Nigeria’s Minister of Finance, Mrs. Kemi Adeosun said over N2.2tn has so far been recovered from government agencies through the Treasury Single Account, TSA, which would assist in reducing the volume of borrowing needed to fund the 2016 budget.
Speaking at a workshop for the accountants-general of the states in Abuja, Mrs. Adeosun, explained that the TSA was an essential reform for any government wishing to pursue fiscal sustainability and prudent management of its resources.
Anxieties have mounted in government circles that the 2016 budget deficit may rise to about N3tn as a result of the global drop in oil price, which is currently selling below the $38 per barrel budget benchmark price.
The budget President Muhammadu Buhari submitted to the National Assembly has a deficit of N2.2tn which is to be financed through the borrowing of N1.84tn made up of domestic borrowing of N984bn and foreign borrowing of N900bn.
Adeosun however believes that would increase accountability and transparency, improve the processing of payments and collections, and reduce borrowing costs.
She said the current issues and challenges surrounding cash flow management had re-enforced the need to ensure that scarce resources at the disposal of the federal, state and local governments were prudently and efficiently managed.
“The global economic challenges, which are affecting our nation, demand optimum efficiency in the management of public funds. These objectives require an overhaul of the financial management approaches adopted to meet financial obligations on time and ensure that cost effective financial support is provided to public institutions.”
In the mist of riches and abundant,there’s acute and cronic poverty in the land, (WHY NOT — USES TAXATION I.E THE BROADEN AND INCREASES THE RATES OF PERCENTAGES OF TAXES,THE PURPOSES IS ONE [CONTROL OF THE SUPPLY OF MONEY(2),MAKING THE NAIRA MORE EFFICIENT & HAVING MORE PURCHASING POWER{3}TRANSFERING FUND TO PROGRAMME REDUCING POVERTY IN THE LAND{4}AIMING FOR SURPLUS BUDGET..THE RICHES LOSES NOTHING JUST THEIR EGOISM.
ACCORDING to Nigeria ministry and agenices,nigeria will grow about 5 % and will get into GNP of $2 trillion in 2030,by that time i will start to die,,or have die by 2030,now the question what is production ? and how does it relates to the common man in the street ?what are the factors that determines production ?and on the second rounds of questions for Nigerian govt what are the restriction or bootle-neck that prevent Nigerian economy growing ? what is the lacking elements the govt control that govt needs to do, mordifies this control,relaxes this control,control one factors,give-up control of one factors.
Nigerian economy can grows a minimum of 10 %this year,the proposed budget is good on paper,once passed it could bring new energy because it frees human personal development,if govt successed in controlling inflation,there is hope for Nigeria, because somewhere in Nigeria somebody is doing their job for Nigeria,this hope will have a snowball/domino effect, god is god of the living, once you die, you’re gone, no hell no haven.
Now we are reading that closing down.some bureau de change, There is some comment that Nigerian should integrate this black market into Nigerian financial regulation system,There are beneficial for the existence of the condition of the black markets are many,,there is about 9 million Nigerians abroad,just name the country,you will not find a Nigerian,venezuela,taiwan,malayasia,chile.brazil.india,why not the Nigeria exploit this opportunity for the overall benefit of the nation,govt can get taxes from.it can increases foreign currencies deposit and the accumulation of foreign currencies in Nigeria.
Those of Nigerians who want to get foreign currencies from America share and stocks or the british pounds through trading on british shares and stocks,can also uses some foreign based brokers from Nigeria(I think there is some American banks in lagos,ask them if they uses brokers,as most western banks do universal banking,also there is an European broker called IRONFOREX not sure of the name,they have an office in lagos,you do your researches.
You can uses brokers from Cyprus,from Nigeria,you can trade from Nigeria and trade in American or british stock exchanges,you transfer money from Nigeria,and I think Nigerian passport details can be transimitted by e-mail,as your identification.there’s are Nigerian banks in London which can help you transfer money electronic or you credit or debit card,some of those Cyprus based brokers are regulated by Cyprus govt, and they give dummy money to test your knowledge or the system or your successes,if you’re confident.you proceeds on actualizing your dreams and your freedom.
It is freedom that increases production.i love al you.