NewsExpress advert Yudala banner
SEC lists effect of TSA implementation on funding budget deficits

By News Express on 06/03/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,383


The Securities and Exchange Commission (SEC) says the Federal Government’s Treasury Single Account (TSA) implementation was affecting its ways of generating income through investment of savings to fund budget deficits.

The commission made the assertion in a statement on its website entitled ‘the Nexus between SEC and TSA.’

According to the statement, TSA is an initiative of the Federal Government being implemented through the office of the Accountant General of the Federation (AGF) as part of its Economic Reform Programme.

The statement also said it was a unified structure of Government Bank Accounts – a single account or a set of linked accounts for all government transactions.

It said that like many other initiatives, TSA came with the usual teething problems which included adjusting to the new ways and getting the procedures right.

“Another notable challenge was inability of the commission to directly invest its savings as was the practice to generate interest income to fund budget deficits.

“TSA will not only help government to unify banking arrangement but will give government oversight on cash resources, promote efficiency, transparency, accountability, reduce overall cost of government borrowing.”

It added that it would reduce idle cash balances of Ministries, Departments and Agencies (MDAs) funds in banks.

“The SEC is supervised by the Federal Ministry of Finance and as an agency of the Federal Government it is bound to comply with all directives.

“The TSA is one of such directives, hence the nexus between SEC and TSA.”

It explained that the commission was one of the first agencies to comply, adding that experience so far had proven that TSA was indeed a more convenient payment platform.

The News Agency of Nigeria (NAN) reports that Mr Mounir Gwarzo, SEC Director-General, recently expressed concern that TSA operation had greatly reduced the capital market regulator’s ability to be flexible.

Gwarzo had said that the commission was currently “running a very tight budget, given that the market has gone down and given that there are aspirations to move the market up, we have to set aside some amount of money.

“The budget of 2015, we had a projection of N6.9 billion as our income but we were only able to make N4.9 billion because of the state of the market.

“We no longer take our staff on overseas and local training and our earning are now 30 to 40 per cent less than we had in the past.” (NAN)

•Photo shows Mounir Gwarzo.

Source News Express

Posted 06/03/2016 05:28:04 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Death of Kogi governor’s ADC “an act of...

Alleged ATM Fraud: Customer threatens to sue GTBank,...

Christian Elders condemn Buhari’s lopsided appointments, urge Christians...

No going back on Made-in-Nigeria programmes, says FG...

Labour, Petroleum Ministers to meet with PENGASSAN today...

Random musings on constitutional amendments

UBA re-admitted into FOREX Market

2 bag 5 years imprisonment for N18m fraud...

Apprehend Kano bombers, APGA charges security agents, expresses...

Yuletide: Borno Police intensifies patrols, warns lawbreakers

Jubilant crowd, encomiums as Secondus storms Wadata Plaza...

FCTA demolishes Patience Jonathan’s property

 

Latest News Church invites couples to bring guns for blessing We lied about rescue of abducted school girls — Yobe Governmet •Apologises over misleading statement Senate wants missing Yobe schoolgirls rescued Yobe schoolgirls’ abduction: Has karma come for the APC government? Food disease claims over 172 lives in South Africa Japan, Ghana, Senegal, South Africa, Indonesia, others for Enugu Trade Fair Police gives 2 weeks deadline to criminals in Kaduna to repent Buhari, APC Governors meet in Presidential Villa Passage of PIB panacea for oil sector development — Kachikwu Lagos offers 15 per cent discount on land use charge Order of Elections: NASS can’t take away INEC’s powers — Jega •Asks FG, INEC to go to court EFCC recovers N102m for Agric Bank

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (326,350 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (318,057 views) Shameless Genevieve Nnaji exposes breasts in public (254,821 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (209,035 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (194,807 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (187,793 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (163,509 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (146,766 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (140,440 views) Lagos plane crash: Journalist releases victims’ names (129,632 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (128,117 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (123,187 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (34) Business (2,903) Business Verdict (34) Columnists (805) Complaints & Requests (94) Enterprise & Opportunities (203) Entertainment (446) Features (549) Global Business Monitor (226) International (1,799) Interviews (143) Live Commentary (28) Love Matters (105) News (33,054) Opinion (884) Pidgin (10) Politics (4,516) Religion (682) Sports (1,438) Stock Watch (28) AMA & Al Jazeera Global Update

 

 

Football president George Weah puts Liberian army to the test

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement