Fidelity bank banner UBA 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: 1,735


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

 

You may also like...
Delta: Uduaghan inaugurates, charges new Board members

Civil society takes on Delta Govt. over budget...

Ex-New PDP Spokesman Eze Chukwuemeka Eze escapes death...

Military warns new militant groups

Documents state Dokpesi’s complicity in N2.1bn ONSA fraud...

No NPFL without NNL, says NFF board member...

Nasarawa to partner China on Agriculture, other sectors...

Nigeria to increase mobile broadband subscriptions to 50...

Anambra Governorship: Obidigbo makes case for zoning

Sunny, hazy and cloudy conditions expected today

Igbo traditional rulers set to end Osu caste...

Outrage as hit-and-run driver kills masquerade

 

Latest News Over-population still a major challenge to Nigeria, Africa – Appiah 2019 Presidential Match: APC VS PDP, By Muhammad Ajah Crude Oil: A blessing too much News Express goes into magazine publishing; to debut at 2018 Anniversary Lecture Soldiers shoot, beat up traders in Lagos Lack of regular sex can lead to mental disorder in women — Psychiatrist N5.8bn Scandal: Make refunds, seek restitution now, PDP tells Osinbajo Police protest poor accommodation facilities in Imo Low voters’ turnout, malfunctioning card reader mar Kwara by-election Gunmen attack Rivers APC governorship candidate, Tonye Cole Zamfara: Gov Yari, Marafa fight over recruitment of 8,500 civilian JTF Bye-election: APC alleges invasion of Kwara communities by thugs

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (421,453 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (390,185 views) Shameless Genevieve Nnaji exposes breasts in public (323,111 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (271,690 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (244,260 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (227,540 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (209,147 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (190,699 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (175,985 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (168,628 views) Lagos plane crash: Journalist releases victims’ names (165,148 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (152,046 views)

 

Zenith Zero Balance First Bank banner

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (73) Business & Economy (3,796) Business Verdict (54) Columnists (964) Complaints & Requests (94) Enterprise & Opportunities (208) Entertainment (567) Features (669) Global Business Monitor (310) International (2,691) Interview (167) Live Commentary (28) Love Matters (146) Maggie's Blog (37) News (40,615) Opinion (1,142) Pidgin (13) Politics (7,760) Religion (901) Sports (1,776) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera