• Manufacturers Warn Of Gloomy Days Ahead
• CBN’s Polices’ Review Urged
• Importers Flock Abroad To Beat Forex Policy

ITS noblest intentions, notwithstanding, the Federal Government may have to do more to convince Nigerians its economic policies are not crafted to sink the ship altogether.Cover-Buhari

The Federal Government has toed policy paths, which officials vow are needed to bring the nation’s economy out of the woods. From The Guardian’s findings, however, not all stakeholders appear to be on the same page with government.

“There are more negatives than positives. If we look at the outcomes we have had in the past four months, they are quite drastic on the negative side. Gross Domestic Product (GDP) is declining; underemployment and unemployment are increasing, and the general level of economic activities is weak. The capital market is also declining. Coming from the position we were after the elections, when there were local and international goodwill and we had the opportunity to leverage on all that, unfortunately, foreign investment has stayed flat from the level we had in the first quarter,” said Chief Executive Officer (CEO) of RTC Advisory Services Limited, Opeyemi Agbaje.Agbaje

According to the public policy analyst, the above situation can only be blamed on the absence of an economic direction. “Goodwill, on its own, is insufficient; it needs to leverage on the right policies,” he said, adding: “We have no policies, or at least, not a coherent policy. Nobody has defined a coherent economic agenda. We are just doing things on a day-to-day basis.”

The Treasury Single Account (TSA), particularly, has come under criticism. While experts acknowledged its constitutional basis, they argued that unless it is properly executed, it could stifle key economic nerves.cbn-gov

“The major advantage of the TSA is the fact that it will ensure and improve revenue inflow into the Federation Account, and this will improve the fiscal stability of all the levels of government – federal, state and local. However, it is necessary to caution against the resultant bureaucratic bottleneck that could be created in the disbursement of funds to the Ministries, Departments and Agencies (MDAs) for their operations. If care is not taken, the operations of some of the agencies may be crippled, if there is no adequate framework for speedy release of funds to the agencies for their daily operations. This is an area the authorities need to watch properly,” said Muda Yusuf, Director General of the Lagos Chamber of Commerce (LCCI). Read More →

…gives Sept 15 deadline

President Muhammadu Buhari has set a deadline of Tuesday, September 15, for full compliance with his directive that all revenue due to the federal government or any of its agencies must be paid into the Treasury Single Account (TSA) or designated accounts maintained and operated in the Central Bank of Nigeria (CBN), except otherwise expressly approved.buhar

A statement issued yesterday by Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, said a circular issued to all Ministries, Departments and Agencies of the Federal Government by the Head of the Civil Service of the Federation, Mr. Danladi Kifasi, urged the MDAs to ensure strict compliance with the deadline to avoid sanctions.

The circular – HCSF/428/S.1/125 of September 4, 2015 noted that a number of MDAs were yet to comply with Circular Ref. No. HCSF/428/S.1/120 of August 7, 2015 which conveyed Buhari’s original directive on the payment of all Federal Government revenue into a Treasury Single Account.

“In this regard, His Excellency, Mr. President has directed that all MDAs are to comply with the instructions on the Treasury Single Account (TSA) unfailingly by Tuesday, September 15, 2015. “Heads of MDAs and other arms of Government are enjoined to give this Circular the widest circulation and ensure strict compliance to avoid sanctions,” Kifasi wrote. Read More →

Olalekan Adetayo



President Muhammadu Buhari on Sunday ordered all ministries, agencies and departments of government to immediately put a stop to the current arrangement in which they operate multiple bank accounts for the purpose of keeping revenues and incomes.President-Muhammadu-Buhari

He said henceforth, agencies of government must start paying revenues, incomes and other receipts into what he called a Treasury Single Account domiciled with the Central Bank of Nigeria.

The directive was contained in a statement made available to journalists by the Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande.
Akande explained that the President’s directive was meant to promote transparency and facilitate compliance with Sections 80 and 162 of the 1999 Constitution.

“Henceforth, all receipts due to the Federal Government or any of its agencies must be paid into TSA or designated accounts maintained and operated in the Central Bank of Nigeria, except otherwise expressly approved,” the statement said. Read More →

By Luka Binniyat


The Kaduna State Government on Thursday announced its decision to commence implementation of consolidated single account, otherwise known as the Treasury Single Account (TSA) framework from 1 September 2015. A statement signed, Nasir-el-RufaiWednesday, in Kaduna by Samuel Aruwan, spokesman of Governor Nasir El Rufai of Kaduna state on behalf of the governor read that all banks holding monies of Kaduna state government should close them and return the balances to the new TSA which had been opened at the Central Bank of Nigeria, CBN.

While reading the statement, Aruwan said, “Kaduna State Government will henceforth commence implementation of the Treasury Single Account (TSA) framework by 1 September 2015.

As part of the process of attaining this goal, all banks that maintain the accounts for Kaduna state government have been put on notice to close them and remit the balances to the Central Bank of Nigeria which will host the state’s TSA.” Read More →

by Agency Reporter


For 20 years, co-workers on the security team at one of the United States’ busiest airports knew him as Jerry Thomas.
His real name, authorities say, was Bimbo Olumuyiwa Oyewole, a Nigerian who used the name of a murder victim to hide his status as an illegal immigrant, the Associated Press reports.Oyewole-right
Though there’s no indication of any other intent or transgressions, the revelation came the same day a federal report found that Newark Liberty International Airport mishandled security breaches.
Oyewole, 54, worked at the airport, starting in 1992, using the name of Jerry Thomas, who was killed that year in New York City. He was arrested Monday after an anonymous tip at his home in Elizabeth and faced charges including identity theft, authorities said.
His first hearing was scheduled for late Tuesday morning in state court in Newark.
It wasn’t immediately known how Thomas’ personal information was acquired. Police in New York also didn’t say whether Oyewole was a suspect in the July 20, 1992, killing of Thomas in Queens.
The Port Authority of New York and New Jersey, which operates the area’s main airports and other transit hubs, said Oyewole entered the United States illegally in 1989 and had worked under several contractors at the airport, most recently FJC Security Services, and supervised about 30 guards.
The agency said its investigation found no indication that he used the fake identity for any reason other than to live in the United States.
Port Authority leaders had spoken with FJC officials “and will meet with them in the coming days to take every legally permissible step to recheck their security personnel on a regular basis and to protect our customers, employees and facilities,” agency spokesman Steve Coleman said.
A message left Monday on Oyewole’s home phone was not returned, and no one answered the door at the apartment.
FJC Security, which received an airport contract in 2003, said it conducted a background check on the guard as had New Jersey state police and U.S. Customs and Border Protection.
“In all cases, he passed the background checks,” FJC spokesman Michael McKeon said. “During his time with FJC, he had nothing in his record or his performance to indicate a cause for concern or a reason to question the state police and federal government’s background checks.”
McKeon said Oyewole, in his position as tour supervisor, didn’t have access to employees’ personal information.
In a statement, the TSA said it was reviewing the Port Authority’s procedures for validating employee and contractor documents.
“This investigation indicates that the individual’s identification documents were presented to the Port Authority for verification about a decade before TSA existed,” the statement said.
State police spokesman Lt. Stephen Jones said New Jersey requires security guards to undergo training under the Security Officer Registration Act and be fingerprinted. The fingerprints are run through the state police criminal history database before a guard is certified.
A candidate is disqualified if he or she has a conviction for a fourth-degree offense or higher or a drug offense of any level, Jones said. Oyewole, as Thomas, was certified under SORA, he said.
A spokesman for Customs and Border Protection didn’t immediately return a message seeking comment Monday.
An airport employee who was familiar with Oyewole as Thomas said the private security guards he supervised are responsible for manning TSA security checkpoints after passenger gates close for the evening and before they reopen in the morning. The guards also inspect delivery vehicles for possible unauthorised cargo, he said, speaking to The Associated Press on condition of anonymity because he was not authorized to speak about the matter.
A search of public records found evidence of a Bimbo Oyewole and a Jerry Thomas living at the address where Oyewole was arrested.
A report released Monday by the Department of Homeland Security’s Office of Inspector General found that only 42 per cent of reported security breaches from January 2010 to May 2011 led to corrective action, though it also found TSA had worked to improve its response.