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Tinubu Overhauls Financial System: Ends Buhari’s Single Treasury Account, Issues New Directives

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 ....KINDLY READ THE FULL STORY HERE▶

This measure aims to consolidate federal revenue earnings and represents a departure from the single treasury account system employed during the administration of Muhammadu Buhari…CONTINUE READING

 

 

Detailed in a circular from the Finance Ministry on December 28 and announced on Tuesday, these directives align with President Tinubu’s broader strategy to enhance revenue generation, fiscal discipline, and transparency, as well as prevent resource waste.

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The directives state, “All Ministries, Departments, and Agencies (MDAs) fully funded through the annual federal government budget, as well as those on the schedule of the Fiscal Responsibility Act, 2007, and any additions by the Federal Ministry of Finance, should remit one hundred per cent of their Internally Generated Revenue (IGR) to the Sub-Recurrent Account within the Consolidated Revenue Fund (CRF).”

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Furthermore, agencies and departments partially funded by the federal government, receiving budgetary allocations for capital or overhead expenditures, are expected to remit 50 per cent of their gross revenue. Statutory revenue, such as “tender fees, contractor’s registration, sales of government assets, etc.,” should be remitted in full to the sub-recurrent account.

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To implement this policy, the Office of the Accountant-General of the Federation will establish new Treasury Single Account (TSA) Sub-Accounts for all Federal Government Agencies/Parastatals listed in the schedule of the Fiscal Responsibility Act, 2007, and any additional entities specified by the Federal Ministry of Finance, except where expressly exempted.

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These new accounts will be credited with inflows from the old revenue-collecting accounts, applying the new policy’s 50 per cent auto deduction, in line with the Finance Act, 2020, and Finance Circular, 2021, which stipulates a 50 per cent cost-to-revenue ratio.

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Subject to agency categorization, the Office of the Accountant-General of the Federation will map and automatically apply a direct deduction of 50 per cent on the gross revenue of self/partially funded agencies.

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“APC Slams ADC: Stop Misleading Nigerians On Poverty, Tinubu’s Reforms Are Working.

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The All Progressives Congress (APC) on Saturday criticised the African Democratic Congress (ADC), accusing the opposition of misleading Nigerians over a report claiming that the country’s poverty rate has risen to 63 percent.....KINDLY READ THE FULL STORY HERE▶

Katsina State Launches ₦5 Billion Loan Scheme To Empower MSMEs

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“Sanwo-Olu Announces: No Children On Lagos Streets During School Hours.

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Governor Babajide Sanwo-Olu has announced plans to issue an Executive Order aimed at keeping school-age children off the streets during school hours. He also unveiled a $25 million education initiative designed to boost learning outcomes across Lagos State.....KINDLY READ THE FULL STORY HERE▶

The governor made the announcement on Friday during the launch of the Lagos Education Access Fund (LEAF) and the inauguration of the Lagos State Universal Basic Education Board (LASUBEB).

“I will be issuing an executive order to back this up and ensure that we are putting our money where our mouth is,” Sanwo-Olu said.
“No child should be seen outside between 8:00 a.m. and 4:00 p.m., unless there is a very good reason that child is not in school.”

Sanwo-Olu explained that the LEAF initiative marks a shift from focusing solely on school enrollment to emphasizing measurable learning outcomes. He stressed that enrolling children is not enough unless it leads to improved literacy, numeracy, and consistent retention.

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Through a partnership with the Education Outcomes Fund and other development partners, Lagos State will deploy $25 million in outcomes-based financing to support over 200,000 children across the state.

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The programme aims to enroll more than 50,000 out-of-school children aged six to 14 into formal education through targeted community engagement and interventions that remove barriers to school attendance. It will also strengthen literacy and numeracy development for about 150,000 pupils already in school, ensuring that regular attendance translates into real learning and long-term academic success.

“This initiative is not just about funding education; it is about ensuring every investment translates into real learning, real opportunity, and measurable outcomes for our children,” the governor stated.

Sanwo-Olu noted that the programme builds on the success of Project Zero, launched in 2021 to address out-of-school children in Lagos.

“One of our most impactful initiatives in the last 10 years has been Project Zero, through which Lagos has identified, tracked, and enrolled more than 36,000 children,” he said.

The governor added that the planned executive order will strengthen efforts to reduce the number of out-of-school children and encourage greater accountability among parents, communities, and institutions responsible for ensuring that every school-age child attends school regularly.

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“Ojantele Massacre: ‘Benue Must End This Cycle Of Bloodshed’ – Peter Adejoh.

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The recent attack on Ojantele community in Apa Local Government Area of Benue State, which resulted in multiple deaths and several people reported missing, has been strongly condemned by Peter Adejoh, a leader of the African Democratic Congress (ADC).....KINDLY READ THE FULL STORY HERE▶

''Temporary Pains For Long-Term Gains," Tinubu Tells Nigerians

According to reports, the violence, allegedly carried out by armed herdsmen, left many dead, missing, and properties destroyed.

In a statement personally signed on Saturday, Adejoh, who is also a gubernatorial aspirant, described the attack as “an affront to humanity and an assault on the peace and security of Benue State.”

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Expressing sympathy for the victims’ families, he said:

“Their grief is our collective grief, and they deserve the support of both government and society at large. Those entrusted with the protection of citizens must deploy all available resources to prevent further bloodshed, safeguard vulnerable communities, and protect hardworking farmers who feed our state and nation.”

He urged the state government to engage stakeholders in finding a lasting solution to the ongoing security challenges.

“Repeated attacks on our communities are unacceptable and reflect a failure of leadership that must be corrected immediately,” Adejoh said.

He also called for swift justice and stressed the importance of unity:

“The perpetrators of this heinous crime must be apprehended and brought to justice quickly. Benue can no longer be held hostage by violence. Our state must rise united, vigilant, and determined to end this cycle of bloodshed.”

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