President Muhammadu Buhari says his administration has saved N2.2 trillion in three months through the enforcement of the Treasury Single Account (TSA). The president made the revelation in London during a meeting with Nigerians resident in the city on Thursday night.
President Buhari who was in the United Kingdom for the Supporting Syria and the Region Conference in London was speaking of the problems bedevilling the oil and gas sector of the economy which he said were part of the challenges he inherited upon an assumption of office.
“We are really in trouble. What we discovered was that we tried to enforce what we called treasury single account, TSA. And the reason was simple. This government did not initiate it. It was the previous government. But it was so unpopular to the bureaucracy and the previous government for its own reasons couldn’t enforce it. But when we came and found that we were broke, we said this is the way to do it. And I will just tell you two examples to convince you,” Buhari said.
“First, NNPC, the cow that was giving the milk had more than 45 accounts, ministry of defense, that is the military Army, Navy and air force had over 70 accounts. Tell me which account we can trace in these several accounts. So we enforce TSA. We said there must be TSA. “By the end of December, coming to January this year, that is last month, we mopped up more than N2.2trn which we have used through the bureaucracy system to raise vouchers and sign cheques so that they don’t go into the next budget.”
Speaking further on the state of the economy, the president revealed that some Nigerians were behind the crisis. According to him, most directors of the Central Bank of Nigeria (CBN) owned and operated some of the Bureau De Change outfits through which they raked in the foreign exchanges.
“We found out, when I say we, I mean present federal government, that some of the directors in the central bank own the bureau de change businesses. So when the foreign exchange comes, they take it and give government the change. So we stopped the Federal Government giving bureau de change foreign exchange. “Fellow country men and women, I am giving you a tip of the iceberg of the problem we inherited and we are getting so hard because we have no other way of running the country unless we make everybody accountable,” he said.
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Posted: at 6-02-2016 08:04 AM (9 years ago) | Addicted Hero
factfinding at 6-02-2016 08:13 AM (9 years ago) (m)
Keep up the good work but don't allow the recovered fund to go into the wrong hands again.
Posted: at 6-02-2016 08:13 AM (9 years ago) | Gistmaniac
Only a catalyst will reason with this man moves to restructure his predecesors irrational governace. But cankerworms, in their horrorsome habit will still fault this man efforts, because they edowed with evil inspration. When incompitence with his hollow agents recklessly sumersault our economy to unrecognised status, people like idiots, demented in their foolish hatred attacting PMB.
Posted: at 6-02-2016 09:47 AM (9 years ago) | Upcoming
lilchuks28 at 6-02-2016 10:33 AM (9 years ago) (m)
I laugh at you PMB. "Tell the people what they want to hear and they will praise u knowing fully well that nothing of such exist" that is the case with Nigeria as a country.
Posted: at 6-02-2016 10:33 AM (9 years ago) | Upcoming
akinmanchy at 6-02-2016 11:14 AM (9 years ago) (m)
Quote from: Angel on 6-02-2016 08:13 AM
Keep up the good work but don't allow the recovered fund to go into the wrong hands again.
U spoke well, God bless u. Meanwhile dis ur name wan look like @freethinker but the difference be say u get sense well well while @freethinker na one hell of a nonentity
Life na jeje so just try to take am softly
Posted: at 6-02-2016 11:14 AM (9 years ago) | Hero
Good one PMB, I had always know you will transform so many thing if not all..some miscreants are there to make sure all your good work has no result to show but the time has come.
Posted: at 6-02-2016 12:23 PM (9 years ago) | Hero
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