“The most compelling argument for a hold was to achieve more clarity in the evolution of key macro economy indicators, including budget implementation, economic recovery, exchange rate, inflation and employment generation,” he said.
Browsing: Treasury Single Account
There had been controversies whether all the banks actually complied fully with the directive following discoveries last week that about seven banks had yet to remit a total sum of $793m being government funds into the TSA.
“So after investigation, we were able to find out that there is N349.8 billion as legacy/bad debts and debts on current transactions. The commission was able to make recoveries of N328.8 billion from the nine major marketers from July 2016 to July 2017.”
The NNPC noted that as an entity with fiduciary responsibility to the government and people of the Federal Republic of Nigeria, its commitment to transparency and accountability remains unwavering.
“But let me also make a strong and important point. If not because TSA is in place and now that the recession is here, only God knows what would have happened. A monthly drain of over N4 billion and yet no revenue coming in and leakages continued. It could have been a disaster. It was government’s foresightedness and focus even as TSA was in place before the recession. And that is why we are floating and not sinking, and we will not sink God willing,” he said.
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