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TSA: FG saves N45bn monthly, says finance minister

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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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Recruitment of next phase of federal fire service personnel begins

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September 15, 2024

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Recruitment of next phase of federal fire service personnel begins

The Civil Defence Correctional Fire and Immigration Services Board (CDCFIB) has announced the commencement of the next phase of ITs 2023/2024 recruitment into the Federal Fire Service (FFS).

The Secretary to the Board, Ja’afaru Ahmed, disclosed this in a statement made available to the media on Saturday.

“The Civil Defence Correctional Fire and Immigration Services Board (CDCFIB) wishes to inform the general public that the next phase of the Federal Fire Service (FFS) Recruitment Exercise will commence on the 15th of September, 2024 as shortlisted candidates will be sent invitation letters detailing where they are to appear for physical screening, certificate verification as well as aptitude test through the phone numbers and email addresses they provided during the process of registration.

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“The Board wishes to state that every process of this exercise does not attract any form of payment,” the statement said.

The Board had earlier promised to conclude the recruitment process before the end of September 2024.

Daily Trust gathered that around 2500 personnel would be recruited after the completion of the recruitment process.

Recruitment of next phase of federal fire service personnel begins

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Dangote fuel supply forces Scotland refinery to announce shutdown date

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14 hours ago

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September 15, 2024

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Dangote fuel supply forces Scotland refinery to announce shutdown date

Grangemouth, Scotland’s only oil refinery, is to close in 2025 with the loss of 400 jobs, operator Petroineos has said, according to Reuters, as part of plans to turn the 100-year-old plant into a fuels import terminal.

Petroineos said last November it was preparing to shut down Grangemouth, Britain’s oldest refinery. Production will cease in the second quarter of next year, subject to an employee consultation, a company spokesperson said.

The decision was criticised by trade unions and politicians.

“It is deeply disappointing that Petroineos have confirmed their previous decision to close Grangemouth oil refinery,” UK Energy Secretary Ed Miliband said.

The site will become an import and distribution terminal for finished fuels, which will cut the number of employees at the site from 475 to around 75 over the next two years.

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Petroineos is a joint venture between PetroChina International London (PCIL) and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe.

The company cited economic difficulties as the reason for the closure, stating that the company had invested $1.2 billion since 2011, and returned losses in excess of $775 million over the same period.

“Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa” where Dangote Refinery just opened.

Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” the company said.

It said the plant is currently losing around $500,000 per day, and expects to see a $200 million loss for 2024.

Petroineos’s plans for Grangemouth had been opposed by trade unions and local politicians and there were campaigns to extend production until a low-carbon alternative for its long-term future could be secured.

The UK and Scottish governments announced a joint plan on Thursday, including a 100 million pound ($130.43 million) financial package, to secure an industrial future for Grangemouth after the refinery closes.

This will go towards career support for affected workers as well as investments in local energy projects.

“We are announcing a package of investment to help the workforce find good, alternative jobs, invest in the community and serve a viable industrial future for the Grangemouth site,” Miliband said.

Trade union Unite, which represents workers at Grangemouth, described the closure as an “act of industrial vandalism.”

“The complex is critical to the nation’s manufacturing base and energy security,” Unite Scottish secretary Derek Thomson said.

Dangote fuel supply forces Scotland refinery to announce shutdown date

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JUST IN: Tinubu returns to Abuja today after China, UK trips

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16 hours ago

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September 15, 2024

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JUST IN: Tinubu returns to Abuja today after China, UK trips

President Bola Tinubu is set to return to Abuja on Sunday after concluding his official trip to China and a brief stopover in the United Kingdom.

Tinubu departed Abuja for Beijing on August 29. His visit commenced on September 2 with a meeting at the Great Hall of the People, where he was warmly received by President Xi Jinping.

A 21-gun salute and an honor guard marked his arrival in China, highlighting the significance of the visit.

According to a statement released by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, Tinubu engaged in a series of bilateral talks with President Xi Jinping and Premier Li Qiang. During these discussions, both countries signed five Memoranda of Understanding (MoUs).

These agreements covered various areas, including a cooperation plan to further the Belt and Road Initiative, peaceful applications of nuclear energy, and development initiatives related to human resources.

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One of the MoUs emphasized media exchange and cooperation between China’s media outlets and the Nigerian Television Authority. Another key agreement was signed with the China Harbour Engineering Company (CHEC) for the construction of the Lagos Green Rail Line, a 68-kilometer project that will connect the Lekki Free Zone to Marina, interfacing with the existing Blue Line.

Additionally, an agreement for a $1 billion iron ore-to-steel project in Kogi State was reached between Nigeria’s Chart and Capstone Integrated Limited and China’s Sinomach-He.

During his stay in China, President Tinubu also visited prominent companies, including Huawei and CHEC, before attending the Forum on China-Africa Cooperation (FOCAC) Summit. At the summit, representing the Economic Community of West African States (ECOWAS) as chairman, he delivered a speech emphasizing the importance of multilateralism and global cooperation for peace.

In his final engagement in China, Tinubu met with representatives of the Nigerians in Diaspora Organization (China chapter) to discuss the ongoing reforms in Nigeria. He expressed hope that these changes would pave the way for improved infrastructure, consistent power supply, and enhanced education, akin to what is seen in China.

After leaving Beijing, President Tinubu headed to London for a brief visit. There, he met with King Charles III to discuss pressing issues, including climate change.

President Tinubu’s return to Abuja is eagerly anticipated as he concludes this important diplomatic mission.

JUST IN: Tinubu returns to Abuja today after China, UK trips

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