Fayose opposing TSA to conceal fraud, says APC

The All Progressives Congress in Ekiti State has said Governor Ayodele Fayose’s opposition to the Treasury Single Account policy of the Federal Government is a deliberate ploy to conceal fraud.

Fayose vows to lead opposition against APC

The party noted that Fayose was the only governor opposed to the policy of the Federal Government when all other governors had embraced it to save their states from fraudulent practices among government officials.

Fayose had on Friday told the Federal Government to perish the thought of imposing the TSA on states, saying it was not in the position to counsel or force any state to accept policies that were not working for those that introduced them.

In a press statement by his Special Assistant on Public Communications and New Media, Lere Olayinka, he advised the Federal Government to rather face the dwindling economy of the country instead of going about grandstanding on a TSA policy that was already tainted with fraud.

He likened the Federal Government to a blind man trying to lead people who can see clearly.

But the Publicity Secretary, Taiwo Olatunbosun, in a statement on Monday said the governor’s aversion for accountability in financial matters showed he had an ulterior motive to defraud the state.

“TSA is aimed at ensuring that all government earnings are paid into a single account to ensure accountability and check fraud unlike in the past where several governments’ accounts were scattered in many banks to perpetrate frauds.

“For a governor who describes himself as a friend of the poor to oppose a policy that will make the same poor people enjoy the benefits of transparent governance is the height of irresponsibility and a confirmation of allegations of fraud against the governor in his handling of financial issues.

“We can now see the reason why the governor has opened several channels of revenue collections to be paid into several phoney accounts that revenue collection officers are describing as opaque.”

Olatunbosun alleged that the governor kept a secret account not known to the state treasury into which taxes and fines “imposed on Ekiti people are paid, notably fines on traffic offences and suffocating taxes he imposed on poor traders that he deceived with abundance of life during campaigns.

“After sacking thousands of workers in youth empowerment scheme and permanent secretaries; after cutting monarchs’ and workers’ allowances and running grants and after stopping funds for social security scheme for the elderly and security agencies but increasing his personal monthly security vote from N100m to N250, Fayose hired less than 200 political appointees as against over 800 appointees by Governor Kayode Fayemi, yet he tells Ekiti people that he pays the same N2.6 billion that Fayemi paid as salaries and allowances to workers monthly.”

Olatunbosun added that the reason for Fayose’s opposition to TSA was to hide these details to perpetrate fraud, noting that there was no way the governor could have been paying the same bill Fayemi paid as monthly wages to workers.

“Fayose has no explanation to make to Ekiti people on how he spent N22b refund on federal road projects, the N2b ecological fund, several billions of naira statutory allocations to the state and LGAs and N9.1 bailout cash, among others.

“Fayose has not said anything about the Internally Generated Revenue of the state, which he has embarked upon with an aggressive drive thereby bringing untold hardship on the citizens. What of the school fees he introduced in primary and secondary schools, including high fees in tertiary institutions?” he queried.

He alleged that the government ran several fictitious accounts on the alleged instructions of the governor, saying this was a practice that must not go unchallenged by the people who would be ultimate beneficiaries of TSA policy being promoted by the Federal Government.

He urged all Ekiti citizens home and abroad to call the governor to order to stop his “unnecessary belligerent” attitude to the Federal Government simply because he belonged to the opposition.

“Fayose’s attitude will cause dire consequences on the hapless citizens of the state, as corporate organisations planning to invest in the state will think twice on the governor bitterly averse to transparency while at the same time unleashing taxes that cannot be accounted for.”

The party called on the Economic and Financial Crimes Commission, Central Bank of Nigeria and Independent Corrupt Practices and Other Related Offences Commission to beam their searchlights on Ekiti State’s various fictitious accounts that Fayose prefered to a single accounting system that checks frauds.

“We are confident that the findings of these agencies will reveal the reason why Fayose is opposed to the TSA policy,” Olatunbosun added.

Fayose opposing TSA to conceal fraud, says APC

Fayose to FG: Keep your TSA, we are not interested

Governor Ayodele Fayose of Ekiti State has told the Federal Government to perish the thought of imposing the Treasury Single Account (TSA) on States, pointing out categorically that the Federal Government was not in the position to counsel or force any State to accept policies that are not working for those that introduced them.

Fayose vows to lead opposition against APC

Governor Fayose said in a press statement issued on Friday, by his Special Assistant on Public Communications and New Media, Lere Olayinka that “the Federal Government should rather face the dwindling economy of the country instead of going about grandstanding on a TSA policy that was already tainted with fraud. Minister of Budget and National Planning, Senator Udoma Udo Udoma, had called on States to accept the TSA. Reacting, Governor Fayose likened the Federal Government to a blind man trying to lead people who can see clearly, saying,

“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.”

He said up till now, the Federal Government was yet to explain the alleged N25 billion naira scam allegedly perpetrated in the name of the TSA, adding that “the TSA policy was aimed at enriching some individuals for doing virtually nothing and that can be seen in the discovery of N25 billion that was said to have accrued to just a single company in one month!”

The governor, who maintained that President Muhammadu Buhari lacked the required mental capacity to rescue the country from the present economic problems, added that it was an insult for a federal government that appeared to be clueless to be preaching its unworkable policies to other tiers of government.

“The rate at which Dollar is rising, we will soon begin to talk about one Us Dollar being equivalent to N500. As at today, it is already more than N400 to $1.

“Workers are being sacked on a daily basis, while prices of goods are rising astronomically and Foreign Reserve is declining on daily basis. Yet, all that this All Progressives Congress (APC) and President Buhari’s Federal Government can be preaching is for States to accept TSA as if that will stem the tide of the rising hunger and sufferings that is ravaging Nigeria.

“Methinks these people should just face the reality of their failing government and seek for help from those who know better than them instead of carrying with this attitude of ‘we know it all’ so that the economy of this country will not collapse totally.”

Fayose to FG: Keep your TSA, we are not interested

DSS foils plan to steal N4.5bn from TSA

The Department of State Service has apprehended some serving and retired civil servants who it said were planning to steal N4.5bn from the Treasury Single Account.

DSS operatives

It said that the plan of the gang was was to hack the Government Integrated Financial Management Information System domiciled in the Office of the Accountant General of the Federation and steal the money.

This information was contained in a statement issued in Abuja on Tuesday by Mr. Tony Opuiyo.

He said this achievement recorded by the Service was what he described as “the modest success of the Service in its support to the Federal Government to achieve its desired economic objectives and stability may also be noted.”

To this effect, he added, “the DSS have arrested a group of fraudsters who had concluded plans to hack the Government Integrated Financial Management Information System domiciled in the Office of the Accountant General of the Federation in order to steal N4.5b from the Treasury Single Account.”

He said that the gang was led by one Sunny Okoh, who he described as a hacker who worked in collaboration with the trio of Uwem Ekpo,  a Chief Program Analyst in the OAGF, Maxwell Ekene, a retired security operative and Dozie Egwu, who he alleged, was living in Malaysia but is at large.

Opuiyo said that the suspected fraudsters intended to use a software they had sourced and codes released to them by Ekpo to hack government accounts in the Central Bank of Nigeria and defraud the government of the huge sum.

He said if the action had succeeded, it would have created credibility problem for the government and the policy.

The statement said, “It is instructive to note that a credibility problem would have arisen over the TSA policy if these hackers had succeeded in their plan and thus lend credence to the critics of the policy that it ought not to have been introduced and implemented.”

He added that the suspects had been handed over to the Economic and Financial Crime Commission for further investigations and prosecution.

DSS foils plan to steal N4.5bn from TSA

TSA: We realised N2.2trn in 3 months – Buhari

PRESIDENT Mu-hammadu Buhari has revealed that his administration has within three months saved N2.2 trillion for the nation through the enforcement of the Treasury Single Account, TSA.

The president made the revelation in London during a meeting with Nigerians resident in the city on Thursday night.

General Buhari

President Buhari who was in the United Kingdom for the Supporting Syria and the Region Conference in London, British capital was speaking of the problems bedevilling the oil and gas sector of the economy which he said were part of the challenges he inherited upon an assumption of office.

Cooperation, NNPC had over 45 accounts scattered in different banks. The same situation, the president said, was also pervasive across the branches of the military. He said: “We are really in trouble. What we discovered was that we tried to enforce what we called treasury single account, TSA. And the reason was simple. This government did not initiate it. It was the previous government. But it was so unpopular to the bureaucracy and the previous government for its own reasons couldn’t enforce it.  But when we came and found that we were broke, we said this is the way to do it. And I will just tell you two examples to convince you.

“First, NNPC, the cow that was giving the milk had more than 45 accounts, ministry of defense, that is the military Army, Navy and air force had over 70 accounts. Tell me which account we can trace in these several accounts. So we enforce TSA. We said there must be TSA. “By the end of December, coming to January this year, that is last month, we mopped up more than N2.2trn which we have used through the bureaucracy system to raise vouchers and sign cheques so that they don’t go into the next budget.”

Speaking further on the state of the economy, the president revealed that some Nigerians were behind the crisis. The president stated that most directors of the Central Bank of Nigeria, CBN owned and operated some of the Bureau De Change outfits through which they raked in the foreign exchanges. He said he was determined to stop the ill development and make every Nigerian accountable.

“We found out, when I say we, I mean present federal government, that some of the directors in the central bank own the bureau de change businesses. So when the foreign exchange comes, they take it and give government the change. So we stopped the Federal Government giving bureau de change foreign exchange. “Fellow country men and women, I am giving you a tip of the iceberg of the problem we inherited and we are getting so hard because we have no other way of running the country unless we make everybody accountable”, he said.

While underscoring the importance of education, president Buhari asked the audience to support his administration by educating their children for a better future. On giving diaspora Nigerians a chance to participate in elections, president Buhari said  his government was studying the scenario, stressing that what was utmost was to make the process more credible. “We are critically looking at the system itself. We must make sure that the election process itself is credible”, he said.

TSA: We realised N2.2trn in 3 months – Buhari

Soludo faults TSA implementation, says Jonathan’s govt bankrupted economy

LAGOS — Former Governor of Central Bank of Nigeria, Chukwuma Soludo has said that the former President Goodluck Jonathan had the worst economic management team in history because he left Nigeria with an unprecedented rate of debt accumulation.

Charles Soludo

While speaking at the third anniversary lecture of the RealNews magazine titled ‘Can a New Buharinomics Save Nigeria?’ Soludo said “First, I supported President Muhammadu Buhari (PMB) over Jonathan not because I was convinced about the credibility of the APC manifesto (and I said so in my article in January this year) but for three reasons. I was convinced that the last economic team was bankrupting the economy and had no clue as to how to fix it,” he said.

“Second, PMB is the first president of Nigeria under a democracy to have seriously desired the job and struggled for it for over 12 years. To me therefore, he must have a few points to prove, and I was willing to bet on a man who purposefully wanted the job than otherwise. “Third, I was convinced that it would be in the enlightened self-interest of the APC, once in power, to do their utmost to keep power by delivering on the economy unlike the PDP which had taken power for granted. I am still confident that PMB can deliver change (although as I had indicated in my article in January, I didn’t believe that any of the two parties could deliver on their manifesto) but he and his team now need to run at the speed of a 1000 km per hour.

“We must support them to succeed by contributing when we can, and criticising when we must — tough love! I am enjoying my status as ‘an independent’ (I don’t belong to APC or PDP) and I therefore have the liberty to say it as I see it from the balcony! “As at 1999 when PDP came to power, Nigeria was largely a pariah state still lucky to have survived as one indivisible sovereign, especially in the context of the struggle by NADECO and restiveness in many parts of the country. On corruption, Transparency International scored it 1.6 out of 10 and ranked 98 out of 99 countries in 1999.”

He added that “After 16 years, several challenges remain and some have even worsened (especially insecurity). Although President Jonathan’s regime had the worst economic management relative to the resources at its disposal, it must be stressed that tremendous progress was made in the aggregate 16 years of PDP government.

He said: “For the better part of this year, the external shocks to the economy have been complicated or accentuated by a gamut of the ‘tried and failed’ command and control policy regime: de facto fixed exchange rate, largely fixed CBN monetary policy rate, crude capital controls, veiled form of import bans through a long list of ‘ineligible for foreign exchange’, de facto scrapping of domiciliary account established by law, etc.

Interest groups lobbying to make policy shift permanent

“At first, I thought this was the usual knee-jerk response of policymakers to a ‘sudden’ shock. We tried a milder variant of this for a few months during the 2008/2009 unexpected/unprecedented global crisis (with global liquidity squeeze and massive capital flight) but even then, it was communicated as a ‘short-term crisis response’ and it was quickly dismantled. We now know what works and what doesn’t, even at a time of crisis.

“As one reads the confusing statements from government in the media: ‘We won’t devalue’, ‘we won’t devalue for now’, and the emotional debate about ‘nationalism’ around issues of import ‘bans’ and capital controls, one wonders whether it is still a ‘short-term crisis response’ or a permanent shift back to the old policy regime of pre-1986.

“Even if the government initially intended it as a short-term measure, interest groups have emerged and are lobbying to make the policy shift permanent. To add to the confusion, the policy is communicated as a ‘directive’ from PMB as widely publicised in the media.

“In the specific case of Nigeria currently buffeted by terms of trade shock with micro imbalances, especially fiscal and current account deficits as well as supply side constraints and with the economy skidding to a halt with rising inflation and unemployment, the question is: how should relative prices or asset prices including exchange rate and interest rate adjust to reflect as well as shape whatever economic fundamentals?

External shocks don’t kill economy

“External shocks do not kill an economy. How you respond will determine whether you worsen it or meliorate the terms of trade shocks. That is what we are facing, the classic one. And how you respond to terms of trade shocks depends on whether the shock is from the monetary, nominal shock or whether it is from the real side shocks.

“And I would say on this micro economic theory and evidence around the world are pretty much unambiguous. That faced with terms of trade shocks, countries with flexible exchange rate regime adjust faster and adjust better with less negative impact on growth and employment than those with fixed exchange rate.

“This is global evidence, pretty much unambiguous for countries facing terms of trade shock, that countries that allow relative pricing including exchange rates to become the key adjusters when faced with terms of trade shock have always almost done better than those that resorted to exchange rate fixing and distorting controls.

“In theory, if you don’t allow prices to adjust, quantities will adjust and the quantities that will adjust are output and employment. That is the experience we have had in Nigeria over the years. And that is what is happening today. Output and employment are adjusting with vengeance.

Policy regime inconsistent with objectives of creating jobs

“My thesis is that from Nigeria’s own evidence, that the current policy regime is inconsistent with the objectives of creating jobs, growing income and reducing poverty. Nigeria since 1973 can become a laboratory. Since 1973, we have become episodes of positive and negative price shocks.

“If you divide the episodes of positive oil price shocks, episodes of negative price shocks and also match them with responses of policy regimes, the evidence is that, in all cases, fixed exchange rates with controls, the economy has always done worse in that regime than in under flexible regime.

“From Nigeria’s evidence, current policy regime is inconsistent with objective of growth, job creation and poverty reduction. The current economic hardship is largely our choice and not just oil price shock: The current slump of the economy was predictable and largely avoidable. Just as it happened in 1981-85, the economy has been on a tailspin.

“There is now about four per cent growth shortfall relative to past trend, and this cannot be explained by fall in oil prices alone. For the first time since 1990s, per capita growth rate (on annualized basis) is now negative implying that poverty is also escalating; capital market has lost trillions, inflation and unemployment are on the rise.

“JP Morgan has delisted our local currency bonds and Barclays is threatening same, while the cost of borrowing for Nigeria rises. Foreign capital is on the run, while domestic savings is miniscule. It was ‘headline news’ when FG paid October salaries, while states are steeping in massive debt.”

“Policy choices entail costs and benefits, but the preference of one to another should be based on the ‘net positive effects’, depending on the stated objectives. To sustain the current arbitrarily pegged exchange rate will require a steep rise in interest rate and squeezing of bank credit to the private sector.

“Alternatively, intensifying the ever opaque and distorting controls and ‘bans’ will also severely harm the private sector. I will be surprised if the productive sector is not already feeling the heat. The irony is that it is the small businesses (which have no voice or power) that are suffering the most. Many are simply being choked to death by the ‘controls’.”

Soludo faults TSA implementation, says Jonathan’s govt bankrupted economy

PDP compiling list of APC governors, candidates facing corruption charges – Metuh

The Peoples Democratic Party (PDP) has called on the All Progressives Congress (APC) led administration to show transparency on issues relating to remittances and operation of the Treasury Single Account (TSA). PDP National Publicity Secretary, Chief Olisa Metuh, made the call at press conference on Tuesday in Abuja.

Olisah Metuh

Metuh said that the PDP had watch with keen interest some disturbing developments in recent times, particularly, disagreement between the National Assembly and the Federal Executive on controversies surrounding the handling of TSA.

He said that conflicting statements emanating from the Minister of Information and the CBN underscored the fear being raised by the Senate that there might be underhand deals in the handling of the TSA. “Whereas the Senate has ordered its committee on finance and public accounts to investigate the remitting and handling of N2.5 trillion into the TSA, the federal executive has different view.

“The federal executive, through the minister of information, had earlier informed the nation that the sum of N1.4 trillion has been remitted. `The Central Bank of Nigeria (CBN) put its figure at below a trillion and announced an estimated collectible amount of N1.2 trillion,’’ Metuh said.

The PDP spokesman said that the party was also aware that the firm handling the TSA remittances had been given the `leeway to rake millions of naira into unknown purses’ through training of personnel. “For emphases, we want to state that this company has asked the APC administration to charge Ministries, Departments and Agencies (MDAs) to bring five of their personnel for training to understudy how to use TSA.

“Each of the personnel are being charged N65, 000,’’ he said. Metuh also decried the inconsistency in the denials of PDP revelation that the presidency and INEC had secret meetings on the governorship election in Kogi to ensure victory for the APC.

“While INEC out rightly denied ever holding any such meeting with the Presidency, the President, through his media aide, Garba Shehu, acknowledged holding the secret meeting, but said it lasted only five minutes.

“We ask, who do Nigerians believe; the Presidency or INEC?’’

Metuh also alleged that the APC was now flooding Kogi state with money ostensibly to sway the people and purchase their mandate.

“This primitive attempt at vote-buying is not only an insult on the people of Kogi state but also setback to efforts towards credible elections in Nigeria,’’ he said.

He said that the PDP was compiling a list of APC governors and governorship candidates who were facing corruption charges, “not accusation as they are already in court.

“Never in the history of this country have we ever seen any political party fielding corrupt candidate as APC is doing,’’ he said.

He said that PDP would continue to show responsibility and caution in ensuring that only facts that had been verified by the party were put out to the public at all times.

“We will not indulge in falsehood as we continue in our opposition role of putting this administration on check in the general interest of the nation.’’

PDP compiling list of APC governors, candidates facing corruption charges – Metuh

TSA Transfers: Central Bank Recovers N8.6bn from Owner of Remita, SystemSpecs

•How Sanusi, Lemo appointed firm to implement e-Collection solution

Obinna Chima

The Central Bank of Nigeria has recovered N8.6 billion deducted by a Lagos-based software firm, SystemSpecs, which provided the e-Payment/e-Collection solution used for the transfer of government funds from commercial banks to the treasury single account (TSA) domiciled with it, THISDAY investigations have revealed.

CBN Governor, Mr. Godwin Emefiele

The central bank, according to sources in the CBN, directed the company which owns the Remita software platform used for the funds transfer, when it was discovered that SystemSpecs had deducted as much as N8.6 billion for the remittance of government funds from banks to the TSA in the last few weeks.

Throwing more light on the e-Payment/e-Collection Remita software, which the Senate on Wednesday resolved to probe, CBN sources said the implementation of the modular solution was approved by the former CBN Governor who is currently the Emir of Kano, Alhaji Muhammad Sanusi II, and former CBN Deputy Governor, Operations, Mr. Tunde Lemo, in 2011 to facilitate the transfer of government revenue to the TSA.

On Wednesday, the Senate had ordered its joint Committee on Finance, Banking and Other Financial Institutions and Public Accounts to probe the allegation that the e-Collection agent, Remita, had been paid 25 billion, being the 1 per cent commission it charged for the transfer of N2.5 trillion of federal government funds to the TSA.

The motion, which was moved by Senator Dino Melaye and adopted by the Senate, held that the N25 billion payment was in gross violation of Section 162(1) of the 1999 Constitution which states that “the federation shall maintain a special account to be called the federation account into which all revenues collected by the government of the federation except the proceeds from the personal income tax of the personnel of the Armed Forces of the Federation, the Nigeria Police Force, the ministry or department of government charged with foreign affairs and the residents of the FCT, Abuja”.

However, investigations by THISDAY showed that Remita was not an agent or company, but the software platform used for the transfers, while SystemSpecs, whose Managing Director is Mr. John Obaro, is the owner of e-Payment/e-Collection solution.

The company’s website further revealed that the chairman of SystemSpecs is the former Director General of the Nigerian Broadcasting Commission, Dr. Christopher Kolade.

Other directors of the company include a former Executive Vice-Chairman of the Nigerian Communications Commission (NCC), Mr. Ernest Ndukwe, Mr. Emmanuel Ocholi, Mr. ‘Deremi Atanda and Dr. Emmanuel Eze.

Remita, which has been adopted by the CBN as the e-Payment and e-Collection platform of the federal government, is currently used by all 22 commercial banks and over 400 microfinance banks nationwide.

CBN sources informed THISDAY that contrary to the assertion of the Senate that N25 billion had been paid to SystemSpecs, it was N8.6 billion that was deducted by the company for the transfer of N1.5 trillion since the enforcement of the TSA by the current administration in the last few weeks.

“Remita is an e-Payment/e-Collection software that has been in place since 2011, because the TSA transfers started under the Goodluck Jonathan administration.

“It was Tunde Lemo’s baby and approved by former Governor Sanusi for the transfer of funds to the TSA.

“But when it was discovered that SystemSpecs had deducted about N8.6 billion for the recent TSA transfers of N1.5 trillion, we immediately asked them to reverse the deduction, which they complied with.

“The issue was brought to the attention of the president (Muhammadu Buhari) and he asked that the money be returned immediately which is what has happened.

“Going forward, it is our intention to review the contract on the software, because the CBN has its own software for e-Payments and e-Collections,” a CBN official, who did not want to be named, said.

TSA Transfers: Central Bank Recovers N8.6bn from Owner of Remita, SystemSpecs

CBN freezes INEC"s account over non-compliance of TSA

ABUJA—The Central Bank of Nigeria, CBN,  has frozen all bank accounts operated by the Independent National Electoral Commission, INEC, following the commission’s failure to comply with Federal Government’s directive that all ministries, agencies and departments must operate Treasury Single Account, TSA.

Chairman, Independent National Electoral Commission, Mrs. Aminat Zakari

Findings by Vanguard revealed that the directive was carried out last week.

The commission is now cash strapped and is unable to discharge most of its responsibilities

Informed sources at the commission had revealed that INEC had failed to comply with the government’s directives on the TSA, due largely to the peculiar activities of the body as the nation’s electoral umpire which should qualify it for exemption from the new directive.

It was further gathered that the decision of the governments to freeze all accounts operated by INEC has thrown the body in a serious dilemma because even the staff salary for September is yet to be paid just as many contractors whose outstanding fees were yet to be paid on a daily basis throng the commission for their payments.

However our source further revealed that the leadership of INEC on Tuesday met with representatives of the Federal Government and CBN, with a view to resolving the issue which he added has thrown everybody almost off balance.

The source said, “It has not been easy at the commission because all activities here are almost grounded following the decision of the federal government to block all our accounts. They said that INEC has refused to comply with the directive on Treasury Single Account. As we talk now, we have not been able to pay workers salaries for September because we cannot have any access to the commission’s accounts. Our numerous contractors have been coming everyday for payments that have been due but there is no cash at hand to settle them.

“But the good news is that the commission’s leadership has finally met with them and they have agreed to sort out the whole matter. Hopefully the commission will come back to life very soon and try to settle the issue of workers salary which is very important”.

According to him, depending on the level of resolution and funds that will be available, the issue of debts owed to contractors would also be addressed

CBN freezes INEC"s account over non-compliance of TSA

Treasury Single Account scheme takes off today

THE new initiative of the Federal Government to harmonise its revenue accruals through the Treasury Single Account (TSA) takes off today.

President Buhari

This means that the Ministries Departments and Agencies (MDAs) and other revenue earning establishments of government have by now accustomed themselves with the unique account number, which the Head of Service of the Federation, Danladi Kifasi, designated “Accountant General: 300002095.”

Recently, President Muhammadu Buhari had reinforced his determination for the initiative by setting the September 15 deadline for the full compliance/implementation of the directive that would ensure that all revenue due to the Federal Government are gathered in the designated account to be manned by the Central Bank of Nigeria (CBN).

Before the new directive, according to The Guardian’s report, all the country leadership had flouted the constitutional mandate, which spelt out the collection and management of national earnings.

The law, first enacted in 1954 under the Oliver Lyttelton Constitution, was bridged not too long after passage and since then was passively observed under former President Goodluck Jonathan.

Since the new resolve by the Buhari to implement the law on the subject matter to the letter, stakeholders from the civil society groups, financial market operators/analysts, lawyers, among others have expressed hope that the development would bring about positive results, despite dissenting opinions.

Some have expressed reservations over the modus operandi of TSA, noting that while it is a great idea, there was also the need to look into the peculiarities of various agencies to ensure that their calls for funding are urgently met to forestall hitches.

From the academia, a don who pleaded anonymity, said “the issue of implementing the TSA is not optional, especially as it is a clear instruction, with specific date of compliance. For those of us whose monies were mopped up from the commercial banks to the Central Bank of Nigeria (CBN), we had no option but go along with the process.”

“I am optimistic that if things are done the way it should, the initiative holds great benefit for the country. Many would be exposed. All the government’s idle funds, used for round tripping through public officers’ collaboration with banks will end tomorrow (today). But we should not expect hitch free operations, particularly at the onset.

Treasury Single Account scheme takes off today