need to return to elementary school to get some lessons in arithmetic.

“This is because in order for one per cent charge to fetch N25 billion, the funds accruing into the TSA must have reached N2.5 trillion.

Yet, the total amount of funds in the TSA to date is still much less than 2 trillion.

“More importantly, at the time the Governor of the Central Bank of Nigeria (CBN) ordered that all monies that were erroneously charged as ‘revenue’ be returned to the TSA Account late last month, the TSA had less than N800 billion.

“It therefore beggars belief that anyone could attempt to mislead the public by raising a false alarm that a firm made N25 billion in TSA charges.’’

Mohammed appealed to Nigerians not to allow those who had been funding their lavish lifestyles and encouraging corruption, to the detriment of ordinary citizens and without bothering about national interest.

He said the accusation was to sabotage the laudable TSA programme with contrived lies, dangerous innuendoes and misinformation.

 

(NAN)

Posted in NEWS | Tagged Diversion of funds, President Muhammadu Buhari, Treasury Single Account, TSA | Leave a reply

Treasury Single Account: CBN Fines Skye Bank N4bn

Posted on November 9, 2015 by Staff Reporter
Reply

The Central Bank of Nigeria has imposed a N4 billion fine on Skye Bank Plc for failing to render appropriate returns on accounts of some government institutions and agencies.

This is contained in a statement by Skye Bank to the Nigerian Stock Exchange.

The bank said the fine imposed by the apex bank was misdirected since it did not conceal any information of the accounts from the central bank.

Skye Bank said that a significant portion of the money for which penalty was applied belonged to the state-owned energy company, Nigeria National Petroleum Corporation’s Pension Funds and National Assembly Legislative Aides’ account balances.

Skye Bank said it received “a communication from the NNPC forwarding a letter from the Accountant General of the Federation on the treatment of NNPC funds”.

“By the communication, the bank is advised that an 18 business day window had been granted by the Vice-President, Yemi Osinbajo, within which a plan for the orderly withdrawal of the NNPC funds will be implemented,” the bank said.

Credit: PremiumTimes

Posted in NEWS | Tagged CBN, Fines, N4bn, Skye Bank, Treasury Single Account | Leave a reply

CBN Advises States To Adopt Treasury Single Account

Posted on September 10, 2015 by Staff Reporter
Reply

The Central Bank of Nigeria (CBN) yesterday in Abuja advised state governments to adopt the Federal Government’s system of using a single account for all its revenue deposits.

Mr Kure Abubakar, Head, Client Services at the CBN, gave the advice while presenting a paper on “Understanding Treasury Single Account (TSA)’’at the close of a two-day workshop on the Fiscal Responsibility Act.

The News Agency of Nigeria (NAN) reports that the workshop, which began on Tuesday, was organised for government revenue generating Ministries, Departments and Agencies (MDAs).

He said the TSA, if adopted by states, could help them to get maximum benefits.

Read More: thenationonlineng

Posted in NEWS | Tagged Adopt, Advises, CBN, states, Treasury Single Account | Leave a reply

FG Operated Illegal Accounts For 48 Years

Posted on September 7, 2015 by Staff Reporter
Reply

Until August 11, 2015 when President Muhammadu Buhari ordered stoppage of multiple accounts, the Federal Government had, for at least 48 years, breached its own rules on collection and management of national revenues.

As opposed to keeping common funds in multiple accounts in commercial banks, contrary to the provision of the constitution, Buhari recently ordered implementation of Treasury Single Account (TSA), into which all ministries, departments and agencies (MDSs) of government, which are funded from the Federation Account, will henceforth pay their earnings.

The constitutional provision for single account — beginning from 1954 — notwithstanding, investigation revealed that since 1967, successive administrations have “been breaking the law” by operating multiple accounts. Apart from the Excess Crude Account (ECA), the latest in the list, the controversial Sovereign Wealth Account (SWA) is being challenged by state governors, though it has been legitimised by an Act of Parliament that birthed the Nigerian Sovereign Investment Authority (NSIA), the managing agency for the Sovereign Wealth Fund (SWF).

In an exclusive interview in Ibadan, Oyo State, a budget historian and lawyer, Dr. Tunji Ogunyemi, attributed operation of the ‘illegal accounts’ to “exigency and, sometimes, corruption.”

Read More: ngrguardiannews

Posted in NEWS | Tagged 48 Years, FG, Illegal Accounts, Operated, Treasury Single Account | Leave a reply
Proudly powered by WordPress
Cleantalk Pixel