Blame Retrenchment In Banks On TSA policy –ACCI

Abuja Chamber of Commerce and Industry says the current retrenchment in the financial services sector as witnessed in some Nigeria Money Deposit Banks could be attributed to the adverse implication of Single Treasury Account (TSA) policy of the Federal Government. The implementation of Federal Government’s Treasury Single Account (TSA) policy has left Banks with severe liquidity problem causing the financial houses to cut their workforce so as to remain in business. We call on the Government at this time not play politics with the job-cut crises in the Banking sector as full employment remains the topmost in the list of macroeconomic objectives of any Government. Nigeria is already faced with high rate of unemployment therefore Government should be mindful of the negative implication of unemployment on our economy. We are urging the government to take urgent proactive steps and apply discretionary measures that will be aimed at responding to this sudden economic situation rather than mere statement that may not yield any affirmative result.

By Lola Seriki- Idahosa,