News

We Need Measures To Check Loopholes In TSA Implementation – CITM Boss

Published

3 years ago

August 17, 2022

Editor

The Registrar, Chartered Institute of Treasury Management (CITM), Olumide Adedoyin, on Wednesday insisted that there are no proper safeguards in place to ensure the effective implementation of the Treasury Single Account (TSA).

Adedoyin, who addressed reporters in Abuja also called for continuous training and retraining of personnel handling the process as some saddled with the responsibility do not understand it effectively.

Also as a means of checking wastage in the system, he urged that laws governing procurement be further domesticated.

He said, “Like every government policy, the TSA as it is a function of just an account. It is not an app, it is not a policy, it is just an account. What the TSA tries to do is to make sure that the government has its resources in place and are able to know what they have at any given time.

“Now the first step the government was supposed to take was to do what we call cash pulling. Call up your resources from every bank into one single account. Once you do so, those bank accounts you have should not be closed down, rather you try to moderate them into receiving banks. They receive on your behalf but you cannot disburse from those banks, while at the end of the day you just have an online real time balance to make sure that what comes in is being accounted for.

“That was supposed to be the function. But what we discovered at the end of the day was that there are some little processes and challenges within that platform because the back end for the audit was not adequately secured. So if you did not secure the back end, despite being able to make resources and bring those resources, then there is a little bit of opening in the back that could lead to hemorrhaging of resources and so on.

“I think as it is, we have actually reached out to the government on different fora, trying to make them understand that the importance of putting these back ends in check is quite important. Secondly we want to believe too that there must be an orientation of the continuous training and retraining of individuals. You would be surprised that some that are saddled with these responsibilities do not actually understand the process effectively.

“The problem as it is is that there are no safeguards in place. We talked about preventive mechanisms. That as it is is lacking. We talked about allowing treasury management to impact your cash management processes. That too is lacking. So these are those fundamental areas that we are concerned about. So that once you are able to make sure, for example, if X amount is budgeted for a project, how do you approach that project? For example you want to build roads, bridges, culverts, now you cannot release the funds for the completion of that road all at once, because it has a process of design, a process of building the culverts, bridges, your overlays and every other thing.

“What you need to do first and foremost, is to be able to design those projects with timelines. Once you design with timelines, release the funds that are responsible. Once those funds are released make sure they are tied to individual aspects of those contracts. While we are doing that, whatever you have as excess, invest those monies in very short term investment processes that would assist the process, either even if it is just on commercial papers or government bonds for that period, so that invariably the value of the money would not be lost.

“Once you do this effectively, it would be difficult for anybody to come back and start looking for variation on those jobs. these things you can put in place as one. Number two, if you need to make things work, you need to be radical about it. radical in the sense that the laws governing procurement and other things have to be further domesticated. What do I mean? You make sure that equipment and items that are bought on yearly basis that are being wished away could have a much longer lifespan.

“For example, in the office you keep buying photocopiers on a yearly basis. Of course you discover that the copier can even last you five to 10 years, when properly maintained. so those monies on those recurrent things that can be used beyond the length of those life-shares could be ploughed back into the system. What happened to those monies? They get stolen and diverted.”

News

PHOTOS: Brazil Welcomes Tinubu With Full Military Honours In Brasília

Published

6 hours ago

August 25, 2025

Editor

Brazil on Monday rolled out full military honours at the Planalto Palace in Brasília to receive President Bola Tinubu.

Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, disclosed this on X on Monday.

Onanuga said Tinubu was welcomed by his host, President Luiz Inácio Lula da Silva.

He wrote, “More photos of the official reception for President Tinubu at the Planalto Palace in Brasília, Monday, August 25, 2025. Brazil’s President Luiz Inácio Lula da Silva welcomed President Bola Tinubu with full military honours.”

News

Tinubu Signs Direct Flight, Other Agreements With Brazil

Published

6 hours ago

August 25, 2025

Editor

President Bola Ahmed Tinubu has signed a landmark Bilateral Air Service Agreement with Brazil, signalling the establishment of direct air links between Nigeria and South America’s largest economy.

The agreement was formalised on Monday during Tinubu’s official state visit to Brasília.

Media aide to the minister, Tunde Moshood, made this known through a statement, made available to The PUNCH.

At the signing ceremony which was witnessed by Messrs Nigerian President, Tinubu and the Brazilian President Luiz Inácio Lula da Silva in Brasilia also had the Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, signed the agreement on behalf of Nigeria, while Brazil’s Minister of Transport, Silvio Costa Filho, also signed for the host country.

The BASA creates a new framework for direct flights between Nigeria and Brazil, with the potential to significantly enhance trade, tourism, investment, and diplomatic relations.

The statement further noted that, “ It also marks a key step in Nigeria’s broader efforts to strengthen international partnerships and improve global connectivity.”

Tinubu had arrived in Brazil with a delegation that included Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of State for Foreign Affairs, Bianca Ojukwu; Minister of Agriculture and Food Security, Abubakar Kyari; and other senior government officials.

According to the statement, the Brazilian President welcomed the agreement, expressing his administration’s commitment to expanding cooperation with Nigeria in sectors such as aviation, agriculture, and infrastructure.

He described the BASA as a reflection of the strong ties between both countries and an opportunity to deepen economic and cultural collaboration.

Tinubu is also scheduled to hold meetings with key Brazilian government officials, including the President of the Senate, the President of the Chamber of Deputies, and the President of the Supreme Federal Court.

The two-day visit will include high-level discussions between Nigerian and Brazilian delegations across various sectors, as both nations explore opportunities for mutual growth and development.

The statement reads, “The ongoing state visit will also see President Tinubu meeting the President of the Brazilian Senate at the National Congress, the President of the Chamber of Deputies, and the President of the Supreme Federal Court.

“The working visit, which continues tomorrow, will also feature high-level engagements between Nigerian and Brazilian delegations across various sectors, underscoring both nations’ commitment to building a future of mutual growth and prosperity.”

News

NAFDAC Warns Of Fake Postinor-2 In Circulation

Published

6 hours ago

August 25, 2025

Editor

The National Agency for Food and Drug Administration and Control on Monday issued a public alert, warning the public about confirmed counterfeit batches of Postinor-2 (Levonorgestrel 0.75 mg) now circulating in Nigeria.

The alert follows a report from the Society for Family Health, the marketing authorisation holder, confirming that they did not import the suspect batches.

Postinor-2 (Levonorgestrel 0.75mg) is a brand of emergency contraceptive pill containing the active ingredient levonorgestrel.

NAFDAC revealed there are noticeable labelling discrepancies between the authentic and fake products.

It said, “The National Agency for Food and Drug Administration and Control (NAFDAC) hereby notifies the public of falsified Type 1 and 2 batches of POSTINOR 2 (Levonorgestrel 0.75mg) product in circulation.

“The noticeable difference was found to be as follows: The font size of the text on the pin verification sticker appears smaller and has a wrong spelling of the word Veify instead of Verify on the fake; meanwhile, the text font on the sticker of the original appears bigger and more visible. There is also a wrong spelling behind the pack of the fake “Distnibuted in Nigeria” instead of distributed in Nigeria”, NAFDAC said.

NAFDAC identified the original Postinor-2 as batch T32458H, manufactured in February 2023 with an expiry date of February 2027 and registration number 04-6985.

The agency, however, confirmed two falsified versions: Counterfeit Product (Type 1), batch T36184B, manufactured in August 2024 with an expiry date of August 2028; and Counterfeit Product (Type 2), batch 332, manufactured in March 2023 with an expiry date of February 2027, both carrying the registration number 04-6985.

It said that due to the potential presence of incorrect, substandard, or harmful ingredients, improper dosages of levonorgestrel, and a lack of sterile manufacturing conditions, poses significant risks to individual health and public safety.

“The risks of administering falsified Postinor 2 (Levonorgestrel 0.75mg) include failure of contraceptive effect, toxic or harmful contaminants, unpredictable side effects, delayed or missed opportunity for genuine emergency contraception, and potential long-term reproductive health impact. Unexpected side effects: Unknown substances can trigger allergic reactions, organ damage, or death.

“Counterfeit medicines are unregulated, untested, and illegal, making their safety and efficacy impossible to guarantee. Patients should only obtain Postinor-2 from verified pharmacies or licensed healthcare providers.

“Although Investigations are still ongoing regarding the source of the falsified product, all NAFDAC zonal directors and state coordinators have been directed to carry out surveillance and mop up the falsified product of type 1 and 2 postinor 2 (Levonorgestrel 0.75mg) within the zones and states,” it added.

NAFDAC urged consumers and healthcare providers to verify PIN stickers carefully, report suspected counterfeit products, and always purchase medications from reputable sources.