News
CITM demands measures to check loopholes hampering effective implementation of TSA
The Registrar/Chief Executive, Chartered Institute of Treasury Management (CITM), Olumide Adedoyin, on Wednesday said there were no proper safeguards in place to ensure the effective implementation of the Treasury Single Account (TSA).
Adedoyin, who addressed reporters in Abuja, also called for continuous training and retraining of personnel handling the process as some that are saddled with these responsibilities do not actually understand it effectively.
Also as a way to checkmate wastage in the system, he canvassed for laws governing procurement and other related issues to be further domesticated.
He said, “Like every government policy, the TSA as it is, is a function of just an account. It is not an app, it is not a policy, it is just an account. What the TSA tries to do is to make sure that the government has its resources in place and are able to know what they have at any given time.
“Now the first step the government was supposed to take was to do what we call cash pulling. Call up your resources from every bank into one single account. Once you do so, those bank accounts you have should not be closed down, rather you try to moderate them into receiving banks. “They receive on your behalf but you cannot disburse from those banks, while at the end of the day you just have an online real time balance to make sure that what comes in is being accounted for.
“That was supposed to be the function. But what we discovered at the end of the day was that there are some little processes and challenges within that platform because the back end for the audit was not adequately secured.
“So if you did not secure the back end, despite being able to make resources and bring those resources, then there is a little bit of opening in the back that could lead to hemorrhaging of resources and so on.
“I think as it is, we have actually reached out to the government on different fora, trying to make them understand that the importance of putting these back ends in check is quite necessary.
“Secondly we want to believe too that there must be an orientation of the continuous training and retraining of individuals. You would be surprised that some that are saddled with these responsibilities do not actually understand the process effectively.
“The problem as it is, is that there are no safeguards in place. We talked about preventive mechanisms. That as it is, is lacking. We talked about allowing treasury management to impact your cash management processes. That too is lacking.
“So these are those fundamental areas that we are concerned about. So that once you are able to make sure, for example, if X amount is budgeted for a project, how do you approach that project?
“For example you want to build roads, bridges, culverts, now you cannot release the funds for the completion of that road all at once, because it has a process of design, a process of building the culverts, bridges, your overlays and every other thing.
“What you need to do first and foremost, is to be able to design those projects with timelines. Once you design with timelines, release the funds that are responsible.
“Once those funds are released make sure they are tied to individual aspects of those contracts. While we are doing that, whatever you have as excess, invest those monies in very short term investment processes that would assist the process, either even if it is just on commercial papers or government bonds for that period, so that invariably the value of the money would not be lost.
“Once you do this effectively, it would be difficult for anybody to come back and start looking for variation on those jobs. these things you can put in place as one.
“Number two, if you need to make things work, you need to be radical about it. radical in the sense that the laws governing procurement and other things have to be further domesticated. What do I mean? You make sure that equipment and items that are bought on yearly basis that are being wished away could have a much longer lifespan.
“For example, in the office you keep buying photocopiers on a yearly basis. Of course you discover that the copier can even last you five to 10 years, when properly maintained.
“So those monies on those recurrent things that can be used beyond the length of those lifeshares could be ploughed back into the system. What happened to those monies? They get stolen and diverted.”
News
Lagos Assembly Power Struggle: GAC Poised to Unseat Speaker Meranda
The political turbulence in the Lagos State House of Assembly has taken a new turn as the Governance Advisory Council (GAC) moves to replace Speaker Hon. Mojisola Meranda, barely weeks after she assumed office.
This development follows the dramatic ousting of former Speaker Hon. Mudashiru Obasa on January 13, when 32 out of 40 Assembly members voted him out over allegations of fraud and abuse of power. While Meranda was quickly installed to restore stability, insiders suggest her leadership may be short-lived, as the ruling All Progressives Congress (APC) seeks a more politically strategic replacement.
A senior APC official revealed that Meranda was a stopgap choice, and the party leadership is now keen on restoring the Speaker’s position to Lagos West, where Obasa hails from.
To that effect, the GAC has drawn up a shortlist of eight lawmakers from Lagos West, out of which three will be nominated for the final selection: Hon. Setonji David (Badagry 2), Hon. Temitope Adewale (Ifako-Ijaye 1), Hon. Kehinde Joseph (Alimosho 1), Hon. Richard Kasunmu (Ikeja 2), Hon. Lukmon Olumoh (Ajeromi-Ifelodun 1), Hon. Age Sulaimon (Amuwo-Odofin 2), Hon. Surajudeen Tijani (Ojo 2) and Hon. Nureni Akinsanya (Mushin 2)
An anonymous lawmaker hinted at deeper political calculations at play.
“This isn’t just about Obasa’s removal; it’s about who controls the House and, by extension, Lagos politics. The APC leadership wants someone they can fully trust moving forward,” the lawmaker disclosed.
With GAC’s decision looming, tension remains high in the Assembly, as stakeholders brace for another potential shake-up in the state’s legislative leadership.
All eyes are now on the APC’s next move as the battle for control over Lagos’ most powerful legislative seat intensifies.
News
NLC Halts Planned Protest Over Telecom Tariff Hike, Sets Two-Week Deadline for Talks
The Nigeria Labour Congress (NLC) has put on hold its planned nationwide protest against the recent 50% increase in telecom tariffs approved by the Nigerian Communications Commission (NCC).
NLC President Joe Ajaero, speaking to journalists in Abuja, said the decision follows a meeting with federal government representatives at the Office of the Secretary to the Government of the Federation. He stated that the suspension allows for negotiations and the formation of a broader committee to review the entire tariff structure.
“We emphasized that the NLC is the largest organization in Africa, and no stakeholder consultation can exclude us and still stand. On that basis, they agreed to form a broader committee to ensure a fair and inclusive agreement,” Ajaero said.
The committee, comprising five representatives from both the government and the NLC, has been given two weeks to deliver its findings. The outcome will determine the next course of action, including the possibility of protests, boycotts, or service withdrawals.
With the NLC watching closely, all eyes are now on the committee’s deliberations to see if they will lead to a fair resolution—or if the labor movement will return to the streets.
News
Southeast Lockdown: Mass Sit-at-Home Signals Growing Secessionist Sentiment – USB’s Dr. Orabueze
A fresh wave of pro-Biafra agitation has taken center stage as the Deputy Prime Minister of the United States of Biafra (USB), Dr. Ngozi Orabueze, claims that widespread compliance with the Monday sit-at-home order across the Southeast and South-South regions is a sign that Biafrans have “rejected” the Nigerian government.
In a statement released on her official X account on Monday, Orabueze stated that 98 percent of the region’s residents voluntarily observed the stay-at-home directive, which has now run for over three years.
She described the ongoing protest as an “unofficial referendum” showcasing the people’s desire for self-determination.
“The voluntary Monday sit-at-home, agreed upon by almost 98 percent of citizens of the United States of Biafra today, February 3rd, 2025, recorded a massive success across the new state,” she said.
According to Orabueze, the continued protest strengthens the legitimacy of the USB under Simon Ekpa’s leadership while sending a strong message of discontent against the Nigerian state.
She vowed that the lockdown would persist until the release of IPOB leader Nnamdi Kanu and USB Prime Minister Simon Ekpa.
She further accused the Nigerian government of committing atrocities in the region, alleging that the military—under the directive of Defense Chief Christopher Musa and President Bola Tinubu—has been involved in extrajudicial killings.
“The Nigerian terrorist state continues to unleash violence on our people, but we are determined to defend Biafrans and ensure our freedom,” she added.
The sit-at-home protests, which began as a demand for Kanu’s release, have severely impacted economic activities in the Southeast, with businesses, transport systems, and markets shutting down every Monday.
While supporters hail it as a powerful act of resistance, critics warn that the continuous shutdown is crippling the region’s economy.
With rising tensions and no resolution in sight, the Biafra agitation remains a major challenge for the Nigerian government, which insists that the country’s unity is non-negotiable.
Meanwhile, Ekpa remains under scrutiny following his arrest in Finland last year, while Kanu remains in Nigerian custody since his controversial extradition from Kenya in 2021.
(Ends)
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