Is The Treasury Single Account Really The Cause Of Our Recession-Part one?
Yesterday i came across this statement from distinguished senators of our federal republic about the TSA(Treasury Single Account). According to theses Senators Bassey Akpan (PDP Akwa Ibom North East), Samuel Anyanwu (PDP Imo East) and Mao Ohuabunwa (PDP Abia North), called for a re-think by the federal government on the implementation of the TSA as, according to them, it is one the factors that triggered the recession. He said between August and November last year, as a result of the implementation of the policy, about N1.8 trillion was withdrawn from the banking system, which increased to N2.8 trillion in January this year and N3.4 trillion now , leading to drastic reduction in lending capacities of the commercial banks with attendant effect on the country’s economy. Before we delve further, let us re-visit what the TSA is all bout before considering how much it might have effected the recession we are currently facing. This piece will be in two parts. 1. TSA refers to Treasu