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Tag: treasury

  • Ambode approves treasury single account for Lagos’ transactions

    Ambode approves treasury single account for Lagos’ transactions

    Lagos State Governor Akinwunmi Ambode has approved the operation of a single account in the state effective from September 1.

    The development, it was learnt, was part of efforts to efficiently improve on the processes of revenue generation and collection as well as ensure proper accountability and transparency in all government accrued revenues.

    A statement by the Permanent Secretary/Accountant General, Mrs. Abimbola Umar, said the government took the decision to address the challenges previously faced with the operation of the multiple account system.

    Ambode said the operation of a Treasury Single Account (TSA), aside providing transparency and accountability, would also encourage tax payers to request for a single account before making their payments.

    Mrs. Umar added that the development was in line with the objective of the move by the All Progressives Congress (APC)-led Federal Government under President Muhammadu Buhari to ensure that all government revenue accrues to one consolidated account.

    “All the affected revenue collecting banks have been mandated to immediately close all the existing multiple revenue accounts domiciled in their banks to give room for a single revenue accounting system in line with the Accountability and Transparency Policy of the current administration.

    “With this development, it is expected that all parastatals, local governments and establishments will commence the operation of the TSA on September 1, 2015,” the governor was quoted as saying in the statement.

  • Treasury: Presidency tackles Jonathan’s minister

    The Presidency had asked former Minister and Deputy Chairman of the National Planning Commission (NPC), Abubakar Suleiman, to provide explanations about the $30 billion he claimed was left in the country’s coffers by the Goodluck Jonathan’s administration.
    The former Minister had faulted President Buhari’s claim that he inherited a virtually empty treasury from Jonathan.
    Senior Special Assistant on Media and Publicity to the President, Mallam Garba Shehu while speaking on Channels Television on Thursday insisted that the treasury has been emptied, and wondered why the media had not taken Suleiman to task to tender details of the $30b legacy. ‎
    “We talk about the foreign reserves and the commitment that are well beyond the capacity of the new government especially given the responsibility that has brought forward coming from the election.
    “Its a woeful situation and the President needs understanding and he needs help.
    “Coming into the election, there were all manner of promises that had been made (but) the ground reality is that you must read the books as handed over to you by the outgoing administration.
    “As you know, all of these things were kept late (such that) we were not allowed to see the skeletons in the cupboard until the very last minute.
    ‎”Therefore government itself needs time to to read and to understand where we are from the beginning and hope to build on all of that, ” Garba stated.
    ‎

  • Buhari: treasury virtually empty

    Buhari: treasury virtually empty

    President laments cash crunch on first day at Villa

    NIGERIA is broke. The treasury is virtually empty, President Muhammadu Buhari said yesterday – his first at the Aso Villa since his assumption of power on May 29.

    Besides huge foreign debts, there are unpaid workers’ salaries. This, to Buhari, is a “disgrace”.

    Buhari was speaking at a meeting with State House correspondents at the Villa.

    He said: “I hope we are starting and this culture developed, of 100 days, is bringing so much pressure, with treasury virtually empty, with debts in millions of dollars, with state workers and even federal workers not paid their salaries. It is such a disgrace for Nigeria. I think Nigeria should be in a position to pay its workers. This bad management that we find ourselves in, we really need your help to protect us from people before they match on us.”

    The chairman of Buhari’s Transition Committee, Alhaji Ahmed Joda, said in an interview published by Sunday Trust that former President Goodluck Jonathan’s administration left a debt of N7 trillion.

    “We were told at the beginning of the exercise that the government was in deficit of at least N1.3 trillion and by the end people were talking of about N7 trillion; everything is in a mess and these things have to be fixed,” Joda was quoted as saying.

    Vice President Yemi Osinbanjo said before the inauguration of the government that it would inherit a debt of $63 billion.

    But former Finance Minister and Coordinating Minster for the Economy  Dr Ngozi Okonjo-Iweala said the Jonathan administration had a debt of $21.8 billion.

    She said the $63.7 billion Osinbajo alluded to included loans taken by governments since 1960.

    On his appointment of Femi Adesina, Buhari said: “It is not by accident that I got the best of you to be the special adviser, one of the 15 aides I had to get clearance from the Senate to appoint. He is one of the best presidents of the Guild of Editors that I can have as special adviser. I brought one of the best of you so that he can consistently defend me against you.

    “Whether my job is a difficult one or easy is up to him, but I’m here to thank you in advance for  what good and ill you are going to do to me.

    “I have to quickly come and see you and welcome you to this place. I hope  what happened of recent between the former president and one of you will not happen between me and you.”

    Spotting a white Babanriga and white cap to match, President Buhari resumed duties for the first time in his office inside the Presidential Villa.

    Since May 29, Buhari and Vice President Yemi Osinbajo have used the Defence House, Abuja as their offices to allow renovation at the Villa.

    It was not immediately clear excatly when Buhari came into the expansive   office as the trekable distance between his official residence and office is not within journalists’ view.

    Besides, the list of visitors to the seat of power was unknown as reporters were not allowed to enter the President’s Office.

    But photographers and television cameramen had a field day, clicking away  before some of the meetings started.

    Osinbajo, who arrived at the Vice President’s wing of the Presidential Villa around 9.07 a.m, after spending a few minutes in his office, walked up to Buhari’s office.

    He acknowledged greetings from workers who trooped out from their offices to catch a glimpse of him. He was all smiles.

    The workrs, who reported early to work, were apparently glad that Buhari and Osinbajo had eventually resumed at the Villa after operating for three weeks at the Defence House, Abuja.

    At Buhari’s office, the two leaders met with some of the top presidential aides.

    Among those Buhari met with were Permanent Secretary of the Ministry of Defence, Ismaila Aliyu, who led security chiefs to brief the President on the security situation in the country.

    He also met with the Permanent Secretary of the Ministry of Foreign Affairs and later the Governor of the Central Bank of Nigeria (CBN), Godwin Emefuele.

    After the meetings in his office, reporters met Buhari around 5.30 p.m when he came to the Press Centre to meet with accredited State House correspondents.

    He was in the company of State Chief of Protocol Lawal Abdullahi Kazaure, Special Adviser on Media and Publicity Femi Adesina and Senior Special Assistant on Media and Publicity, Garba Shehu.

    Buhari spent 25 minutes with the State House correspondents, shaking hands with them and posing for photographs with the over 80 journalists in the hall.

     

  • CBN to raise N120.5b treasury bills next week

    CBN to raise N120.5b treasury bills next week

    The Central Bank of Nigeria (CBN) has said it plans to sell N120.52 billion of three-month, six-month and one-year Treasury bills on June 24, the bank said.

    The bank said in a statement it would sell N31.19 billion worth of the three-month paper, N39.33 billion of the six-month bill and N50 billion in the one-year debt next week, using the Dutch auction System.

    At an auction later, the bank is offering N143.64 billion worth of Treasury bills of tenors ranging between three-month and one-year.

    In addition, a total of N80 billion worth of Treasury bonds with maturities between five-year and 20-year are also on offer at the same auction. The results of both auctions will be published today.

  • Those who wish to hijack Rivers treasury’ll fail, says Amaechi

    Rivers State Governor Rotimi Amaechi has declared that those who wish to hijack the state’s treasury will fail.

    Amaechi spoke yesterday at the Government House, Port Harcourt, while signing into law the 2015 Appropriation Bill of N338 billion.

    The Rivers governor assured the people that his administration would continue to be purposeful in expending the state budget, stressing that his government had been frugal with the state’s funds.

    He said: “We will implement this budget until May 29. Nobody can say that we did not perform, from education to health, when people say our legacy is education, I laugh. The health centres that we have built all over the state are there as projects that will be remembered by all. The roads, if you remember when we took over, how narrow our roads were and how many roads we had in the state.”

    Amaechi said he could account for how funds were spent on various projects.

    The Rivers governor said: “Let me thank the House for the opportunity to sign one more budget before I depart from office. I am excitedly looking forward to departing from this office, because it is extremely tedious, but I must thank you that all efforts at breaking down the House and government were not successful.

    “You can see that my brother and friend in Ebonyi State is battling with the same people. The same people who do not obey laws are battling him in Ebonyi. They tried it in Adamawa State in the same illegal manner, they removed the governor. Here, they were not successful. Let me, on behalf of the Rivers people, my family, that is, my wife and children, thank all members of the Rivers State House of Assembly.”

    Amaechi urged Rivers people to vote for the governorship candidate of the All Progressives Congress (APC), Dr. Dakuku Peterside, and rescue the state from the hands of those he described as intending hijackers of the state’s treasury.

    He berated the Rivers governorship candidate of the Peoples Democratic Party (PDP), Chief Nyesom Wike, and described him as unfit for governorship in Rivers State.

    Amaechi said: “I do not have mansions as they have. They have mansions, even behind the Government House (in Port Harcourt) and they are not ashamed. I have not done a contract, neither have I taken Rivers State government money and refused to execute the job. I have said here that Nyesom Wike has the contract to do the road project inside the stadium (Adokiye Amiesimaka). He has abandoned the contract. He has taken N3.5 billion and abandoned the job. He has not addressed that and then he is accusing us. That is, I am talking about abandoned contracts.

    “I have told Rivers people that the road from Eneka to Rukpokwu was done by Nyesom Wike. The road is completely in a state of disrepair. That same man is going to Rumuagholu and saying he will do road. He wants me to name the companies that he used to do the roads? The worst thing that can happen to a people is for the governor to be a contractor. The moment the governor is a contractor, then everything is finished. That means what you are seeing is an attempt to hijack the treasury of Rivers State and we would not allow that. Please go home and campaign for an APC government, go home and campaign for Buhari.”

    Prior to the presentation of the Appropriation Bill for the governor’s assent, the Leader of the House of Assembly, Chidi Lloyd, who represents Emohua, expressed the House’s appreciation for the amount allocated to capital and recurrent expenditures.

    Lloyd said the state’s  capital expenditure of N219 billion and recurrent expenditure of N119 billion appealed to the Assembly, which earlier passed the budget after closely studying it.

    Commissioner for Finance Dr. Chamberlain Peterside said the Amaechi administration would continue to pay salaries, pensions and conduct the business of government within the appropriation law.

  • Australia’s treasury wines estates in bidding war

    The world’s biggest listed winemaker, Australia’s Treasury Wine Estates (TWE), has received a second multi-billion-dollar takeover bid for its business.

    The offer is worth A$3.4billion (£1.88billion; $3.17billion) and has come from an as-yet unnamed global private equity firm.

    Earlier this month, the US private equity giant KKR launched a renewed bid for the winemaker.

    TWE owns brands such as Wolf Blass, Rosemount and Lindeman’s.

    It is also behind Australia’s most recognised winemaker, Penfolds.

    The second investor to make a bid for the winemaker has requested that its identity remain confidential for the moment.

    KKR’s bid earlier this month is a joint venture with fellow US private equity firm Rhone Group.

    It has been closely watched by private equity firms since it was spun out from Fosters group in 2011″

    TWE has a turbulent history and is currently undergoing restructuring that will see 175 job cuts.

    Last year, the firm sold 385 million bottles and recorded revenues of A$1.76billion.

    “It has been closely watched by private equity firms since it was spun out from Fosters group in 2011,” said market strategist Evan Lucas at IG Markets in Melbourne.

    “Drinking habits globally have also seen wine moving up the list in liquor consumption, while brands such as Penfolds and Seppelt demand premium on the global stage.

    “And that is where private equity firms see value,” he said.

    TWE was formed in 1995 as the wine division of Australia’s Foster’s group

    In June last year, the group was forced to destroy A$34million worth of unsellable wine.

    The move was a result of disappointing sales in the US, where domestic crops performed well and where wine does not demand the premium price it does in Asia.

    The firm has also seen disappointing results in Australia, with falling volumes domestically and lower-than-expected sales in China amid the government’s austerity drive there.

    But Mr Lucas said the mainland remained a strong market for Australian and New Zealand wine and that markets including Japan and South Korea would help offset any slowdown in China.

    “The wine industry continues to see growth despite global downturns,” he said.

    “Drinking habits in Asia have continued to drive demand for Australian and New Zealand wines, plus both countries still derive most of their earnings from the domestic market, which remains a constant for the bottom line.”

  • Total Treasury Bills sales hit N750b

    Total Treasury Bills sales hit N750b

    Treasury bills (T-Bills) subscribers committed a total of N750.98 billion to the instrument as at the second quarter which ended in September, a report by the Central Bank of Nigeria (CBN) has said. It said bills of various maturities, ranging from 55 to 227 days, were used for liquidity management.

    According to the report, the total T-Bills subscription stood at N1.5 trillion, compared with N2.7 trillion and N4.2 trillion allotted and subscribed to in the preceding quarter.

    It said the bid rates ranged from 11.50 to 14 per cent, while the stop rates ranged from 12 to 13.20 per cent, compared with 11.500 to 13.299 per cent in the preceding quarter. Matured bills worth N1.5 trillion were repaid during the period, resulting in a net injection of N778.40 billion.

    It also said the total volume of currency in circulation within the economy rose by 3.4 per cent to N1.47 trillion at the end of third quarter, the Central Bank of Nigeria (CBN) has said.

    In a report obtained by The Nation the apex bank said the increase is in contrast to the decline of 5.5 and 1.1 per cent at the end of the preceding quarter and corresponding period of 2012, respectively.

    It said the development, relative to the preceding quarter was attributed, largely, to the 3.5 per cent increase in currency outside the banks.

    It explained that the value of Commercial Paper (CP) held by the banks rose by 94.1 per cent to N29.1 billion by September, compared with N15 billion at the end of the preceding quarter.

    The development was due to the increase in holding of CP by the banks during the review period adding that the CP constituted 0.44 per cent of the total value of money market assets outstanding, compared with 0.23 per cent at the end of the preceding quarter.

    “The value of BAs held by DMBs increased by 53.2 per cent to N24.5 billion at the end of the review quarter, compared with the increase of 58.1 per cent at the end of the preceding quarter. The development reflected increase in investments in BAs by the banks. Consequently, BAs accounted for 0.37 per cent of the total value of money market assets outstanding at the end of the review quarter, computed with 0.24 per cent at the end of the preceding quarter,” it said.

    According to the report, the primary market segment, treasury bills of 91-, 182- and 364-day tenors, amounting to N739.37 billion, N1.8 trillion and N739.37 billion, were offered, subscribed to and allotted, in the third quarter of the year, compared with the respective sums of N1 trillion , N1.7 trillion and N1 trillion in the preceding quarter.

     

     

  • ‘Anti-Amaechi forces after Rivers’ treasury’

    The Chairman, Senate Committee on Petroleum (Down-Stream), Senator Magnus Abe, has said those fighting Rivers State Governor Chibuike Amaechi are only after the state’s resources.

    Abe, who represents Rivers Southeast, spoke at Nchia, headquarters of Eleme Local Government, during a public hearing on a bill for a bye-law.

    It was organised by the Eleme Local Government Legislative Assembly.

    He said: “The reason, I know all these, is because the governor is vocal, he speaks his mind on issues. Some people are interested in getting control of the Rivers State Government by hook or crook, not because they love the state, not because they even hate Amaechi, but because they want to be the ones to control the state’s resources.

    “For the past six years, we are witnesses to what our resources have been used for. Those things would not have been possible if the Rivers State’s resources are not in the hands of those who think that the people matter more than the big men.”

    While urging the indigenes to be on the alert, Abe said security had been compromised in the state, stressing that the police have become more interested in the politics of the state than in security.

    He lauded the decision of the National Assembly to take over the functions of the Rivers State House of Assembly, saying it was taken so that frayed nerves could calm down while mature minds look for a solution to the crisis.

    Abe said: “Thankfully, the National Assembly has taken over the legislative functions of the House of Assembly. It is done to solve the problems, so that mature heads will look for a solution that will restore constitutional rule.”

    A Commissioner in the Rivers State Civil Service Commission, Chief Bebe Okpabi, thanked the senator for providing quality representation for the people of Rivers Southeast and hailed him for the water projects and bags of fertiliser provided for the people.

    The Chairman, Eleme Local Government, Oji Ngofa, pledged the commitment of the people to Amaechi and Abe.

  • Treasury raiders

    Nigeria bears the bold stamp of a rogue country because its leaders are unashamedly and bold-facedly roguish. Today we seem to pick up all international silverware in the most abhorrent and detestable conducts while we take the rare in most human development indices as measured by the United Nations. Consider this checklist: most corrupt country, we are in the top league; worst place to be born, we lead; infant and maternal mortality, we are in top bracket. We also lead among countries with the least school enrolment; countries with the most impoverished population and countries with the highest polio virus prevalence.

    There are other more elegant but damning indicators like Nigeria being among the leading private jet owners; country with the highest importation of rice and wheat; country least conducive for setting up business and country with the highest crude oil theft to name just few. But the other day, we earned more laurels: Nigeria has been named as running the most expensive democracy in the world and our lawmakers stand out singularly as the highest paid globally.

    This new ‘feat’ is coming from no mean quarters than The Economist of London, the supercilious 170-year old quality weekly. In a survey of 28 countries across the world drawing data from various sources like the Independent Parliamentary Standards Authority; government websites, IMF and its in-house database, The Economist found that Nigerian lawmakers are by a wide margin, the highest paid in the world. Nigeria tops the table with Kenya in a distant second and Ghana third. The study found that Nigeria’s federal legislators earn a basic salary of $189,500 per annum which the magazine converts to be N30.6 million.

    The survey matched the basic salary of legislators against each country’s Gross Domestic Product (GDP) per person and found that a Nigerian lawmaker’s basic pay is 116 times the country’s GDP per person which stands as $1,600. The $189,500 basic pay of a Nigerian lawmaker is about 52 per cent higher than a Kenyan’s ($74,500) which came second. Of course, Nigeria beats legislators from even highly developed countries of the world like USA, Germany, Japan, Canada, Singapore, France, Britain, Israel, Italy, Spain, Australia, South Africa, etc. We beat even oil-rich countries like Saudi Arabia and Indonesia. While most other countries’ legislature pay is almost proportionate with the per capita income (PCI), especially the highly developed countries, the pay in Nigeria and by a lesser extent, Kenya and Ghana seem to have no relationship with PCI.

    The Economist has done nothing new. As Hardball can confirm, it has only added a global comparison to what we have been shouting about since 1999. Our National Assembly (NASS) has since the beginning of the current republic, continued to evolve as a conclave of such characters we are too dignified to mention on this page. They have relentlessly and remorselessly grown into a cabal of treasury raiders. The governor of the central bank once accused the NASS of cornering about 25 per cent of the GDP but they kicked and cried and almost ate him raw. They have renounced this survey but they never present counter figures. They live in denial and wish hypnotism upon the rest of us.

    But the truth is that we, Nigerians do not know how much our legislators earn, even down to the state houses of assembly. Their emoluments are the best kept secrets in the world and beyond the basic pay as The Economist has shown, no system in the world can fathom their benefits, bonuses and ‘perks’ which are indeed the cause celebre. Beyond the out-of-the-world booty they award themselves, Nigerian lawmakers have perfected a method of stupendously enriching themselves through extortionate ‘over-sighting’ and the other contraption they call constituency fund.

    Two consequences of the lawmakers’ misbehaviour are that Nigeria is perpetually embroiled in budget crises and the MDAs are never put through proper over-sight. Verdict: the NASS has managed to ‘legitimise’ a vastly corrupt system with viral consequences on the polity. Do we need further explanations why Nigeria is in a shambles?

  • Extend the death penalty to treasury looters

    Extend the death penalty to treasury looters

    SIR: “No one can be a billionaire in Nigeria today without being corrupt. If you are a businessman, you would have evaded tax or other levies like import duties with the active connivance of those in charge”…Prof Bolaji Akinyemi.

    A few days ago, the media reported that Bayelsa state Governor Mr. Seriake Dickson has signed into law The Anti-kidnapping and Connected Matters Law. The law is said to impose the maximum punishment of death without an option of fine on any convicted kidnapper. Of course, kidnapping is a condemnable offence in any society in view of the embarrassment to the nation and psychological trauma to the victim and family of the victim.

    Today kidnapping has assumed an alarming dimension in the Nigeria. For instance, the mother of finance minister, Dr Ngozi Okonjo Iweala was kidnapped, the Nollywood actress and Special Adviser to Gov Okorocha was also abducted and lots of others. It is an open secret that ransom is paid to secure the release of the captives.

    After all there are news report that kidnappers often smile to the bank or where the money is lodged to enable them claim it before releasing the captives. Evidence has shown that graduates, undergraduates, serving and retired military personnel mastermind some of these kidnap. The conclusion is that poverty has overwhelmed the entire nation. And this is caused by massive looting of the nation’s treasury that is gradually becoming a family affair among a certain clique.

    It is equally no longer news to hear a public servant or political office holders arraigned for offences of Corrupt Practices like embezzlement of public fund. Indisputedly, our greatest problem today as a nation is corruption. Individuals now build plazas, hotels, estates, mega stations and oil depot from looted public funds whereas government cannot even build a block of toilet. The looters become proprietors of private schools and charge exorbitant school fees. Infact, the easiest way to join the league of millionaires (or billionaires) is to loot the treasury.

    Despite these heavy looting, it is the fowl thieves, handset thieves, pick-pockets that get maximum prison sentence. The treasury-looter gets off the hook through plea bargain; a concept that has abused through wrong application in Nigeria.

    It is commendable that Bayelsa State governor signed into law, death sentence for kidnappers. Let me quickly add that treasury looters also deserve such punishment because they do more damage than kidnappers. The treasury looters divert money meant for pensioners, money budgeted to buy drugs, books, rehabilitate our roads, provide potable water, revamp our ailing industries.

    I call on the National Assembly to compliment the step taken by National Judicial Council by amending our laws to provide for death penalty for treasury looters. The NJC just sacked three High Court Judges; let us have speedy amendment of the Penal code, Criminal code, EFCC Act, ICPC to provide for death penalty so that resources won’t vanish like smoke into thin air. The obsolete Sections in our penal laws should be amended to conform to present trend.

    So it’s unfair to have death penalty for kidnappers alone. The sooner we impose capital punishment for treasury looters, the better for our nation.

    • Danlami Alhaji Wushishi

    Minna