Dalhatu blames nation’s economic woes on TSA operation
Apparently lamenting the crippling effect of the economic recession on the nation’s economy, the officials of the New Nigerian Development Company (NNDC) owned by the 19 Northern State Governments have traced the malady to the implementation of the Treasury Single Account (TSA) by the present administration.
The Board of directors of the Northern company x-rayed the Nigerian economy, particularly under the present harsh economic conditions under which business activities struggle to thrive, while foreign investments have
dwindled to the lowest ebb.
Specifically, the chairman of the Board of Directors of the NNDC, Alhaji Bashir Mohammed Dalhatu, delivering his address during the 21st Annual General Meeting (AGM) in Kaduna yesterday, pointed out that “the full implementation of Treasury Single Account (TSA) aimed at blocking leakages of government revenue, fight against corruption, and removal of oil subsidy as well as efforts made in stabilising the exchange rate resulted in liquidity squeeze in the economy”.
He added that “the overall impact of the foregoing on businesses was decline in earnings as well as increase in cost of doing business” in Nigeria.
Stressing on the worsening condition of Nigerian domestic economy, he stated “this was further worsened by the activities of the Niger Delta militants which continued to impact negatively on the level of oil production for export”.
However, Dalhatu argued that despite the challenges posed by the negative indices in the economy, “the company strove to attain a modest performance during the period and has remained resolute and focused in achieving the set targets as articulated in its five-year strategic plan.”
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