GabrielSuswam:
Sack over 1million if possible...So Banks recruited based on Government Accounts? Our Banks were never private Sector Driven, That's why banks can never loan money to a poor fellow who wants to go into business even small scale business!! Over a trillion naira government money will be saved through TSA...

It's Just Like Saying we shouldn't have steady electricity supply in our homes because Generator importers and repairers might go out of business or Hungry...

Dear Buhari pls block all loopholes.. I'm tired of seeing government workers buying houses worth 800million in Asokoro,Wuse, Maitama n Gwarinpa...

Touche !
Nigerians tend to look at things with myopic eyes and maybe forget we are over 180 million in the country.

Flets:
There are many economic policies in the world today that can be adopted but its stupidity to think it would work in all type of economies.

Is maintaining TSA a good initiative - Yes.... just like many other good initiatives
What is the main aim of TSA - to ensure no leakages of govt revenue across various ministries and MDAs
Is it the only way to check and curb the leakages – NO
What is the economic impact of implementing TSA – It will significantly impact the middle class, bank workers and SMEs (Small and Medium term enterprises)

What could have been done? – FG could have first documented the unremitted FG funds with these banks (These funds were not missing… they are known and with the commercial banks). Then begin a GRADUAL withdrawal of the funds from these banks in the space of a year or two to allow them sufficient time to react and retain their staff.

This was exactly the reason why NOI under GEJ took a gradual implementation of the TSA policy in order not to collapse the middle class as is currently being witnessed.

Buhari needed a finance minister first before anything… the harm is done already. Nigerians will feel the pain.

SPOT ON

I pray they sack one particular loan manager in UBA who jacked my loan interests from 23% to 27%

Jwhizzy:


This is unnecessary sensationalisation. Besides, I am yet to see anyone give an objective analysis on how the TSA is responsible for the loss of almost 12,000 jobs in the banking sector.

Hypocrisy

Banks needs money to survive

Source of their survival is being shaken since agency no longer use their banks

Will they still allow pple with no duty to continue

luvinhubby:
11,600 is a very conservative figure, what banks in Nigeria will sack in next two months is in the range of 20,000 or above, so Nigerians should brace up for some financial ill winds from the banking sector.

you wicked oo ..hope nothing happens to my guys in banks

gnykelly:
yes they will sack. but they will be forced to lend entrepreneurs money.

From where?

A vast percentage of depositor funds in banks is from govt MDAs.

How many of your big men keep money in Nigerian banks?

What will transpire is higher interest rates and antecedent inflation.

GabrielSuswam:
Sack over 1million if possible...So Banks recruited based on Government Accounts? Our Banks were never private Sector Driven, That's why banks can never loan money to a poor fellow who wants to go into business even small scale business!! Over a trillion naira government money will be saved through TSA...

It's Just Like Saying we shouldn't have steady electricity supply in our homes because Generator importers and repairers might go out of business or Hungry...

Dear Buhari pls block all loopholes.. I'm tired of seeing government workers buying houses worth 800million in Asokoro,Wuse, Maitama n Gwarinpa...

Lol keep fooling yourself

U mean civil servants goto banks operating their agency acctand withdraw 800 million to buy house


It hw much they remit to the TSA that count
They would still steal if they want

Left to ur body odour bubu Kardashian to fish dem out

[size=18pt]3 to 4 mths down the line, the federal govt through the ministry of finance will partly rescind this policy by allowing a select few banks to hold and collect MDArevenue.

You can bet that Unity Bank (formerly bank of the north ) and Jaiz bank will make the cut!

This is just the Begining of northern consolidation of powere in all spheres![/size]

Wailers!! When this TSA news broke first and everyone was hailing it, they said it was a GEJ initiative. Now that this nonsense news with no credibility is flying around, it's a Buhari's thing. Very soon when we start seeing positive results from this TSA, it'll go back to being a GEJ thing.

The wrong way of doing things has eaten so deep in the fabric our society that when someone tries to do right, people complain/wail. How people do not see that this is to the benefit of every Nigerian in the long run is beyond me. That TSA money will still circulate, as long as it circulates it'll still end up in banks in the right way. Banks just enjoy money from govt because they know they can cut a deal with these officials to divert/keep some of these funds from public view, it's relatively easy money for them. Banks now have to work extra for their money, if they have to appeal to individuals to come use their banks they'll probably be forced to improve service (even though I have to say the banking sector in Nigeria is one of the best sectors in terms of customer service.. IMHO)

WombRaiders:


From where?

A vast percentage of depositor funds in banks is from govt MDAs.

How many of your big men keep money in Nigerian banks?

What will transpire is higher interest rates and antecedent inflation.

most5 banks makes hell of money from the forex windfalls through roundtrip they can use that to run lending. as govt intend to open up mining.

GabrielSuswam:
Sack over 1million if possible...So Banks recruited based on Government Accounts? Our Banks were never private Sector Driven, That's why banks can never loan money to a poor fellow who wants to go into business even small scale business!! Over a trillion naira government money will be saved through TSA...

It's Just Like Saying we shouldn't have steady electricity supply in our homes because Generator importers and repairers might go out of business or Hungry...

Dear Buhari pls block all loopholes.. I'm tired of seeing government workers buying houses worth 800million in Asokoro,Wuse, Maitama n Gwarinpa...

The Nigerian private sector economy is bank driven and a large chunk of these deposits come from govt. MDAs, TSA is a welcome development, but the issue is that it is better done in phased withdrawals that the shock impact can easily be cushioned by the banks without adverse effect on the workforce and economy.

With the JP Morgan bond index withdrawal and the aggressive TSA implementation, the stage is being set for banking collapse in Nigeria as both local and foreign source of credit facilities to Nigeria businesses and manufactures is being choked badly and i hope guys like you are prepared this.

mrmetoo1:
Wailers!! When this TSA news broke first and everyone was hailing it, they said it was a GEJ initiative. Now that this nonsense news with no credibility is flying around, it's a Buhari's thing. Very soon when we start seeing positive results from this TSA, it'll go back to being a GEJ thing.

The wrong way of doing things has eaten so deep in the fabric our society that when someone tries to do right, people complain/wail. How people do not see that this is to the benefit of every Nigerian in the long run is beyond me. That TSA money will still circulate, as long as it circulates it'll still end up in banks in the right way. Banks just enjoy money from govt because they know they can cut a deal with these officials to divert/keep some of these funds from public view, it's relatively easy money for them. Banks now have to work extra for their money, if they have to appeal to individuals to come use their banks they'll probably be forced to improve service (even though I have to say the banking sector in Nigeria is one of the best sectors in terms of customer service.. IMHO)

GEJ's policy for TSA was geared to revenue collection only !

The new TSA being rolled out mandates that all MDAs budgetary allocations as wells revenue be domicilled in one single account!

This is where the major difference lies!

gnykelly:


most5 banks makes hell of money from the forex windfalls through roundtrip they can use that to run lending. as govt intend to open up mining.

You forget that forex trading has become highly restricted under this current administration in order to stall the naira's devaluation.

And besides the economy is grinding to a halt and most entrepreneurs and govt contractors are not sourcing for forex as they used to.

gnykelly:
yes they will sack. but they will be forced to lend entrepreneurs money.

Which they will get from where pls?

Banks like zenith and fidelity can pull through by going to the SS and SE states respectively .

A bank like WEMA is destined for failure.

HzRF:

Lol keep fooling yourself

U mean civil servants goto banks operating their agency acctand withdraw 800 million to buy house


It hw much they remit to the TSA that count
They would still steal if they want

Left to ur body odour bubu Kardashian to fish dem out

Why The Insults? Pls

Seen...Thank You

luvinhubby:

Which they will get from where pls?

Thank you for asking the blind bat this question.

Flets:
There are many economic policies in the world today that can be adopted but its stupidity to think it would work in all type of economies.

Is maintaining TSA a good initiative - Yes.... just like many other good initiatives
What is the main aim of TSA - to ensure no leakages of govt revenue across various ministries and MDAs
Is it the only way to check and curb the leakages – NO
What is the economic impact of implementing TSA – It will significantly impact the middle class, bank workers and SMEs (Small and Medium term enterprises)

What could have been done? – FG could have first documented the unremitted FG funds with these banks (These funds were not missing… they are known and with the commercial banks). Then begin a GRADUAL withdrawal of the funds from these banks in the space of a year or two to allow them sufficient time to react and retain their staff.

This was exactly the reason why NOI under GEJ took a gradual implementation of the TSA policy in order not to collapse the middle class as is currently being witnessed.

Buhari needed a finance minister first before anything… the harm is done already. Nigerians will feel the pain.

1000001 likes

WombRaiders:
[size=18pt]3 to 4 mths down the line, the federal govt through the ministry of finance will partly rescind this policy by allowing a select few banks to hold and collect MDArevenue.

You can bet that Unity Bank (formerly bank of the north ) and Jaiz bank will make the cut!

This is just the Begining of northern consolidation of powere in all spheres![/size]

hmmmmmm!
this your hypothesis of Pmb
hian!

God Forbid ooo!

luvinhubby:

Which they will get from where pls?

in a capitalist economy banks are positioned not to fail. if the amount moved out of the bank is 10% of its current deposits. CBN will reduce cash reserve ratio by 10 basis point.

WombRaiders:


You forget that forex trading has become highly restricted under this current administration in order to stall the naira's devaluation.

And besides the economy is grinding to a halt and most entrepreneurs and govt contractors are not sourcing for forex as they used to.

you're right the CBN will relax on its monetary policy.

gnykelly:


in a capitalist economy banks are positioned not to fail. if the amount moved out of the bank is 10% of its current deposits. CBN will reduce cash reserve ratio by 10 basis point.

Face all directions, what is the percentage of MDAs funds being withdrawn (very huge), what is the effect of CBN reducing cash reserve ratio, inflation and a huge one at that and moreover, where will the banks get the cash to reserve at whatever ratio?
Guy this is bad news anyhow you look at it.

luvinhubby:

Face all directions, what is the percentage of MDAs funds being withdrawn (very huge), what is the effect of CBN reducing cash reserve ratio, inflation and a huge one at that.
Guy this is bad news anyhow you look at it.

brother it is not.

gnykelly:


brother it is not.

It is already, 11,600 middlemen gone.

The TSA implementation might hurt our economy in the short run but in the long run will help in establishing transparency and increasing the governments revenue. But it will affect the liquidity of the markets, since money in the reserves of the banks which actually belong to the government will be taken back. What would help to cushion the effect, will be for the CBN to reduce the cash reserve ratio of the commercial banks by 5% in order to allow for the banks to be able to acquire more liquidity. But unfortunately our OLODO APC government does not know this.

luvinhubby:
It is already, 11,600 middlemen gone.

the banks has not said they will sack hope you read the contents

gnykelly:

the banks has not said they will sack hope you read the contents

They have started sacking, 3 banks including Zenith sacked last week.

naijathings:
for every action.. there is an equal and opposite reaction. sometimes adverse reactions follow.

After u defined Newton third law of motion successfully,u dnt need to add impurities.

"sometimes adverse reaction follows"



Lolz

baralatie:


hmmmmmm!
this your hypothesis of Pmb
hian!

God Forbid ooo!

Dey there...

This is how Sanusi nearly destroyed SW interests in the banking sector.

How can Intercontinental Bank be in more serious threat than Unity Bank.

Think!

Whose responsibility is it to keep money for the government in d first place? Commercial banks have no business doing business with government money, dey are suppose to have their own Capital for investment, they should start looking at investing in housing, agriculture, granting loans to small n medium enterprise n other business they are supposed to do rather dan sit on government's money

shaddoww:
Whose responsibility is it to keep money for the government in d first place? Commercial banks have no business doing business with government money, dey are suppose to have their own Capital for investment, they should start looking at investing in housing, agriculture, granting loans to small n medium enterprise n other business they are supposed to do rather dan sit on government's money

You have no single sense at all.

Do you know the almighty US dollar is not minted or controlled by the US govt?

Do you know that the US Federal Reserves is a private entity owned by a conglomerate of Banks?

WombRaiders:

Dey there...
This is how Sanusi nearly destroyed SW interests in the banking sector.
How can Intercontinental Bank be in more serious threat than Unity Bank.
Think!

actually Pmb needs an economic Think tank