When President Mohammadu Buhari on August 7th issued the directive that all government ministries, agencies and parastatals in charge of sourcing revenue for the government must now remit such monies into one account, called the Single Treasury Account,(TSA), in accordance with sections 80 and 162 of the 1999 Constitution (as amended).
Huhuonline.com warned that the introduction of single TSA with the CBN will make Nigeria susceptible in case of hack attacks.
Huhuonline.com stated that the Treasury Single Account (TSA) will cause a dip in the shares of the commercial banks as government which forms largest Customer base of most commercial banks withdraws its monies.
Huhuonline.com also warned the introduction of the TSA will result in the réduction in the volume of bussiness at the commercial banks, which will éventually force them to engage in mass retrenchment of workers.
On other hand, the volume of buissness at the Central Bank of Nigeria will increase.
As predicted, Zenith Bank Plc, yesterday, Tuesday September,7th retrenched over 1,200 of its employess.Though no reason was given for the sack exercise, our findings shows that it had to do with Treasury Single Account (TSA) directive.
All MDAs are to comply with the instructions on the Treasury Single Account (TSA) unfailingly by Tuesday, September 15, 2015.
The question that remains is will Buhari led APC goverment and the Central Bank of Nigeria provide jobs for the 120,000 workers and many more that will be retrenched by the commercial banks ?
To view our earlier warning, titled:Mass Retrenchement Imminent, As Buhari Orders Treasury Single Account in Nigeria; visit https://joomla6.huhuonline.com/hunew/index.php/huhuonline-more-news/6013-mass-retrenchement-imminent-as-buhari-orders-treasury-single-account-in-nigeria
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