Hmmm....him dey work ooo....hehehe....President Muhammadu Buhari on Sunday
ordered all ministries, agencies and departments of government to stop
forthwith the operation of multiple bank accounts for the purpose of
keeping revenues and incomes.
The Presidential order affects the
Nigerian National Petroleum Corporation, the Central Bank of Nigeria,
the Federal Airports Authority of Nigeria and the Nigerian Maritime
Administration and Safety Agency.
Also on the list are the Security and
Exchange Commission, the Corporate Affairs Commission, the Nigerian
Ports Authority, the Federal Inland Revenue Service, the Department of
Petroleum Resources and the National Civil Aviation Authority, among
others.
All the agencies must henceforth maintain a Treasury Single Account, domiciled with the CBN for revenues and other receipts.
The new directive was contained in a
statement made available to journalists by the Senior Special Assistant
to the Vice President on Media and Publicity, Mr. Laolu Akande, on
Sunday.
Akande explained that the directive was
meant to promote transparency and facilitate compliance with Sections 80
and 162 of the 1999 Constitution.
“Henceforth, all receipts due to the
Federal Government or any of its agencies must be paid into TSA or
designated accounts maintained and operated in the Central Bank of
Nigeria, except otherwise expressly approved,” the statement said.
It explained that the presidential
directive would end the previous public accounting situation of several
fragmented accounts for government revenues, incomes and receipts.
He said the existing system had led to
loss of legitimate income meant for the Federation Account, and that the
directive applied to fully-funded organs of government like ministries,
departments, agencies and foreign missions, as well as the
partially-funded ones, including teaching hospitals, medical centres and
federal tertiary institutions.
“For any agency that is fully or
partially self-funding, sub-accounts linked to TSA are to be maintained
at CBN and the accounting system will be configured to allow them access
to funds based on their approved budgetary provisions,” the statement
explained.
A TSA, according to Akande, is a unified
structure of government bank accounts, enabling consolidation and
optimal utilisation of government cash resources.
He said the system would allow the
government to transact all its receipts and payments and get a
consolidated view of its cash position at any given time.
Buhari had during the inaugural meeting
of the Vice President Yemi Osinbajo-led National Economic Council, on
June 29, promised state governors that all revenues prescribed for
lodgement into the Federation Account would be treated as such under his
watch.
He had also promised to ensure strict compliance with all relevant laws on accounting, allocation and disbursement.
Meanwhile, the Revenue Mobilisation
Allocation and Fiscal Commission on Sunday said the mining sector had
contributed over N2bn to the federation account.
The Chairman, RMAFC, Elias Mbam,
according to a statement, said this during a meeting with the executive
officers of the Miners Association of Nigeria, led by the association’s
president, Sani Shehu.
Mbam, in the statement issued by the
commission, was also said to have unveiled plans to collaborate with the
miners association in order to enhance the revenue generation potential
of the sector.
The statement read in part, “The
chairman commended the executives and members of the association for
their sustained interest in the growth and development of the solid
minerals sector in spite of the enormous challenges, promising to
partner the association in its quest to diversify the economy,
especially in the face of dwindling oil revenue.
“In this regard, he disclosed that the
commission has supported the development of the sector through the
Natural Resources Fund domiciled in the CBN.
“Mbam stressed that the Sector has contributed over N2bn into the Federation Account.”
No comments:
Post a Comment