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Tag Archives: Treasury Single Account (TSA)

Many federal agencies’ currently frustrated by release of funds for projects—Survey

Udoma, Buhari, Adeosun

Whereas the federal government is still basking on the euphoria of achieving the Treasury Single Account (TSA), there is a growing confusion and frustrations in accessing fund for strategic projects within Ministries, Departments and Agencies (MDAs), Business Hilights can authoritatively report. A survey carried out in ministries by Business Hilights Economic Research team (BHERT) showed that about 80 per cent ...

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FG reveals why it opted for out of court settlement in suit with 7 banks over TSA

Udoma, Buhari, Adeosun

The Accountant General of the Federation (AGF), Idris Ahmed, has given a graphic explanation on why the Federal Government, after taking seven commercial banks to court over breach of provisions of Treasury Single Account (TSA), made a U-Turn to seek for out of court settlement. In an interview during a recent workshop in Abuja on ‘Prospects and challenges of TSA’, ...

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ICT Varsity takeoff under threat as Reps hits DBI over N1.2Bn TSA fraud

DBI

At a time the Minister of Communications, Barr Adebayo Shittu is warning up to beat his chest that his drive to ICT Varsity in Nigeria is becoming a reality, the House of Representatives Committee on Telecommunications has threatened to sanction Dr Ikechukwu Adinde, the director, Digital Bridge Institute (DBI), for alleged violating the federal government’s policy on the Treasury Single ...

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Govt., Ghanaian banks on collusion course over planned takeoff of TSA

BOG

Whereas the Ghanaian Vice-President, Dr Mahamudu Bawumia, has reaffirmed the stand of the government, saying “No turning back on Treasury Single Account (TSA) implementation,” Money Deposit Banks (MDBs) operating in the economy has raised issues of fears, saying the policy might cripple their operations; hence they have opted for phased implementation of the scheme. Already, instructions had been issued for ...

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TSA: Court strikes out FG’s suit against 7 banks on out of court deal

Kemi Adeosun

…Awards N1.2m costs to banks A 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. It would be recalled that on the instruction of the Attorney-General of the Federation to discontinue the ...

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Finally, NNPC agrees to return budget surplus at the end of the year

NNPC MD

Before now, one of the issues hampering federal government’s finances and accounting system has remained delays and at times, blatant refusals by Ministries, Departments and Agencies (MDAs) to return surplus funds that were not used within a budget regime. In fact, investigations by our correspondent showed that many MDAs, in order not to refund any dine, rush to carry out ...

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Twist as FG fast forwards to nail 7 banks over alleged TSA infractions

TSA

…Serves notice of forfeiture order on banks Efforts of the Federal Government in tracking down the seven banks who allegedly failed to transfer about $793.2m belonging to some federal agencies to the Treasury Single Account (TSA) became more serious on Tuesday as it has completed serving them with the order of the Federal High Court in Lagos directing a temporary ...

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NNPC, banks deny concealing FG’s $793.2m, may appeal ruling

NNPC Headquarters.

Following the Lagos Federal High Court’s order on seven commercial banks to remit a total of $793.2m allegedly hidden by them for the Nigerian National Petroleum Corporation (NNPC) and its subsidiary in contravention of the Federal Government’s Treasury Single Account (TSA) policy, both the national oil firm and the banks have reacted, refuting the crime. In a statement issued by ...

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At $150,000, refinery licensing fee still discouraging—Experts

dpr

Discordant voices have started trailing the review of fees for granting Licence to Establish (LTE) and Licence to Operate (LTO) of a petroleum refinery put at $150,000 by the Department of Petroleum Resources (DPR). Though the agency review of its templates and processes of license issuance for the petroleum industry was in compliance with the recent directives by Acting President, ...

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Nigerian Customs to resume e-auction from July 1, warns against fraudsters

Customs Ali 33

After months of postponements, the Nigerian Customs Service (NCS) has announced that its electronic auction of seizures will begin from July 1, 2017. But before now and since the mention of changing from physical bargaining auction model to e-auction, online fraudsters has been circulating messages about the proposed auction of seized items even with flashes of pictures of goods and ...

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