Stella Dimoko Korkus.com: Presidency Insists FG Has Credit Balance Of N1.194tn In TSA

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Tuesday, 6 December 2016

Presidency Insists FG Has Credit Balance Of N1.194tn In TSA

Well,well,well!!!


Contrary to the allegation by a former Central Bank of Nigeria (CBN) governor and Emir of Kano, Alhaji Muhammad Sanusi II, that the account of the federal government domiciled at the central bank had been overdrawn to the tune of N4.7 trillion by the Muhammadu Buhari administration, information obtained by THISDAY on Monday from the presidency revealed that the net credit balance of the federal government in the Treasury Single Account (TSA) as of December 2, 2016, was N1.194 trillion.

Sanusi had said last week that the CBN’s claims on the federal government now topped N4.7 trillion — equal to almost 50 per cent of the FGN’s total domestic debt.

This, he stated, was in clear violation of the Central Bank Act of 2007 (Section 38.2), which caps advances to the federal government at five per cent of last year’s revenues.
However, a breakdown of the figures obtained from reliable sources at the presidency showed that as of December 2, the actual credit balance in the TSA was N2.662 trillion.


In another account, the federal government had overdrawn the account to the tune of N1.468 trillion through ways and means as of December 2, which if netted off against the N2.662 trillion would give a net balance of N1.194 trillion.
A detailed breakdown showed that the federal government’s inflows into the TSA as of December 2 was N4.473, while foreign exchange transfers stood at N101.7 billion, bringing the total balance to N4.575 trillion.


However, if expenses of N1.913 trillion and the ways and means of N1.468 trillion were netted off, the credit balance in the TSA amounted to N1.194 trillion.

A presidency source stressed that despite the emir’s seeming knowledge of these situations, his assertions were “totally false and wholly fabricated”.

“If a customer with XYZ Bank Limited has N100 in one account but has also borrowed N35 from XYZ Bank Limited. Even if the bank were to demand that this customer pays off all his debt to them, he can do so and still have N65 balance with the bank. How is this a problem? How then could Sanusi have reached the conclusion that the CBN’s claims on the FG were over N4.7 trillion? Where did he get this number?” the source asked.


The presidency and the CBN at the weekend had also faulted allegations made by the former CBN governor, saying Sanusi did not get his facts right.


16 comments:

white Berry said...

Noted

Esther Okoro said...

OK. Good morning Stella Nwanyioma.






God Bless Everyone.

Beloved said...

Is alright

Rhoda Rex said...

Ok

marriedchick said...

good morning Stella... *looksatpostagain good morning fellow Bvs... OK next post

I-cee Rachel said...

I totally believe Sanusi.

Kachi said...

Good morning my fam

Ammy Bee said...

I didn't bother reading..show us your account statement stamped by CBN. Crooks

stranger said...

I have since learnt to take Sanusi very serious. The man knows what he is saying and would not be making unguarded statements.

Chidinma Grace said...

Now he didn't get his fact right? But during GEJ'S own he got it right? APC keep deceiving urselves. We Nigerians are watching.

Brown Sucre said...

No,Sanusi got his fact right,but as a normal thing,the Fed.Govt always says people don't have facts or figures right.
How can all these trillions translate to the fact that,Naira has fallen,or that the govt seem to want to increase everything except salaries,or that the Govt is blind and deaf to the plight of Nigerians.
Let Nigerian savings reflect in the lives of Nigerians.

Marvysheila said...

Show us the proof,biko.

rookies said...

Brown sucre you are talking about increase while these guys are talking about reducing it. Salaries have not been paid till now and these ppl are saying they don't have money to pay salary.

Anonymous said...
This comment has been removed by a blog administrator.
Ngozi Solomon said...


IF THE PRESIDENT SAY THERE'S MONEY, LET HIM PROVE IT. NGOSOL

Chiclahot said...

Why has fg not paid November salary? Wahala dey!

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