• Identifies N58 billion hidden funds

• CBN, banks to close accounts Monday

A PERIOD of reckoning is here for all Federal Government’s Ministries, Departments and Agencies ( MDAs) which have been generating revenues and diverting  them  instead of remitting  them  into the Federal Government’s Consolidated Revenue Fund ( CRF) Account maintained at the Central Bank of Nigeria (CBN).

For such MDAs, their accounts at both the CBN and banks across the country are to be frozen until all their obligations to the CRF are liquidated. This is real and the enforcement takes effect on June 17, 2013.

The action is being taken by the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala who Thursday revealed that a preliminary search had already identified N58 billion of such funds  by some MDAs which had been kept away from the CRF.

The revelation is contained in a statement by the minister herself Thursday r in Abuja.

It reads in part: “It has come to the attention of the Federal Ministry of Finance that some Federal Government’s agencies that generate independent revenue, in collusion with some banks, have refused to remit monies to the Consolidated Revenue Fund (CRF) of the Federal Government which they are obliged by law to do.

“We have identified about N58 billion of such monies which rightfully belongs in the CRF. This unwholesome practice has persisted despite the efforts of the Office of the Accountant General of the Federation (OAGF) to encourage the agencies and the affected banks to do the right thing.

“Rather than comply, the agencies and banks, through their lawyers have engaged in all manner of legal subterfuges to ensure that monies which are due to the Federal Government are not remitted. The objective of this conspiracy against the national interest is clear: to keep government monies indefinitely in accounts earning interest for individuals at the expense of the Federal Government and the Nigerian people.

“This is totally unacceptable and the Federal Ministry of Finance is determined that this practice must end forthwith. Starting Monday, June 17, 2013, the Office of the Accountant General of the Federation, in exercise of its powers under the extant laws and rules, will close the accounts of agencies involved in this practice in ALL banks.

“This process of systematic closure will continue until all monies that should be in the Consolidated Revenue Fund are retrieved.”

The action is part of the minister’s effort at curbing waste in the public life and directing government’s scarce resources to fix critical infrastructure  for which the country has always resorted to either domestic or foreign borrowing  to fix.

The action is coming on the heels of a similar probe of banks collecting the Federation Account revenue from the Nigeria Customs Service and the Federal Inland Revenue Service belonging to the three tiers of government which began last month, owing to the establishment of the fact that some of the revenues were being diverted by the banks with the connivance of officials of the two revenue agencies. The report of the probe is expected late August this year.

3ace: Aaaarrgghh! Bankers! Why are you people like this? The banking industry is one of our problems when corruption is discussed. In as much as the bulk of the blame is on our greedy politicians, the bankers' connivance with them in perpetrating this act is unacceptable. Maybe the government should start clamping down on bankers who facilitate corruption. Please, you look responsible, act responsibly.

Sibrah: All na wash! Once they signify their willingness to join team Fresh Air in some donation events, they go free again.

dgitrader:
U should be ashamed of ur post.

Kudos to the minister.
Only by blocking loopholes can we drastically reduce corruption. God bless Nigeria.

3ace: Aaaarrgghh! Bankers! Why are you people like this? The banking industry is one of our problems when corruption is discussed. In as much as the bulk of the blame is on our greedy politicians, the bankers' connivance with them in perpetrating this act is unacceptable. Maybe the government should start clamping down on bankers who facilitate corruption. Please, you look responsible, act responsibly.

3ace: Aaaarrgghh! Bankers! Why are you people like this? The banking industry is one of our problems when corruption is discussed. In as much as the bulk of the blame is on our greedy politicians, the bankers' connivance with them in perpetrating this act is unacceptable. Maybe the government should start clamping down on bankers who facilitate corruption. Please, you look responsible, act responsibly.

Sibrah: All na wash! Once they signify their willingness to join team Fresh Air in some donation events, they go free again.

Sibrah: And you should be proud of your post.
Where are all the past culprits today? - the subsidy theives? the pension theives? the BH suspects? the ND terrorist of yesterday? And many more? Once you allign with some team Fresh Air big shots you are covered. Anybody seeking to attract praise or fool the masses can do what NOI has done.

Sec5: Not only freezing account,let the perpetrators be freezed also(brought to book)

brown3: fool. Is she the IG of police, or she the chief justice of Nigeria that will arrest or jail does who stole from Nigerians? She is doing her duty in her own department. You would have given her gun to go and fight boko haram so that you will know that she is working. Bad belle Ewu yoruba.

Sunny_bobo:

http://www.ngrguardiannews.com/index.php?option=com_content&view=article&id=124501:govt-freezes-mdas-accounts-over-diversion-of-revenues-&catid=1:national&Itemid=559

Policewoman: This is a very good step. Most of these thieving MDAs divert the funds meant to be paid into the CRF into their private accounts in other banks. I also think the finance ministry should ban them from having accounts with other banks apart from CBN so as to ensure they are monitored properly.

Good move from my sister Ngozi Okonjo Iweala. More grease to your elbows.

firstolalekan: [size=38pt]Abeg who hide this thread

» How Does Islam And The Bible View Women? [/size]

Best thread EVER. I nor like am ooo

onye ego:
But madam police Una no dey remit the egunge wey Una dey collect for road and police station

mekaboy: This is gud but will lead to massive sack of employees. As soon as the money leaves the bank, there will be so much pressure on marketing staff. A lot of staff will be laid off. Every action has a reaction.

Sibrah: All na wash! Once they signify their willingness to join team Fresh Air in some donation events, they go free again.

SLIDE waxie:
Madam NOI, why give till 17th? U want them to see u before then?
Oh, they've been a bad bad boys, but they will see u ma!

Sibrah: And you should be proud of your post.
Where are all the past culprits today? - the subsidy theives? the pension theives? the BH suspects? the ND terrorist of yesterday? And many more? Once you allign with some team Fresh Air big shots you are covered. Anybody seeking to attract praise or fool the masses can do what NOI has done.