Issues : Nigeria is in One Chance Hands of APC- Ayo Fayose

Issues : Nigeria is in One Chance Hands of APC- Ayo Fayose: The Election of President Muhammad Buhari and Ruling Party APC have been described as 'One Chance' situation for the Country. ...

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 Naira Freely Falling Falling

 

The Naira tumbled significantly at the parallel market on Thursday, hitting 391 against the dollar as foreign exchange scarcity continues to batter Africa’s biggest economy.

The currency appears to have entered into a free fall mode against the dollar at the black market, having lost 26 per cent of its value in less than two weeks.

The naira had exchange for 372 to one dollar on the streets of Lagos, Abuja and other major cities on Wednesday.

The local currency, which closed at 310 against the greenback last Monday, has been falling consistently and significantly in the past 11 days.

Forex dealers and financial experts linked the persistent fall of the naira to panic buying of the dollar and other major foreign currencies by importers, individuals and businessmen.

Bureaux De Change operators in Marina, Ikeja and Apapa in Lagos, and Abuja, told our correspondent on Thursday that there were no signs yet that the rising demand for forex, especially the greenback, would abate any time soon.

A BDC operator in Ikeja, Hamidu Bashir, told our correspondent that the high demand for dollar might decline over the weekend.

He, however, added that the high demand pattern would likely continue next week, a situation that might compound the naira’s woes.

According to a currency strategist at Ecobank Nigeria, Mr. Kunle Ezun, the falling naira-dollar exchange rate at the parallel market has to do with the fundamental problem of inadequate forex supply that the nation is grappling with.

He said, “Unless we do something about the supply problem we are having with the foreign exchange reserves, it is a simple and basic economics law – the demand is far above supply. We don’t have the forex supply that can match our demand. The naira may sell for over 400 against the dollar over the next weeks because it is still falling.

“In my own opinion, we may be forced to freeze importation of non-essential items in the near future. There are many solutions but a drastic action may have to be taken if things continue this way.” ###The Punch

TSA is curbing corruption- Kemi Adeosun

 

It is my singular honour and great pleasure to give this keynote address at the opening ceremony of this workshop on TSA concept, design, benefits and to share experiences of the Federal and States Government in the implementation of the project.

This workshop is expected to dwell further on current issues and challenges surrounding Cash Flow Management with a view to ensure scarce resources at the disposal of Federal, State and Local Governments are prudently and efficiently managed.

The organisation of this workshop is therefore, apt and timely especially at a time when the global economic downturn is creating challenges that demand efficient and effective management of cash resources.

The global economic challenges which are affecting our nation demand optimum efficiency in the management of public funds. These objectives require an overhaul of the financial management approaches adopted to meet financial obligations on time and ensure that cost effective financial support is provided to public institutions

Much has been reported and debated about the merits of TSA and the impact on the financial autonomy of the various arms of government and on the profitability of commercial banks. In practice, TSA is an essential reform for any government wishing to pursue fiscal sustainability and prudent management of its resources.

It increases accountability and transparency, improves the processing of payments and collections and reduces borrowing costs.
It is worth reiterating some of the key benefits of TSA that we have recorded to date:

TSA at Federal Level has allowed, for the first time, visibility of the total quantity of government funds at any point in time.
The balance, which changes daily as MDA’s remit revenues and make payments, according to the latest reports from CBN exceeds N2.2 Trillion. I can report that work is now ongoing within The Treasury, to determine how much of these funds can potentially be utilised to part fund the 2016 budget and how much relates to pending commitments. This, of course, will reduce the amount to be borrowed

The TSA has provided us with financial information on the revenues of agencies funded by government and has reduced revenue suppression. This information is being used to drive our programme to enforce compliance with the Fiscal Responsibility Act and ensure that Revenue Generating Agencies generate expected surpluses and remit to the Federal Purse.

TSA has eliminated opportunities for brokerage and other corrupt practices that previously encouraged agencies to accumulate funds with commercial banks rather than apply them to their intended uses. We believe that this will reduce payment delays to contractors, minimise late payment penalties and will consequently improve project completion times and service delivery.
TSA has corrected the practice of government borrowing short term funds at high rates of interest, whilst simultaneously having idle funds in various bank accounts.

By reducing the number of accounts in operation, monitoring and control has significantly improved.
I, therefore, urge the participants for this workshop to also discuss and brainstorm on ways and means of improving the revenue base of the country through full implementation of TSA and blocking of all leakages and improving the efficiency of revenue administration. The revenue base of the Country is still low and its administration still leaves room for improvement. This is bedevilled with a range of problems such as poor computerization, lack of skilled and dedicated employees, corruption, lack of awareness and of course unpatriotic conduct by some of the operators. This clearly indicates that the underlying assumptions underpinning the 2016 budget may only be realised with serious efforts put in place towards revenue efficiencies and expenditure discipline such as implementation of the TSA and Cash Management concepts by all tiers of government.

Therefore, I commend the efforts of the OAGF and organisers for hosting this very important workshop aimed at sensitizing the States Accountants-General on the need to key into the Treasury Single Account scheme of the Federal Government. I also wish to thank IMF (FAD Mission) for partnering with Federation Account Allocation Committee (FAAC) in this noble initiative. I may also emphasis that timing of this workshop cannot be more auspicious than now when the present Administration of His Excellency, Muhammadu Buhari, GCFR the President of the Federal Republic of Nigeria is vigorously pursuing the war against corruption.

As professionals in charge of Public Financial Management of your respective states, the ball is in your court and l hope you will take advantage of this workshop to clarify issues that have agitated your minds regarding the implementation of TSA. TSA will no doubt enables you to block all financial leakages and conserve more funds needed for development in your various States.
I am also aware that some states are already implementing TSA. I urge those states to kindly share their experiences with the rest of you so as to encourage those who are yet to decide to take their first step in this direction.

At the Federal Level, I can assure you that our experience has been worthwhile. TSA has Provided complete and timely information on government cash resources, Improved operational control on budget execution, Enabled efficient cash management, Reduced bank fees and transaction costs, Facilitated efficient payment mechanisms and it has also reduced the FGN Ways and Means requirement to bridge the budget funding gap.

Distinguished invited guests, participants, ladies and gentlemen. I have gone through the topics for discussion and the names of the distinguished speakers. It is remarkable that this initiative will come-up with ways of improving the efficiency of our scarce resources. I urge all participants to interact freely and share ideas that would improve transparency and accountability in the management of our nation’s scares resources. On this note, distinguished participants, ladies and gentlemen, I hereby declare this Workshop opened. I wish you fruitful deliberations.

Being text of an address by Finance Minister, Mrs. Kemi Adeosun, on the occasion of a Treasury Single Account (TSA) workshop for states’ Accountants-General held in Abuja. ## The Guardian

Budget Padding:

Buhari orders mass sackings at Budget

Office 

 

President Muhammadu Buhari has ordered the complete purge of the Budget Office because of the discrepancies and padding of the 2016 budget, The PUNCH has learnt.

Our correspondent gathered on Wednesday that the President handed down the directive following the embarrassment that the budget discrepancies had attracted to his government.

It will be recalled that Buhari had on Monday sacked Mr. Yahaya Gusau as the Director-General of the Budget Office for the same reason and approved the appointment of Mr. Tijjani Mohammed Abdullahi as his replacement.

But a top government official who pleaded anonymity told The PUNCH on Wednesday that the President was not yet done with the issue.

The source said Buhari had been properly briefed of the activities of government officials in the Budget Office who were described as “budget mafia” and accused of sabotaging the budget process.

He said that a decision had been taken that while many of the identified officials would be sacked, the remaining ones should be posted out of the office.

He added that the Head of Service of the Federation, Mrs. Winifred Oyo-Ita, had been directed to implement the presidential directive and communicate the decision to the affected officials.

The source said, “The President is really angry over the discrepancies discovered in the 2016 budget. It has been confirmed that it was a clear case of sabotage. It was said to have been carried out by a budget mafia whose members are strongly enshrined in the office.

“The President’s decision is that the former Director-General should not be the only casualty in this matter.

“He has ordered that the Budget Office should be purged. Many of the officials there will be sacked while others will be transferred to other places other than where they have already constituted themselves to a mafia.”

When asked when the President’s directive would take effect, the source said “it is with immediate effect.”

In sacking Guasu as DG, Budget Office on Monday, Buhari had also approved the appointment of Mr. Ben Akabueze as the Special Adviser on Planning to the Minister of Budget and National Planning.

Sources in the Presidency had, on February 6, alleged that a budget mafia planned to scuttle the innovations introduced by the current administration into the budget by inflating the figures.

A mafia was alleged to have proposed a budget of N9.7tn for capital and overhead spending, excluding personnel cost, as against the Presidency’s initial estimate of about N8tn.

The group was said to have proposed N3tn as overheads alone out of the N9.7tn, a figure the Presidency later slashed to N163bn.

The Ministry of Budget and National planning had also promised to investigate and punish those responsible for the errors and strange figures found in the budget, which was presented to the National Assembly by President Muhammadu Buhari in December, 2015.

The errors had delayed the passage of the budget with the federal legislature, saying the February 25 deadline it set for its approval was no longer feasible.

Segun Toriola makes history, qualifies for 7th Olympics

 

Nigeria’s table tennis star, Segun Toriola, on Thursday made history in Khartoum, Sudan when he booked a place at the 2016 Rio Olympic Games.

He will become the first African athlete to feature in seven Olympics when he lands in Brazil.

The former African champion defeated Togo’s Mawussi Agbetoglo 4-0 in the semi-final of the ITTF Africa Olympics Qualification Tournament. Toriola also defeated Congo’s Saka Suraju 4-1 in the final to win the men’s single title of the tournament.

The Nigerian contingent will be completed by Edem Offiong, who also qualified for the Games after beating Algeria’s Lynda Loghraibi 4-0 in the women’s singles semi-finals on Thursday. She also went on to win the women’s single when she defeated Tunisia’s Saidani Safa 4-0 in the final.

Nigeria will now have four places – same as Egypt – in Brazil. Quadri Aruna and Funke Oshonaike had earlier qualified for the Games in 2015.

Toriola now joins Sweden’s Jorgen Persson, Croatia’s Zoran Primorac and Belgium’s Jean-Michel Saive as the four players who have to date qualified for the table tennis events at seven consecutive Olympic Games.

The 41-year-old debuted at the 1992 Barcelona Olympics in Spain and since then he has been participating at every Olympics. He also holds the record as the most successful African table tennis player at the Olympics, when he made it to the fourth round of the men’s singles at the 2008 Beijing Olympics in China.

Toriola told the ITTF website that he was happy with the record.

He said, “I never believed I could be playing in my seventh Olympics of my career. I am happy that I made history as the first African to achieve this feat. It was a bit difficult for me because I played under a lot of pressure.

“I ensured I was not too confident in all my matches and I am glad that I made it and I hope to now focus on the preparation which is vital to me as well.”

Apart from the history he made, Toriola has also featured at four consecutive editions of the All Africa Games. He won the men’s singles at Harare 1995, Johannesburg 1999, Abuja 2003 and Algiers 2007 to become the first athlete to achieve such feat.##The Punch

Do It The Right Way- You Will Be Among The Greatest!

There is no Journey Upon This Earth
That a Man May not Make
No Desert He may Not Cross
All He has to do is to set His Earth on it
And Success will be Way.

Yes Success of greatest magnitude can be your but you must do it the right way the successful done it.
A lot of people up there have the ambition of being great in their various ways or line of business. Many of them have the abilities and capabilities of being greater than their mentors but unfortunately it has never worked well for them as expected.  Not that they are not brilliant or they are lacking in Certificates but they have not been doing it well like Bill Gate, Aliko Dangote, Mike Adenuga and Femi Otedola to mention a few.

Like I stated earlier that you can be greater than your mentor if you do it well better than your mentors. For instance, Well (M.K.O)Moshood Abiola was reigning and in Real Money there was no person like Aliko Dangote but today Aliko Dangote has passed a level Chief Moshood Abiola (M.K.O) could reach. Tomorrow can another history of another person and that person can be you. Did i hear you saying Amen?

Yes Amen! But you need to work and do it the Right Way for your Amen to actualise your dream.

Nothing  is free!

Net time we shall look into how will do it right this year to make your success in this year 2016.
Please never think of doing it in the dubious way because you don't need that way to do it.