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Nairaland Forum / Nairaland / General / Politics / N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week (40556 Views)
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Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by maryhaam(f): 3:14pm On Sep 13, 2015 |
ednut1:that lots of problem for some and benefit for some. |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by Seun360(m): 3:22pm On Sep 13, 2015 |
Totally in support of the GOVERNMENT. 1 Like |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by Bimpe29: 3:24pm On Sep 13, 2015 |
Corruption is pervasive in Nigerian economy. |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by shizzy7(f): 4:19pm On Sep 13, 2015 |
masties2:close your account and bank with UNION Bank they can't try Rubbish Since Buhari's money is there. 1 Like |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by Jamb2016Expo: 4:19pm On Sep 13, 2015 |
DlGod |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by shizzy7(f): 4:20pm On Sep 13, 2015 |
iomoge2:They will take it to CBN OR do you want the money I can send it yo your account ooooooo 1 Like |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by Nobody: 4:29pm On Sep 13, 2015 |
mrvitalis:Nigerian leaders are fools who think they are intelligent. 1 Like |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by brightleave(m): 4:31pm On Sep 13, 2015 |
helinues:Na 4where Buhari 4 learn work sef? Make I send my boy go there |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by Lakeland4321: 4:41pm On Sep 13, 2015 |
ribbit:No, you do the google search because it was indeed under soludo that the major mergers/acquisitions took place, from 89 banks to just 25! |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by azzima(m): 5:42pm On Sep 13, 2015 |
I thought our "NOBEL LAURETTE "said he was fighting corruption with TECHNOLOGY? ??Buhari is a blessing to Nigeria and he is pioneering an era of good governance and accountability. Imagine 20,000 accounts. Every one was just opening accounts,how can you track 20,000 accountsNigeria needs RADICAL change and it will take a long time for the wailers and sore losers to get used to it because it's not business as usual anymore. If Buhari ONLY tackle corruption in this term,I am ok with it. 4 Likes |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by dustmalik(m): 6:02pm On Sep 13, 2015 |
lagbaja:Awesome. No one could have said it better 1 Like |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by 4Play(m): 6:53pm On Sep 13, 2015 |
lagbaja: Lagbaja, why would governments borrow less and interest rates go down as a result of domestic banks lending less to the government? It is a rather glaring non-sequitur in your argument. The government borrows because it needs to make up the difference between its spending and its income. Reducing the pool of potential lenders to the government, as you acknowledge that Nigerian banks are a major lender to the government, would not reduce government bond yields but would increase it. Unless you are arguing that a major cause of our budget deficit is the lack of a TSA? I fail to see how that makes sense. I would argue that the TSA is good in principle but it comes at a difficult time when the economy is weak and banks are facing currency risk in respect of their foreign denominated debt. It should have been phased in gradually or postponed to a more appropriate time The argument that this will promote private sector lending does not wash with me. Reducing the total stock of deposits in the banking system would not necessarily increase private sector lending. I do not know of any example around the world where banks react to a shrinking of their deposit base by increasing private sector lending. In a perverse way, it may actually induce a higher proportional allocation of their loan portfolio to the government as the rising government bond yields, arising from lower demand for government bonds, proves a more enticing prospect. The best way to curb this problem of government bonds "overcrowding" the debt market is for the government to reduce supply by borrowing less. This would require that it spend less and collect more tax. So long as those enticing government bond yields are on offer, banks will have no option but to shun private sector lending in favour of the safety of lending to the Federal Government. 1 Like |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by gotousa2013: 8:15pm On Sep 13, 2015 |
The directive I think will force banks rethink and focus on financing SMEs and bring about job creation for the real sector.Good move 1 Like |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by gotousa2013: 8:17pm On Sep 13, 2015 |
The directive I think will force banks to rethink and focus on financing SMEs ,bring about job creation for the real sector and curb corruption .Good move |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by Lantosed: 9:10pm On Sep 13, 2015 |
rusher14:All this while the commercial banks have been enjoying free funds now the owner says to return those funds. The truth is this, the commercial banks have neglected one of their core functions which mobilisation of funds for the utilisation Of the real sector as loans and others. Now that they are exposed I guess they will get down to work then we can experience true development Ib this country called NIGERIA. @rusher14 ya post make sense. 2 Likes |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by 14(m): 9:27pm On Sep 13, 2015 |
mrvitalis: Thats what happens when the government feeds you with wrong stats. Ask yourself why South africa is able to raise $120billion and Nigeria can only raise $23billion. You see these number dont add up. 1 Like |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by 14(m): 9:35pm On Sep 13, 2015 |
bushdoc9919: Your economy is still majority informal, So if you cannot collect more than $23billion from that imformal economy, how did you calculate the GDP to be $509billion, unless you just estimated the numbers. Look what JP Morgan just did to Nigeria, it shows your ecomomy is on paper but in reality there is no money. JP Morgan kicked out nigeria in the government bond index, South africa still remains. Ask yourself why South africa as a smaller economy remain in the index while Nigeria has been kicked out. |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by kobilism(m): 9:43pm On Sep 13, 2015 |
No wonder one govt official in uyo came to withdraw over N16m on Thursday last week in my branch. |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by iomoge2(f): 10:19pm On Sep 13, 2015 |
shizzy7: Lmao. I wish |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by mrvitalis(m): 10:37pm On Sep 13, 2015 |
14:I was just give an estimation.. ... And was not saying I knew the numbers |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by billyG(m): 1:19am On Sep 14, 2015 |
Thank u Jah for sending PMB 2 us. |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by lagbaja(m): 4:22am On Sep 14, 2015 |
4Play: Lagbaja, why would governments borrow less and interest rates go down as a result of domestic banks lending less to the government? It is a rather glaring non-sequitur in your argument. The government borrows because it needs to make up the difference between its spending and its income. Reducing the pool of potential lenders to the government, as you acknowledge that Nigerian banks are a major lender to the government, would not reduce government bond yields but would increase it. Unless you are arguing that a major cause of our budget deficit is the lack of a TSA? I fail to see how that makes sense. The need for government to borrow arises from unremitted government incomes cornered by corrupt civil servants in collaboration with the Banks. How do you explain a scenario where it was reported a year ago that government funds in banks was only N1.3 trillion whereas actual amount was N2.6trillion and it went hidden even under CBN's radar. How do you track 20,000 accounts ? I would argue that the TSA is good in principle but it comes at a difficult time when the economy is weak and banks are facing currency risk in respect of their foreign denominated debt. It should have been phased in gradually or postponed to a more appropriate time It was phased under the last administration through the CBN's policy of reduction of Bank's holding of government funds to 50%, it failed woefully to address the issues of transparency at the MDAs. Note that this TSA stands to achieve 2 simultaneous objectives, that of freeing up more funds for government and the second of curbing corrupt enrichments by MDAs. Partial phasing or postponement can never achieve that. The best time is now when the economy is on its knees , salaries are owed and reserves are dried up. The argument that this will promote private sector lending does not wash with me. Reducing the total stock of deposits in the banking system would not necessarily increase private sector lending. I do not know of any example around the world where banks react to a shrinking of their deposit base by increasing private sector lending. In a perverse way, it may actually induce a higher proportional allocation of their loan portfolio to the government as the rising government bond yields, arising from lower demand for government bonds, proves a more enticing prospect. Banks are out to make profit. They cannot do that with idle funds sitting in their vaults. The banks would be awash with excess liquidity when they sell off the government bonds and treasury bills they are holding to augment the gap created by TSA implementation. Banks in other saner climes primarily makes money from retail credit facilitation not by round tripping government funds. The excuse of banks have been that Nigerians are credit defaulters, now that the BVN is in place, Let the banks commence the use of credit ratings of their customers and thereafter give more loans to move the economy forward. That is their core responsibility. I do not see how government bond yields will go higher if prudence is achieved via the TSA and other anti-corruption activities and blockage of leakages by the current government. The best way to curb this problem of government bonds "overcrowding" the debt market is for the government to reduce supply by borrowing less. This would require that it spend less and collect more tax. So long as those enticing government bond yields are on offer, banks will have no option but to shun private sector lending in favour of the safety of lending to the Federal Government. I agree with you on government reducing supply by borrowing less, now you see why TSA should have been implemented years back. The party is over for the banks, no more enticing risk free bond yields. By the way, you sound very much like a banker or a beneficiary of the current scenario. |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by tefund(m): 9:51am On Sep 14, 2015 |
refreshrate:Bros,calm down there is still hope 4 u,there is no paradise on earth even in America |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by refreshrate: 10:02am On Sep 14, 2015 |
tefund: I haven't had electricity at all in 10days cos nepa cable fell on one girl in unilag. She was still alive when they brought her to the health centre. The stupid doctor refused to handle the emergency cos of ID card. Here's the irony unilag blames the electricity company not their incompetent doctor and as a result refuse power to be turned back on cos the supply goes through their school everyone around unilag area is left without electricity since the day of the incidence Seriously where's the wisdom in this? Would such happen in a sane place? |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by ElFenomeno1: 10:08am On Sep 14, 2015 |
refreshrate: SMh.... Shouldn't be happening at all. What has happened has.... Though unfortunate, but must people now suffer because of that? Both parties are at fault here... I mean Unilag and the power holding company The primary aim of Doctors and Nurses should be to save lives...... Regardless of who it was, the doctor should have attempted to save her immediately.... Gross negligence and violation of practise code! The power company...... Could be held responsible if it can be proven that the wire that fell was poorly installed or has not been maintained! Conclusively, people shouldn't be suffering because two parties who are involved in a tragic accident are trading blame! |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by refreshrate: 10:30am On Sep 14, 2015 |
ElFenomeno1: You don't want to imagine how irritating this is. A girl was raped by her supposed guardian for admission he was hung out to dry. This incompetent buffoon costs a girl her life because he didn't see ID card unilag decides to hold the whole neighborhood ransom like seriously at this point am I still supposed to give two spoons about the girl? I've emptied the freezer cos of these nut jobs and I dare not restock Burning fuel everyday and next month I'm certainly still going to get a bill for electricity |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by ElFenomeno1: 11:07am On Sep 14, 2015 |
refreshrate: Unacceptable. |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by Myself2(m): 12:35pm On Sep 14, 2015 |
mrvitalis: Corruption and IGNORANCE Half of the 117 people that liked this quoted post don't even understand what you said |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by Keegan: 1:42pm On Sep 14, 2015 |
jusRadical: It's over 3 months already, are you so this senseless? So you think the country stops earning? |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by mrvitalis(m): 2:20pm On Sep 14, 2015 |
Myself2:Do u? |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by MISSNORA(f): 10:01pm On Sep 18, 2015 |
saintkel:busy dear... How r u |
Re: N2.6trn Govt Deposits In 20,000 Bank Accounts To Be Closed This Week by saintkel(m): 10:53pm On Sep 18, 2015 |
MISSNORA:have missed u so much my love |
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