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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.”
The Obidient Movement, led by Dr. Yunusa Tanko, has issued a press statement condemning the circulation of false social media posts attributed to Senator Datti-Baba Ahmed. The fabricated posts, which have gone viral, are described as part of a deliberate smear campaign aimed at damaging the Senator’s reputation.
The movement clarified that Senator Datti-Baba Ahmed does not operate any social media accounts, making all attributed posts entirely baseless. During a recent press conference, the Senator unequivocally dissociated himself from these claims and urged the public to disregard them.
“This is a targeted attempt to tarnish the Senator’s image and credibility,” Dr. Tanko stated.
The Obidient Movement has called on its supporters and the public to remain vigilant and proactive in addressing the issue. They urged people to ignore, counter, and report the false posts whenever they appear.
The statement concluded with an appeal for continued support and collaboration in combating misinformation, reinforcing the movement’s commitment to truth and integrity.
The Senate has granted approval for a $2.09 billion (N1.767 trillion) loan requested by President Bola Tinubu to address the N9.7 trillion deficit in the N28.7 trillion 2024 budget. The decision was made during Thursday’s plenary, just 48 hours after the request was submitted to the National Assembly.
President Tinubu, in letters to both chambers of the legislature earlier this week, highlighted the importance of the loan for financing key projects and programs critical to national development.
Following the request, the Senate assigned its Committee on Local and Foreign Debts, led by Senator Aliyu Wammako (APC, Sokoto North), to review the proposal. Presenting the committee’s report, Senator Wammako described the loan as vital for implementing the Debt Management Strategy, reducing borrowing costs, extending debt maturity, and bolstering Nigeria’s external reserves.
The committee recommended raising the loan through Eurobonds or similar international financing instruments, subject to market conditions. It also suggested that any excess funds from exchange rate adjustments be directed toward capital projects in 2024 to support infrastructure and economic growth.
The Senate approved the loan unanimously, with no objections raised during deliberations. Deputy Senate President Jibrin Barau, who presided over the session, commended the Wammako-led committee for its swift and thorough handling of the proposal.
This loan approval is part of the government’s broader strategy to bridge fiscal gaps while focusing on developmental priorities and economic stability.
Simon Ekpa, a Finland-based pro-Biafra agitator, has been arrested and detained by the Päijät-Häme District Court in Finland on charges of inciting public crimes with terrorist intent.
The alleged offence reportedly occurred in Lahti on August 23, 2021. Finnish authorities apprehended Ekpa on Monday, November 19, marking another chapter in his history of legal confrontations.
A source confirmed Ekpa’s arrest, noting, “He was arrested three days ago. But this is not the first time. He will likely be questioned and released soon.” Ekpa was previously detained in 2023 on suspicion of fundraising fraud but was released the same evening.
The Finnish National Bureau of Investigation (NBI) has also requested the detention of four additional suspects in connection with terrorism-related charges.
Ekpa has gained notoriety for his leadership of a Nigerian separatist group advocating for an independent Biafran state in southeastern Nigeria. Finnish authorities allege that he used social media platforms to coordinate actions that resulted in violence against civilians and authorities in Nigeria.
Detective Chief Inspector Otto Hiltunen of the NBI stated that the investigation focuses on a Finnish citizen of Nigerian descent, born in the 1980s, suspected of public incitement to crimes with terrorist intent.
Meanwhile, the Nigerian government has continued to engage the Finnish government through the European Union (EU) to extradite Ekpa. In August, Nigeria’s Defence Headquarters emphasized the dual approach of diplomatic engagement and sustained military operations against the Indigenous People of Biafra (IPOB) and its armed wing, the Eastern Security Network (ESN).
Director of Defence Media Operations, Major General Edward Buba, reiterated the government’s resolve, saying, “The FG would respond appropriately to the Finnish Government through the EU. On the part of the military, troops would sustain operations against IPOB/ESN.”
Ekpa, who has represented Finland’s National Coalition Party (NCP) in local government, currently serves on Lahti’s public transport committee. Finnish authorities continue to investigate his activities, emphasizing the potential connection between his leadership role in the separatist movement and violent actions in Nigeria.
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