IMPLEMENTATION OF SINGLE TREASURY ACCOUNT IS THE FOUNDATION OF NIGERIA ECONOMIC CRISIS By Sen. Bassey Albert

-

As a Senator of the Federal Republic of Nigeria, I believe the foundation of the current economic crisis began with the implementation of the Single Treasury
Account which led to the withdrawal of over 3Trillion Naira from the banking sector within 3months to the Central Bank of Nigeria without giving the Banking sector adequate notice before implementing TSA. Most of these funds were tied to various investable assets by the banks , some even long term. Calling off these assets in such a very short period has resulted in Asset mismatching and the crisis in this sector in the last even including commercial lending rates in the last couple of months and currently at 29%pa and over 40% pa on banks defaults rates.The questions I want to serious ask are as follows:
1. What level of interest income is being generated by this monies by the CBN?
2. What was the interest income paid by the various commercial banks when the had these deposits before the implementation of the TSA?
3. What was the level of assets creation by the Banks before the take off of TSA?
4. What has been the level of asset creation by the banks after the take off of TSA in the last 18months?

The answers to these simple questions will lay the foundation for solving the problem we currently face as government expenditure alone cannot resolve these crises.
I believe that the current crisis in the Financial sector is very clear without any ambiguity. I believe that the TSA can still be implemented by the FGN through the Commercial banks to restore investors and depositors confidence in the financial sector of our economy. The relationship between Banks and insurance companies is key and interwoven.
Why are we congratulating ourselves in the recovery of trillions through TSA when we have lost all our investible funds to zero interest income in CBN . I am working on a position paper on this and will definitely champion this when the senate resumes from its annual vacation soonest.
Come and let us reason together. SEN OBA

Comments

Post a Comment

Popular posts from this blog

Roberto Esquivel Cabrera, Man With World's Largest Penis.

-
Image
Extremely endowed 52-year-old man who claims to have the world’s longest penis that hangs well below his knees, has lamented how women are scared of having sex with him. Roberto Esquivel Cabrera who believes that his 18.9-inch organ is a disability and has visited health services to be registered as disabled because his giant penis limits him from doing a proper job. He said: “Look where it is, it goes far below the knees. “I cannot do anything, I cannot work, and I am a disabled so I want authorities to declare me as a disabled person and give me support. “Then, I want to go to the Guinness to get recognition.” Cabrera who hails from Saltillo, in the north-eastern Mexican state of Coahuila, was deported from the USA to Saltillo in 2011, and now seeks a place in the Guinness Book of World Records. Doctors carried out a medical examination and an X-ray on his massive manhood which confirmed that “according to the scan” in 3D, it is genuine. A doctor there said the main part of ...
Read more

America base Evangelical Church Orders All Members To Worship God In Their nakedness.

-
Image
A Virginia based evangelical church the White Tail Chapel generated a lot of media attention and condemnation when they introduced a new phenomenon to their Christian worship last year by asking its congregation to serve the Lord the way God created them by worshiping in the nude. The law was however not mandatory. In a shocking twist of event, One year on, the head pastor announced to his congregants Last Sunday that nudity is now mandatory in the church. Based in Ivor in the southern state of Virginia, the church asks all its worshippers to cast off all their material concerns including clothing when they come to worship. White Tail describes itself as a family nudist community where visitors can enjoy all manner of activities, including spiritual worship, completely natural or nude. Church Canteen Justifying the church’s approach to faith, Pastor Allen Parker said that many of Jesus’ most important moments happened while he was naked. Recently, the church even conducted a marr...
Read more

£65,000-a-week Liverpool footballer Dejan Lovren discovers his wife is having an affair with £200-a-month forestry worker.

-
Image
Liverpool and Croatian defender Dejan Lovren (pictured left with his wife) missed the Euro 2016 tournament after he found out his wife and mother of his two children was having an affair with a forestry worker, a man named Dario Torbic (pictured right with Anita Lovren), an old friend of Anitas who earns about £200-a-month... Lovren, who joined Liverpool for £20million in 2014 and earns £65,000-a-week, was said to be embarrassed when he discovered the affair but has refused to give up on his marriage. He reportedly whisked his wife away for a make or break holiday in June this year, determined to make his marriage to the mother of his two children work. According to the Sun UK, Dejan and Anita have been together since they were 16 but have recently been having issues. The affair started when his wife, 26, and Dario met up last December in their home city of Zagreb. Anita persuaded Dario to fly to England and they got together at a Liverpool hotel after which they swapped hundreds of ...
Read more