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Treasury Single Account: Why Nigerians Must See The Big Picture [MUST READ]

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TSA

It is often said that Nigerians are resilient and can ‘suffer and smile’ their way through any situation, however tough. Maybe so. But as Nigeria gradually slides into full-scale economic recession, frowns are beginning to outnumber smiles and many fear the future looks bleak.

Recently, the International Monetary Fund (IMF) painted a gloomy picture when it forecast that the Nigerian economy was likely to contract by 1.8 percent this year. Central Bank of Nigeria Governor Godwin Emefelie’s prognosis was no less dire.

He disclosed that Nigeria was experiencing economic stagflation, which is a euphemistic way of admitting the economy is experiencing little or no growth, resulting in high rates of unemployment, inflation and a decline in Gross Domestic Product (GDP).

Already, the prices of foodstuff, transportation, shelter and other basic necessities are at an all-time high. No one needs to be reminded that massive unemployment only means an increase in social vices. After all, Nigerians have their hands full struggling to make ends meet amidst one of the toughest economic downturns they have ever experienced.

In situations like this, Nigerians are quick to trade blames rather than see the big picture. Some groups and individuals are already blaming the parlous economy on the Federal Government’s implementation of the Treasury Single Account (TSA) policy. I beg to differ.

It is ironic how a policy that eliminates the diversion of public funds by stipulating that all revenue receipts and payments conducted by Ministries, Departments and Agencies (MDAs) be deposited into a Consolidated Revenue Account (CRA) can actually have negative implications for the economy. Rather, we should blame previous administrations for not implementing such a policy sooner, leaving much room for corruption which well-nigh left the treasury empty during the inception of this administration.

It is also questionable to blame banks’ liquidity problems on the adoption of the TSA policy. After all, we want a banking system that is strong enough to power the economy and keep our investments safe.

So there is absolutely no justification for Diamond Bank to lay off 200 staff, Ecobank 1,040 and FBN Holdings a projected 1000 just because the new policy stipulates that Deposit Money Banks (DMB) remit the revenue they receive from MDAs to the CRA at the close of every banking day. A strong banking system cannot be built on profit generated from cash deposits left stagnant while the government is starved of funds meant for capital and other projects.

What this dire situation calls for is that Nigeria urgently diversify its economy away from crude oil. Information and Communication Technology (ICT) is the veritable tool for economic growth that many other forward-looking nations of the world have adopted.

According to statistics, India raked in a whopping $75 billion from its software exports between 2014 and 2015, and is continuously registering double-digit annual growth in the process.

At the World Economic Forum (WEF) in Kigali earlier this year, South African Deputy President Cyril Ramaphosa reportedly assured potential investors of positive returns on their investments in South Africa’s infrastructure and ICT sectors. He emphasised that such innovative partnerships could help bridge the financing gaps for economic and social infrastructure.

Nigeria cannot afford to lag behind if we must move forward. Ours is a country that boasts several homegrown ICT companies and initiatives that show much promise and can be encouraged. For the record, Glohas beat the odds to become a powerhouse in telecoms; whilePaga and eTranzactare two ePayment systems that have made a difference on the Nigerian economic landscape.

More crucially, the revolutionary TSA policy adopted by the Federal Government was invented and continues to be powered by indigenous software giant SystemSpecs, using its software Remita. According to recent reports, the software has already saved the government up to N3 trillion in the first quarter of 2016 alone and has the potential to do more.

Recently, Minister of Information and Culture, Lai Mohammed admitted that the judicious management of the TSA has helped advance the President Muhammadu Buhari administration’s fight against corruption and saved Nigeria from imminent collapse.

He maintained that this administration had managed scarce resources prudently, thanks to TSA, the anti-corruption fight and elimination of ghost workers. All of this can only be good for brand Nigeria as a reference point for something other than corruption and terrorism.

So rather than throw the baby away with the bathwater, we must begin to appreciate the positive changes in our payment landscape. If change is to happen, sacrifices must be made urgently and that includes economic diversification in favour of ICT.

Aderemi is a Warri-based ICT Enthusiast

BIG STORY

Equitorial Guinea Sacks Senior Government Official, Baltasar Engonga Over “Sexcapade”

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The Director General of the National Financial Investigation Agency in Equatorial Guinea, Baltasar Engonga, has been dismissed following the discovery of over 400 explicit videos involving him with high-profile women across the country.

The dismissal, ordered by President Teodoro Obiang Nguema Mbasogo, was confirmed by Real Equatorial Guinea, which referenced Decree No. 118/2024, issued on November 4.

According to the decree, Engonga’s removal was due to alleged professional misconduct and personal behavior deemed incompatible with his public position.

The scandal surfaced during a fraud investigation involving the 54-year-old economist, leading to a surprise search of his house and office by ANIF officials.

During the search, they uncovered several CDs containing explicit videos that revealed his sexual encounters with different married women.

One of the women involved has since committed suicide. It has not been confirmed whether Engonga will face prosecution for his actions.

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BIG STORY

Kaduna Government Gifts N100,000, Smartphones To 39 Released #EndBadGovernance Protesters

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The Kaduna State government has provided N100,000 in cash, new smartphones, and additional support to 39 #EndBadGovernance protesters who were recently released from detention.

The government facilitated their reunion with their families on Wednesday, following their release from detention.

The reunion ceremony took place at the Children Homes along Kauru Road in Kaduna, where Governor Uba Sani offered support to the protesters, promising to assist them in reintegrating into society.

He assured them of opportunities for empowerment, contingent upon their commitment to lawful and responsible conduct.

Speaking to journalists after the release of the protesters, the Secretary to the Kaduna State Government, Abdulkadir Meyere, who represented the governor, revealed that Sani had instructed him to gather the credentials of those who have completed their tertiary education.

‘’The governor promised that some of them will be given start-up capital to begin trading, others will be taught skills, and some will be offered employment,’’ he said.

However, the SSG emphasized that the activities and conduct of the released protesters would be monitored to ensure they maintain good behavior, “before these benefits will be extended to them.”

Meyere also noted that the state government had taken the details of the released detainees, including their contact information, telephone numbers, and the names of their Next of Kins, to facilitate tracking and monitoring.

He further explained that the protesters underwent medical evaluations and received psycho-social counseling to encourage them to make positive changes and become productive members of society.

“Both Islamic and Christian religious leaders preached to them to embrace the teachings of their faiths and avoid bad company, so as to benefit from God’s blessings here and in the hereafter,” he said.

Meyere added that the detainees were each given a phone because they had lost theirs during detention, and ‘’the Governor has graciously given each of them N100,000 as a measure of goodwill.”

The state Commissioner for Human Services and Social Development, Hajiya Rabi Salisu, also addressed the protesters during the reunion, emphasizing the government’s commitment to their welfare.

She stated that the 39 protesters, including two minors aged 16 and 17, had received various forms of support from the government.

“We want you to be ambassadors of peace and preach peace within your peer groups, so you won’t be involved in any unlawful protests.

“We want you to return to a more peaceful environment with your families, and then we can invite you back for further training,” she said to the released protesters.

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BIG STORY

Two Robbers Gunned Down, 23 Suspects Arrested In FCT

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The Federal Capital Territory Police Command has killed two armed robbers during a gun duel and arrested four others in the Jahi area of the nation’s capital.

Additionally, no fewer than five car snatchers were arrested, and 13 stolen vehicles were recovered during operations carried out by the FCT command’s Scorpion Squad.

Speaking on Wednesday while parading the suspects in Abuja, FCT Commissioner of Police, Tunji Disu, said the armed robbers opened fire on October 21 after seeing police officers who had responded to a distress call about a robbery in the Jahi area.

According to Disu, during the ensuing gun battle, the police neutralized two of the armed robbers, recovered two of their vehicles, and arrested two suspects, Haruna Abdullahi, 32, from Ikara LGA, Kaduna State, and Yerima Usman, 28, from Itoro LGA, Bauchi State.

He said, “Upon sighting the police patrol vehicle, the suspects opened fire, and in the ensuing confrontation, two suspects were neutralized.”

Disu added that after a follow-up operation on October 23, the suspects led police operatives to arrest two additional gang members—Abba Ismail, aka Dan-Abba, and Ashiru Suleiman—who had escaped from the scene.

“During interrogation, the suspects confessed to being part of a gang of armed robbers led by one Dan Auwalu, who is still at large. So far, they have carried out armed robberies in Mabushi, Jahi, and Gishiri. Efforts are ongoing to apprehend the remaining gang members,” he stated.

Disu also identified the arrested car-snatching suspects as 32-year-old Arji Thomas from Gwoza LGA, Borno State; Amobi Ndukwe, 40, from Awgu LGA, Enugu State; and Amaechi Sampson, 26, from Imo State.

He said the trio—Thomas, Ndukwe, and Sampson—are members of a notorious car-snatching gang led by one Chidiebere, who is currently on the run.

According to him, the suspects were apprehended just as they were about to sell a stolen blue Toyota Corolla with registration number KTW 2155D.

“It is important to note that both Arji Thomas and Amobi Ndukwe are ex-convicts. During interrogation, they admitted to operating in Garki for the past year and a half, claiming responsibility for numerous car thefts within the metropolis,” Disu added.

Disu also explained how Joseph Abang was arrested. He said one Philemon Olaoluwa reported at the Central Police Station that his mechanic, Abdulhamid Saidu, had absconded with his car—a 2006 ash-colored Honda Accord with registration number RBC 40—after repairing it and taking it to Jos.

He added that Saidu, who is still at large, handed over the vehicle to Abang, who confessed to being part of a gang of car thieves operating in Abuja, Plateau, and Nasarawa states.

Disu said, “Extensive investigations led police operatives of the Central Police Station to Jos, Plateau State, where Joseph Abang was arrested. During interrogation, he informed the police that he belonged to a gang of car thieves who operated in Jos, Abuja, and Nasarawa State.

“He specializes in receiving, remodelling, and selling off vehicles stolen by his gang members. During a search operation at his residence and place of business, two additional vehicles—a Hyundai Accent and a Peugeot 208—suspected to be stolen were also recovered from him. He is in custody and will be charged in court upon the conclusion of the investigation.”

Disu also revealed that a Toyota Hilux with registration number 03A309 FG, stolen by a newly employed security guard, Usman Abubakar, was recovered. Efforts are ongoing to apprehend the suspect.

Disu explained that the vehicle, owned by Mr. Frank Udah, was stolen on October 7 by Abubakar, who had only been employed for three days. Preliminary investigations revealed that Abubakar took the vehicle to Nasarawa State, where he handed it over to two other gang members, who have since been arrested and are facing trial for another offence in Nasarawa State.

“Preliminary investigations revealed that the security guard, who had been employed for barely three days, stole the said vehicle on October 7, 2024, and took the same to Nasarawa State where he gave the vehicle to two other gang members who were arrested and currently facing trial for another offence in Nasarawa State. While the vehicle has been recovered, efforts are in place to arrest the suspect, Usman Abubakar, who is still on the run,” Disu stated.

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