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

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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

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