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TSA: FG saves N45bn monthly, says finance minister
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, says the Federal Government is currently saving an average of N45bn monthly in interest payments following the implementation of the TSA (Treasury Single Account).
Ahmed, who spoke during the signing of a Memorandum of Understanding (MOU) on TSA between Nigeria and the Republic of The Gambia, said among other verifiable benefits, Nigeria could easily determine its aggregate cash balance, critical for managing public finances at a time of acute fiscal constraints.
“On the monetary policy side, we have better control over money supply and, therefore, able to rein in inflation and undue pressure on the naira. Our foreign reserves position has also recorded appreciable improvement through the consolidation of the federal government foreign currency earnings under the TSA,” she said.
Ahmed recalled the last visit by officials of The Gambia in May 2019 for a week-long study tour of the TSA implementation.
The minister said following the successful conclusion of the tour, The Gambia requested technical cooperation with Nigeria to support its own transition to the TSA.
She said in order to achieve that aim, representatives of both countries worked on an MoU detailing the terms and scope of the cooperation.
Ahmed said, “In a nutshell, the cooperation seeks to avail the Ministry of Finance and Economic Affairs of The Gambia of the vast knowledge, experience and technical expertise that Nigeria has gained in the past 15 years of implementing TSA in particular and other public financial management (PFM) reforms in general.
“By so doing, The Gambia is properly guided as it implements its own TSA. The cooperation will enable The Gambia to leverage the experience of Nigeria to build on our strengths while avoiding our mistakes.
“We are happy to support The Gambia in their bid to implement TSA and other PFM reforms. We are also open to supporting other African countries which may want to build on our experience and significant progress in TSA implementation.
“It is our belief that African countries are better off learning from each other and supporting each other because of our shared culture and history.”
The minister urged The Gambia to muster the necessary political will before forging ahead with adopting the TSA.
She warned that it was better to secure the buy-in of topmost political actors in the country.
She stressed the importance of the synergy between the fiscal and monetary authorities.
She noted that the cooperation of other stakeholders such as the parliament; ministries, departments and agencies of government, banks and service providers was also important.
Ahmed urged those to drive the reforms to secure the support of the general public.
“As is the case in Nigeria, when you have their support, they will take it upon themselves to be against forces of resistance and any attempt at derailing the reforms,” Ahmed said.
In her remarks, the leader of the Gambian delegation to the MoU signing ceremony, the country’s Permanent Secretary, Ministry of Finance and Economy, Ms. Ada Gaye, explained that cooperation has helped them to understand the workings of the TSA.
“The Gambia wants to efficiently manage its funds; the fragmentation of accounting systems in The Gambia is huge. It is, therefore, noteworthy for The Gambia to adopt TSA,” she said.
She added that the government of The Gambia will create the needed sensitisation to help the people understand the process.
“Nigeria is the big brother while The Gambia is the small brother. We are happy to cement this brotherly love,” she said.
The Gambian High Commissioner to Nigeria, Mr Amadou Sheikh Oman Taal, also described Nigeria as a big example within the Economic Community of West African States (ECOWAS) region.
“We are trying to make reforms in our financial management. Therefore, this collaboration with Nigeria is very important to us. So, The Gambia Central Bank will get closer to the Central Bank of Nigeria (CBN) so as to learn and get the necessary experience,” he stated.
Governor of CBN, Godwin Emefiele, said the role of the apex bank was critical to the success of the TSA.
Represented by the CBN Deputy Governor, Operations, Adebisi Shonubi, Emefiele said Nigeria was currently realising additional benefits, which were never imagined prior to the commencement of the TSA.
According to him, it is important that the Central Bank of Gambia realises that its primary mandate of price stability will change as it assumes the back stock and corresponding bank for the country as a result of the TSA.
Emefiele said, “Nigeria remains a brother in the house and we are always willing to share our experiences, our gains and sometimes our pains. I know we will be a worthy ambassador of what the TSA has done in Nigeria, The Gambia and other countries in Africa.”
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[UPDATED] [Breaking] APC’s Lucky Aiyedatiwa wins Ondo governorship election
[UPDATED] [Breaking] APC’s Lucky Aiyedatiwa wins Ondo governorship election
Lucky Aiyedatiwa, the All Progressive Congress (APC) candidate, has emerged victorious in the Ondo governorship election.
Olayemi Akinwumi, the Independent National Electoral Commission (INEC) returning officer, disclosed the results in Akure, Ondo’s capital, on Sunday.
Aiyedatiwa, the incumbent governor, secured 366,781 votes, surpassing Agboola Ajayi of the Peoples Democratic Party (PDP), who garnered 117,845 votes.
Nejo Adeyemi, the African Democratic Congress (ADC) candidate, trailed behind with 4,138 votes.
The APC dominated the election, winning all 18 local government areas, while the PDP failed to secure any victories.
The off-cycle election in Ondo, contested by 17 candidates, took place peacefully, with minimal violence reported.
Prior to the election, Aiyedatiwa expressed confidence in his victory, citing his impressive record in office.
Aiyedatiwa emphasized that he was the sole candidate to have visited all 18 local government areas, adding that he’s willing to concede defeat if the election is free from manipulation.
Ajayi, Aiyedatiwa’s closest rival, expressed concerns regarding INEC’s capability to ensure a fair electoral process.
The PDP candidate also criticized the commission’s sluggish pace, alleging that it constitutes a “deliberate attempt to rig the polls”.
ONDO STATE GUBERNATORIAL ELECTION RESULTS (UPDATED)
1– Akure North
APC 14, 451
PDP 5, 787
2–Okitipupa
- APC 26, 811
- PDP 10, 233
3—Akoko Northeast
APC 25, 657
News
Ondo election: Again, INEC shifts collation of results to noon
Ondo election: Again, INEC shifts collation of results to noon
The Independent National Electoral Commission, INEC, has shifted the collation of results for the Ondo State governorship election from 5am to noon.
The Returning Officer, Prof Olayemi Akinwunmi, had earlier announced that collation of the remaining five council areas will resume by 5 a.m. (Sunday), but later said it commences by noon.
Prof Akinwunmi is the Vice Chancellor of the Federal University of Lokoja.
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Akinwunmi, who announced the recess, said it is to give room for the arrival of results from the remaining council areas.
He said: “We have five more local governments but we are going to take our recess now until 5am to receive some receive from Akure North, Okitipupa and Odigbo, then Ilaje and Eseodo. We resume 5am for these local governments.”
According to results from 13 of the 18 local government areas announced so far by INEC, Aiyedatiwa has polled 259,851 votes ahead of his closest rival and candidate of the Peoples Democratic Party, PDP, Agboola Ajayi, who scored 81,031 votes.
Ondo election: Again, INEC shifts collation of results to noon
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Ondo gov: PDP, APC bought votes, says rights group
Ondo gov: PDP, APC bought votes, says rights group
The Centre for Democracy and Development West Africa (CDD-West Africa), through its Election Analysis Centre (CDD-EAC), has said that the main opposition Peoples Democratic Party (PDP) and ruling All Progressives Congress (APC) bought votes from the electorate for as low as N3,000 and N5,000 respectively during the Saturday’s off-cycle governorship election in Ondo State.
Prof. Victor Adetula, Lead, CDD-EAC Observation Mission Ondo 2024; and Dr. Dauda Garuba, Director, CDD-West Africa, said this in CDD’s EAC preliminary statement on the conduct of the 2024 Ondo State governorship election, presented by Ms Oluseyi Awojulugbe, a member of the CDD-EAC.
The report also said that the election recorded lower incidents of disinformation and information manipulation, also referred to as fake new compared to the recently concluded off-cycle September 21 governorship election in Edo State.
“CDD-EAC notes a lot of instances of vote buying. In Okitipupa LGA, Ward 09, Unit 003 (Irowa, Ilutitun 3), voters were solicited for their votes, with APC allegedly offering ₦10,000 per voter and PDP ₦3,000.
“In Odigbo LGA, Ward 01, Unit 001 (Oja Baale, Agbabu), reports of vote-buying were noted, with APC allegedly offering ₦10,000 and PDP ₦5,000 per voter.
“Our observers also noted that some party agents started transferring money to voters to circumvent having to hold cash. In Ese-Odo, Ward 07, Unit 013 (Tari Ama Zion Ugo Community, Arogbo Ward 2), Vote-buying was observed at this polling unit, with PDP offering ₦3,000 and APC offering ₦5,000 to voters.
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“CDD observers watching the process in Ward 5, PU 001, located at St Johns Primary School, Iba Akoko South East spotted APC leaders writing down the names of those who voted for their candidate.
“Subsequently, a card was given to them and they were instructed to converge at an agreed location where cash would be disbursed to them.
“In Ward 005, PU 001, St Barnabas Primary School, Ifon, CDD-EAC observers saw policemen arguing over money shared by a party stalwart.
“The policemen reportedly frowned that about 10 of them were given N100,000 while only one official from another branch of the armed services allegedly got N15,000,” the report said.
The CDD-EAC said that the vote buying incidents and behaviour of party agents sparked multiple conflicts during the voting process, listing Idanre LGA, Ward 06, PU 004 (Methodist High School), where APC agents were accused of strategically monitoring voters’ choices, a move initially defended by security officials but later curtailed after protests.
The report, however, commended the prompt arrival of electoral officials at polling units (PUs), with 99% of CDD-EAC observers reporting that the INEC officials were at their stations before 8:30am.
Observers also reported cases of rowdiness in the polling environment with some youths disagreeing in some cases about the initiative by poll officials to allow elderly voters to cast their ballots first, leading to the disruption of the process, despite the intervention of the Divisional Police Officer (DPO) at Post Office Premises, Akungba Akoko, Akoko South West.
On disinformation and information manipulation, the report said that the numbers of false narratives, claims and counter claims in the Ondo State governorship election have been relatively low, compared to other recent polls.
It said, “In the campaign period, and on Election Day, 13 claims have so far been reported and fact checked by CDD War Room.
“This is low, compared to the 61 claims reported during the same period in the Edo election, representing a 79% increase between the two elections. While 12 of these claims have been assessed to be either false or misleading, the sole claim peddled on voting day was adjudged to be true.”
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