Nigeria’s Treasury Single Account (TSA) regime formulated by the Federal Government to shield its resources from pilfering may experience a flop, following hints that lenders are planning to stop the use of their platforms for TSA.

The grouse of the banks is the one percent transaction charge, based on the use of Remita, an e-payment and e-collection software, on their platforms.

From the transaction charge, 10 percent goes to the CBN; 40 percent goes to banks; while 50 percent goes to SystemSpecs.

Barely two months ago, the Senate passed a resolution asking the Federal Government to terminate the 2013 contract between the Central Bank of Nigeria (CBN) and SystemSpecs, developers of Remita.

Remita, an e-payments and e-collections software on a single multi-bank platform was developed by SystemSpecs and is used for Treasury Single Account.

“Banks want to pull out of TSA. This is the aftermath of the Senate’s decision on charges for transactions on TSA.

“The Treasury Single Account regime continues and nobody wants to pay the transaction fee for all collections. Like other bank products, Remita is just a software product designed by SystemSpecs and used on banks platforms”, an informed industry source told BusinessDay, yesterday.

According to the source, “the Central Bank of Nigeria got scared because it is not sure of what the National Assembly (NASS) wants to do, they stopped paying banks. Now banks are threatening not to allow TSA transactions on their platforms. This is a serious threat from banks. They want to stop using their platform for TSA”.

This resolution of the Senate was sequel to recommendations of the Senate Joint Committee on Finance; Banking, Insurance, and other Financial Institutions and Public Accounts, on the abuse and mismanagement of the Treasury Single Account Regime.

The Senate had resolved to halt further deductions the Federal Government could have paid of the N25billion contract sum to the platform provider, based on the charge of one percent transaction fee for all collections.

The Senate also asked the CBN to ensure that the total refund of the portion of the deductions were retained by the CBN and the Deposit Money Banks, (DMBs) and that evidence of compliance be to the appropriate Senate committee.

“TSA regime transaction fee of one percent for e-collection and transfer for any computation should be disregarded,” the Senate had said, just as it urged the CBN to carry out an in- house inquiry to sanitise its procedure for award of contracts, as well as identify the culprits in the purported contract.

The Senate had directed that N656.504million, instead of the claim of N7.650billion be provided as transaction costs for fund transfers and collections for the period ending November, 30, 2015.

“The amount was arrived at, using the upper end of the approved band of N700 per transaction for 937,869 transactions for the period between March 1 and November 30, 2015,” it added.

Another informed banking industry source said, “The implication of the stoppage of this is only better imagined than experienced, as it will bring national economic activities to a halt.”

The parties have argued that the one percent is fair, as the CBN governor during the senate hearing admitted that the next best alternative was priced at 1.9percent which is an international software, thereby negating the spirit of boosting indigenous capacity and the made in Nigeria campaign, a source close to this development said.

He said: “This means none of the TSA collection parties have earned fees for well over 400 days, since March 15, 2015, for providing collection services to the Federal Government when the platform began to track monies in Ministries, Departments and Agencies.”

According to him, “The fees include NPA duties, habour dues and levis; Custom excise duties, import and export duties etc; FIRS taxes; PHCN rates; FG School fees, including JAMB and WEAC; FRSC number plates etc, applicable vehicle and driver licensing fees, NYSC registration fees, Immigration passport services and other fees etc.

“The AGF said total inflow into the TSA was about N3 trillion mopped up from over 17,000 accounts of MDA’s. He added that the TSA has instilled fiscal discipline, and transparency.

“In fairness to the AGF in his submission to the Senate hearing late last year, the AGF argued that all parities to the collection deserve to be paid their dues.

“The Central Bank of Nigeria and the Accountant General of the Federation are in a dilemma over how to resolve this payment issue that has helped the Federal Government mop over N3 trillion into the TSA over a period of 12 months, ” our source further noted.

slimderek:
Buhari oooo
We are suffering

lilyaustine10:
pull out and get closed down. the banks are suppose to be helping the Goverment
Nonsense

slimderek:

This information is for Nigeria people alone

CORRUPTION & WASTAGE: Buhari And Jonathan, At A Glance. FACT IS FACT.

1] Jonathan sold Petrol at N87 while Buhari is selling at average of N300 & above, yet Buhari supporters think Jonathan was more corrupt and wasteful.

2] When Jonathan Budgeted N1bn for feeding in Aso-Rock in 2011, and N517m in 2015, APC cried wolf and now Buhari's budget for same is N1.7billion. Yet Buharists are mute and still think GEJ was more corrupt and wasteful.

3] Jonathan spent N1.4bn to service all presidential jets in one year while Buhari spends N6bn on same in 6month yet Buharists
think GEJ was more corrupt and wasteful.

4] Jonathan gave more funding to education while Buhari's 2016
budget favours Ministry of information more than education
yet Buharists think GEJ was more corrupt/wasteful.

5] Jonathan spent an average of N8million on each international
trip while Buhari spends an average of N55million on each
international trip, yet Buharists think GEJ was more corrupt and
wasteful.

6] Jonathan created Over 5.8millon jobs in 5yrs while buhari has
sacked over 2million workers in 8months. Check Federal
Bureau of Statistics.

7] Jonathan made Nigeria's economy the best in Africa and No 1 investment destination & quadrupled our GDP in 4yrs while Buhari has dragged Nigeria's economy down to 14th position in ranking in just 7months.

8] Jonathan left Naira exchange rate @ N185 to $1 but Buhari with his Adama and Eve economics has destroyed the Naira in just 8 months which now sells at N315 to $1.

9] It took Jonathan less than 2weeks to select his cabinet including foreign based technocrats while it took Buhari 6months to do same. Even with indicted people and no single economist among the 36 names.

10] Buhari claimed that subsidy was fraud (Who is subsidizing who@) but buhari has spent N1.2trillion on fuel subsidy in the last 5 months and still no fuel while all Buharists have suddenly gone dumb.

11] Buhari/APC accused Jonathan of corruption but have not been able to pin one stain on him, while Muhammadu Buhari himself followed the crowd that entered into the #DasukiGate.

12] Under Jonathan freedom and liberty of Nigerians was not determined by party affiliation, but today under Buhari his perceived enemies and political opponents are leveled with frivolous allegations of crimes and intimidated with either the EFCC or the DSS.

13] Buhari does not have an Honorary WAEC but bags an
illegal Honorary (Ph.D) from a university that have no PhD student and Not approved by NUC and yet Buharists respect his NEPA Bill more than GEJ's PhD.

14. Buhari used his secondary school principal's recommendation letter to become Military Head of State and again used Court Affidavit to become President and no one reminded him that these are the height of corruption.
He Refused to declare his assets public, suppressing the FOI and denied all his 81 election promises and stayed in the last 8 months blaming former leaders. Jonathan was in that position, he never complained or blamed anyone, but faced his work even when Buhari's disgruntled brother ensured that Nigeria will know no peace. - Hope For Nigeria

slimderek:

This information is for Nigeria people alone

CORRUPTION & WASTAGE: Buhari And Jonathan, At A Glance. FACT IS FACT.

1] Jonathan sold Petrol at N87 while Buhari is selling at average of N300 & above, yet Buhari supporters think Jonathan was more corrupt and wasteful.

2] When Jonathan Budgeted N1bn for feeding in Aso-Rock in 2011, and N517m in 2015, APC cried wolf and now Buhari's budget for same is N1.7billion. Yet Buharists are mute and still think GEJ was more corrupt and wasteful.

3] Jonathan spent N1.4bn to service all presidential jets in one year while Buhari spends N6bn on same in 6month yet Buharists
think GEJ was more corrupt and wasteful.

4] Jonathan gave more funding to education while Buhari's 2016
budget favours Ministry of information more than education
yet Buharists think GEJ was more corrupt/wasteful.

5] Jonathan spent an average of N8million on each international
trip while Buhari spends an average of N55million on each
international trip, yet Buharists think GEJ was more corrupt and
wasteful.

6] Jonathan created Over 5.8millon jobs in 5yrs while buhari has
sacked over 2million workers in 8months. Check Federal
Bureau of Statistics.

7] Jonathan made Nigeria's economy the best in Africa and No 1 investment destination & quadrupled our GDP in 4yrs while Buhari has dragged Nigeria's economy down to 14th position in ranking in just 7months.

8] Jonathan left Naira exchange rate @ N185 to $1 but Buhari with his Adama and Eve economics has destroyed the Naira in just 8 months which now sells at N315 to $1.

9] It took Jonathan less than 2weeks to select his cabinet including foreign based technocrats while it took Buhari 6months to do same. Even with indicted people and no single economist among the 36 names.

10] Buhari claimed that subsidy was fraud (Who is subsidizing who@) but buhari has spent N1.2trillion on fuel subsidy in the last 5 months and still no fuel while all Buharists have suddenly gone dumb.

11] Buhari/APC accused Jonathan of corruption but have not been able to pin one stain on him, while Muhammadu Buhari himself followed the crowd that entered into the #DasukiGate.

12] Under Jonathan freedom and liberty of Nigerians was not determined by party affiliation, but today under Buhari his perceived enemies and political opponents are leveled with frivolous allegations of crimes and intimidated with either the EFCC or the DSS.

13] Buhari does not have an Honorary WAEC but bags an
illegal Honorary (Ph.D) from a university that have no PhD student and Not approved by NUC and yet Buharists respect his NEPA Bill more than GEJ's PhD.

14. Buhari used his secondary school principal's recommendation letter to become Military Head of State and again used Court Affidavit to become President and no one reminded him that these are the height of corruption.
He Refused to declare his assets public, suppressing the FOI and denied all his 81 election promises and stayed in the last 8 months blaming former leaders. Jonathan was in that position, he never complained or blamed anyone, but faced his work even when Buhari's disgruntled brother ensured that Nigeria will know no peace. - Hope For Nigeria

inforesource:
Thieves, because it is not allowing them to cut corners.

cindybella101:
Cindybella was here

slimderek:

This information is for Nigeria people alone

CORRUPTION & WASTAGE: Buhari And Jonathan, At A Glance. FACT IS FACT.

1] Jonathan sold Petrol at N87 while Buhari is selling at average of N300 & above, yet Buhari supporters think Jonathan was more corrupt and wasteful.

2] When Jonathan Budgeted N1bn for feeding in Aso-Rock in 2011, and N517m in 2015, APC cried wolf and now Buhari's budget for same is N1.7billion. Yet Buharists are mute and still think GEJ was more corrupt and wasteful.

3] Jonathan spent N1.4bn to service all presidential jets in one year while Buhari spends N6bn on same in 6month yet Buharists
think GEJ was more corrupt and wasteful.

4] Jonathan gave more funding to education while Buhari's 2016
budget favours Ministry of information more than education
yet Buharists think GEJ was more corrupt/wasteful.

5] Jonathan spent an average of N8million on each international
trip while Buhari spends an average of N55million on each
international trip, yet Buharists think GEJ was more corrupt and
wasteful.

6] Jonathan created Over 5.8millon jobs in 5yrs while buhari has
sacked over 2million workers in 8months. Check Federal
Bureau of Statistics.

7] Jonathan made Nigeria's economy the best in Africa and No 1 investment destination & quadrupled our GDP in 4yrs while Buhari has dragged Nigeria's economy down to 14th position in ranking in just 7months.

8] Jonathan left Naira exchange rate @ N185 to $1 but Buhari with his Adama and Eve economics has destroyed the Naira in just 8 months which now sells at N315 to $1.

9] It took Jonathan less than 2weeks to select his cabinet including foreign based technocrats while it took Buhari 6months to do same. Even with indicted people and no single economist among the 36 names.

10] Buhari claimed that subsidy was fraud (Who is subsidizing who@) but buhari has spent N1.2trillion on fuel subsidy in the last 5 months and still no fuel while all Buharists have suddenly gone dumb.

11] Buhari/APC accused Jonathan of corruption but have not been able to pin one stain on him, while Muhammadu Buhari himself followed the crowd that entered into the #DasukiGate.

12] Under Jonathan freedom and liberty of Nigerians was not determined by party affiliation, but today under Buhari his perceived enemies and political opponents are leveled with frivolous allegations of crimes and intimidated with either the EFCC or the DSS.

13] Buhari does not have an Honorary WAEC but bags an
illegal Honorary (Ph.D) from a university that have no PhD student and Not approved by NUC and yet Buharists respect his NEPA Bill more than GEJ's PhD.

14. Buhari used his secondary school principal's recommendation letter to become Military Head of State and again used Court Affidavit to become President and no one reminded him that these are the height of corruption.
He Refused to declare his assets public, suppressing the FOI and denied all his 81 election promises and stayed in the last 8 months blaming former leaders. Jonathan was in that position, he never complained or blamed anyone, but faced his work even when Buhari's disgruntled brother ensured that Nigeria will know no peace. - Hope For Nigeria

slimderek:

This information is for Nigeria people alone

CORRUPTION & WASTAGE: Buhari And Jonathan, At A Glance. FACT IS FACT.

1] Jonathan sold Petrol at N87 while Buhari is selling at average of N300 & above, yet Buhari supporters think Jonathan was more corrupt and wasteful.

2] When Jonathan Budgeted N1bn for feeding in Aso-Rock in 2011, and N517m in 2015, APC cried wolf and now Buhari's budget for same is N1.7billion. Yet Buharists are mute and still think GEJ was more corrupt and wasteful.

3] Jonathan spent N1.4bn to service all presidential jets in one year while Buhari spends N6bn on same in 6month yet Buharists
think GEJ was more corrupt and wasteful.

4] Jonathan gave more funding to education while Buhari's 2016
budget favours Ministry of information more than education
yet Buharists think GEJ was more corrupt/wasteful.

5] Jonathan spent an average of N8million on each international
trip while Buhari spends an average of N55million on each
international trip, yet Buharists think GEJ was more corrupt and
wasteful.

6] Jonathan created Over 5.8millon jobs in 5yrs while buhari has
sacked over 2million workers in 8months. Check Federal
Bureau of Statistics.

7] Jonathan made Nigeria's economy the best in Africa and No 1 investment destination & quadrupled our GDP in 4yrs while Buhari has dragged Nigeria's economy down to 14th position in ranking in just 7months.

8] Jonathan left Naira exchange rate @ N185 to $1 but Buhari with his Adama and Eve economics has destroyed the Naira in just 8 months which now sells at N315 to $1.

9] It took Jonathan less than 2weeks to select his cabinet including foreign based technocrats while it took Buhari 6months to do same. Even with indicted people and no single economist among the 36 names.

10] Buhari claimed that subsidy was fraud (Who is subsidizing who@) but buhari has spent N1.2trillion on fuel subsidy in the last 5 months and still no fuel while all Buharists have suddenly gone dumb.

11] Buhari/APC accused Jonathan of corruption but have not been able to pin one stain on him, while Muhammadu Buhari himself followed the crowd that entered into the #DasukiGate.

12] Under Jonathan freedom and liberty of Nigerians was not determined by party affiliation, but today under Buhari his perceived enemies and political opponents are leveled with frivolous allegations of crimes and intimidated with either the EFCC or the DSS.

13] Buhari does not have an Honorary WAEC but bags an
illegal Honorary (Ph.D) from a university that have no PhD student and Not approved by NUC and yet Buharists respect his NEPA Bill more than GEJ's PhD.

14. Buhari used his secondary school principal's recommendation letter to become Military Head of State and again used Court Affidavit to become President and no one reminded him that these are the height of corruption.
He Refused to declare his assets public, suppressing the FOI and denied all his 81 election promises and stayed in the last 8 months blaming former leaders. Jonathan was in that position, he never complained or blamed anyone, but faced his work even when Buhari's disgruntled brother ensured that Nigeria will know no peace. - Hope For Nigeria

slimderek:

This information is for Nigeria people alone

CORRUPTION & WASTAGE: Buhari And Jonathan, At A Glance. FACT IS FACT.

1] Jonathan sold Petrol at N87 while Buhari is selling at average of N300 & above, yet Buhari supporters think Jonathan was more corrupt and wasteful.

2] When Jonathan Budgeted N1bn for feeding in Aso-Rock in 2011, and N517m in 2015, APC cried wolf and now Buhari's budget for same is N1.7billion. Yet Buharists are mute and still think GEJ was more corrupt and wasteful.

3] Jonathan spent N1.4bn to service all presidential jets in one year while Buhari spends N6bn on same in 6month yet Buharists
think GEJ was more corrupt and wasteful.

4] Jonathan gave more funding to education while Buhari's 2016
budget favours Ministry of information more than education
yet Buharists think GEJ was more corrupt/wasteful.

5] Jonathan spent an average of N8million on each international
trip while Buhari spends an average of N55million on each
international trip, yet Buharists think GEJ was more corrupt and
wasteful.

6] Jonathan created Over 5.8millon jobs in 5yrs while buhari has
sacked over 2million workers in 8months. Check Federal
Bureau of Statistics.

7] Jonathan made Nigeria's economy the best in Africa and No 1 investment destination & quadrupled our GDP in 4yrs while Buhari has dragged Nigeria's economy down to 14th position in ranking in just 7months.

8] Jonathan left Naira exchange rate @ N185 to $1 but Buhari with his Adama and Eve economics has destroyed the Naira in just 8 months which now sells at N315 to $1.

9] It took Jonathan less than 2weeks to select his cabinet including foreign based technocrats while it took Buhari 6months to do same. Even with indicted people and no single economist among the 36 names.

10] Buhari claimed that subsidy was fraud (Who is subsidizing who@) but buhari has spent N1.2trillion on fuel subsidy in the last 5 months and still no fuel while all Buharists have suddenly gone dumb.

11] Buhari/APC accused Jonathan of corruption but have not been able to pin one stain on him, while Muhammadu Buhari himself followed the crowd that entered into the #DasukiGate.

12] Under Jonathan freedom and liberty of Nigerians was not determined by party affiliation, but today under Buhari his perceived enemies and political opponents are leveled with frivolous allegations of crimes and intimidated with either the EFCC or the DSS.

13] Buhari does not have an Honorary WAEC but bags an
illegal Honorary (Ph.D) from a university that have no PhD student and Not approved by NUC and yet Buharists respect his NEPA Bill more than GEJ's PhD.

14. Buhari used his secondary school principal's recommendation letter to become Military Head of State and again used Court Affidavit to become President and no one reminded him that these are the height of corruption.
He Refused to declare his assets public, suppressing the FOI and denied all his 81 election promises and stayed in the last 8 months blaming former leaders. Jonathan was in that position, he never complained or blamed anyone, but faced his work even when Buhari's disgruntled brother ensured that Nigeria will know no peace. - Hope For Nigeria

Goke7:


campaigns are over, take your frustrations elsewhere

slimderek:

This information is for Nigeria people alone

CORRUPTION & WASTAGE: Buhari And Jonathan, At A Glance. FACT IS FACT.

1] Jonathan sold Petrol at N87 while Buhari is selling at average of N300 & above, yet Buhari supporters think Jonathan was more corrupt and wasteful.

2] When Jonathan Budgeted N1bn for feeding in Aso-Rock in 2011, and N517m in 2015, APC cried wolf and now Buhari's budget for same is N1.7billion. Yet Buharists are mute and still think GEJ was more corrupt and wasteful.

3] Jonathan spent N1.4bn to service all presidential jets in one year while Buhari spends N6bn on same in 6month yet Buharists
think GEJ was more corrupt and wasteful.

4] Jonathan gave more funding to education while Buhari's 2016
budget favours Ministry of information more than education
yet Buharists think GEJ was more corrupt/wasteful.

5] Jonathan spent an average of N8million on each international
trip while Buhari spends an average of N55million on each
international trip, yet Buharists think GEJ was more corrupt and
wasteful.

6] Jonathan created Over 5.8millon jobs in 5yrs while buhari has
sacked over 2million workers in 8months. Check Federal
Bureau of Statistics.

7] Jonathan made Nigeria's economy the best in Africa and No 1 investment destination & quadrupled our GDP in 4yrs while Buhari has dragged Nigeria's economy down to 14th position in ranking in just 7months.

8] Jonathan left Naira exchange rate @ N185 to $1 but Buhari with his Adama and Eve economics has destroyed the Naira in just 8 months which now sells at N315 to $1.

9] It took Jonathan less than 2weeks to select his cabinet including foreign based technocrats while it took Buhari 6months to do same. Even with indicted people and no single economist among the 36 names.

10] Buhari claimed that subsidy was fraud (Who is subsidizing who@) but buhari has spent N1.2trillion on fuel subsidy in the last 5 months and still no fuel while all Buharists have suddenly gone dumb.

11] Buhari/APC accused Jonathan of corruption but have not been able to pin one stain on him, while Muhammadu Buhari himself followed the crowd that entered into the #DasukiGate.

12] Under Jonathan freedom and liberty of Nigerians was not determined by party affiliation, but today under Buhari his perceived enemies and political opponents are leveled with frivolous allegations of crimes and intimidated with either the EFCC or the DSS.

13] Buhari does not have an Honorary WAEC but bags an
illegal Honorary (Ph.D) from a university that have no PhD student and Not approved by NUC and yet Buharists respect his NEPA Bill more than GEJ's PhD.

14. Buhari used his secondary school principal's recommendation letter to become Military Head of State and again used Court Affidavit to become President and no one reminded him that these are the height of corruption.
He Refused to declare his assets public, suppressing the FOI and denied all his 81 election promises and stayed in the last 8 months blaming former leaders. Jonathan was in that position, he never complained or blamed anyone, but faced his work even when Buhari's disgruntled brother ensured that Nigeria will know no peace. - Hope For Nigeria

slimderek:

This information is for Nigeria people alone

CORRUPTION & WASTAGE: Buhari And Jonathan, At A Glance. FACT IS FACT.

1] Jonathan sold Petrol at N87 while Buhari is selling at average of N300 & above, yet Buhari supporters think Jonathan was more corrupt and wasteful.

2] When Jonathan Budgeted N1bn for feeding in Aso-Rock in 2011, and N517m in 2015, APC cried wolf and now Buhari's budget for same is N1.7billion. Yet Buharists are mute and still think GEJ was more corrupt and wasteful.

3] Jonathan spent N1.4bn to service all presidential jets in one year while Buhari spends N6bn on same in 6month yet Buharists
think GEJ was more corrupt and wasteful.

4] Jonathan gave more funding to education while Buhari's 2016
budget favours Ministry of information more than education
yet Buharists think GEJ was more corrupt/wasteful.

5] Jonathan spent an average of N8million on each international
trip while Buhari spends an average of N55million on each
international trip, yet Buharists think GEJ was more corrupt and
wasteful.

6] Jonathan created Over 5.8millon jobs in 5yrs while buhari has
sacked over 2million workers in 8months. Check Federal
Bureau of Statistics.

7] Jonathan made Nigeria's economy the best in Africa and No 1 investment destination & quadrupled our GDP in 4yrs while Buhari has dragged Nigeria's economy down to 14th position in ranking in just 7months.

8] Jonathan left Naira exchange rate @ N185 to $1 but Buhari with his Adama and Eve economics has destroyed the Naira in just 8 months which now sells at N315 to $1.

9] It took Jonathan less than 2weeks to select his cabinet including foreign based technocrats while it took Buhari 6months to do same. Even with indicted people and no single economist among the 36 names.

10] Buhari claimed that subsidy was fraud (Who is subsidizing who@) but buhari has spent N1.2trillion on fuel subsidy in the last 5 months and still no fuel while all Buharists have suddenly gone dumb.

11] Buhari/APC accused Jonathan of corruption but have not been able to pin one stain on him, while Muhammadu Buhari himself followed the crowd that entered into the #DasukiGate.

12] Under Jonathan freedom and liberty of Nigerians was not determined by party affiliation, but today under Buhari his perceived enemies and political opponents are leveled with frivolous allegations of crimes and intimidated with either the EFCC or the DSS.

13] Buhari does not have an Honorary WAEC but bags an
illegal Honorary (Ph.D) from a university that have no PhD student and Not approved by NUC and yet Buharists respect his NEPA Bill more than GEJ's PhD.

14. Buhari used his secondary school principal's recommendation letter to become Military Head of State and again used Court Affidavit to become President and no one reminded him that these are the height of corruption.
He Refused to declare his assets public, suppressing the FOI and denied all his 81 election promises and stayed in the last 8 months blaming former leaders. Jonathan was in that position, he never complained or blamed anyone, but faced his work even when Buhari's disgruntled brother ensured that Nigeria will know no peace. - Hope For Nigeria