Reno Omokri, former aide to ex-President Goodluck Jonathan, has given an explanation of how an ‘unwise’ decision of the President Muhammadu Buhari administration made Nigeria a broke nation.
He said that President Buhari – out of hunger and desperation for achievement – ordered all federal government Ministries, Departments, Agencies (MDAs) including the universities to dump their resources in one account, the Treasury Single Account (TSA).
According to him, that directive from the Presidency sucked out of the economy trillions of Naira almost overnight, and caused the loss of 4.85 million jobs within three months.
Omokri stated this on Wednesday night during a live Facebook video. He said: “Normally nations go broke but it takes time. The reason Nigeria is suddenly broke is because there is something called the Treasury Single Account (TSA).
“The TSA was a brainchild of President Goodluck Jonathan and Dr. Mrs Ngozi Okonjo-Iweala; when they wanted to bring all the resources of the federal government of Nigeria under one account, and they wanted that account to be a single account so they could promote transparency.
“But because they knew that if we have this treasury single account, and we recall all the funds that the federal government has in banks and in different institutions, it is going to collapse the economy.
“So they decided it was going to be done in phases. Maybe, five percent at given times of about six months.
“But then, Jonathan was defeated. The Nigerian people voted in the 2015 election and we had a new President whom we looked forward to because of what he had promised us.
“But then, Muhammadu Buhari became President. He was eager, hungry, desperate for achievement because he was there for 100 days with very little achievement to show for it.
“So, he took the TSA which was not his idea. Google it; don’t take my word for it. It was the brainchild of President Goodluck Jonathan and Dr. Mrs Ngozi Okonjo-Iweala.
“Buhari had absolutely nothing to do with the TSA. But because he was hungry and desperate for achievement, he took it and in one fell swoop ordered all federal government Ministries, Departments, Agencies (MDAs) including the universities to dump their resources in one account.
“Almost overnight, trillions of Naira that was in the commercial banking sector got sucked out of the economy and got put into the TSA at the Central Bank.
“Now, you – as a human being – what do you think will happen to you, if all of a sudden you just lost 86 percent of your blood? Are you going to stay alive? Of course, you are going to die.
“Now, within three months, our banking sector lost 50,000 jobs this is not according to me but according to the National Bureau of Statistics (NBS) controlled by the Buhari administration.
“The economy, as a whole, lost 4.85 million jobs, because finance is the life-blood of the economy. And, all this was traced to the unwise decision of the Buhari administration to, in one fell swoop, withdraw all the funds from different banks and them put them into one single account. “That was Jonathan’s plan that was to be implemented gradually but Buhari just gave the order for the implementation of the TSA in one fell swoop.”