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Nairaland Forum / Nairaland / General / Politics / Close Revenue Accounts With Banks – FG Orders Mdas (19457 Views)
FG Orders ‘Eat, Drink Nigeria’ At State Functions / FG Orders Arrest Of Ex-customs Boss At Airport / Buhari Orders MDAs To Run Treasury Single Account (2) (3) (4)
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Re: Close Revenue Accounts With Banks – FG Orders Mdas by presiade(m): 11:27am On Jan 09, 2015 |
kowema:Stop living in the last decade, the bank is really transforming. Nothing is static. 4 Likes |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by chimah3(m): 11:28am On Jan 09, 2015 |
Hmmm |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by Hollawaley(m): 11:29am On Jan 09, 2015 |
That doesn't mean millions won't be entering montly chris e.t.c |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by peddyholly: 11:30am On Jan 09, 2015 |
Now our otuoke president is making U-turn frm his cluelessness. Good1 2 Likes |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by Kx: 11:30am On Jan 09, 2015 |
As much as banks will be affected, does this not spell more job loss in the sector? 1 Like |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by Trypant(f): 11:31am On Jan 09, 2015 |
FrankC3: Thanks for the explanation! 4 Likes |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by martmag: 11:33am On Jan 09, 2015 |
Advert Procurement Officers are currently needed at Mart Mag, interested individual should forward their CV to Martmag13@gmail.com |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by Eastherbunny(m): 11:35am On Jan 09, 2015 |
Aha and they say Jonathan is not fighting corruption. Before catching a rat you first block the escape rout and that is what mr president is doing not wasting on trying to prosecute the corrupt he just to first to their ways of looting. open your yeye eyes and see the underground work the man is doing. Even though am not a supporter of his I know good thing when I see one. It is always said that good things are not appreciated until it is lost. Mr president keep doing it till...........20.. 10 Likes |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by Sunnybobo3(m): 11:36am On Jan 09, 2015 |
Adminisher: The money will still be held in banks but via a centralized electronic system unlike the haphazard system in place now. 5 Likes |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by NoreenUG(f): 11:37am On Jan 09, 2015 |
iiichidodo: GEJ is plugging loopholes and curbing corruption intelligently while buhari's understanding of anti-corruption is jailing ppl aimlessly without trial and witch-hunting his political enemies like obasanjo did. that is the difference between a graduate and a stark illiterate. 24 Likes 4 Shares |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by chronique(m): 11:38am On Jan 09, 2015 |
GEJ understands the system of corruption in Nigeria,and is doing the right things to curb them by implementing reforms that would bring checks and balances to the whole system. This is much more productive than spending tax payers money to feed corrupt people in jail. Good education surely has an advantage in all spheres of life. 16 Likes 3 Shares |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by Daintilicious(f): 11:40am On Jan 09, 2015 |
[size=16pt]Fighting corruption by building and strengthening institutions [/size] GEJ till 2019 17 Likes 1 Share |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by Chigold101(m): 11:40am On Jan 09, 2015 |
Demburrows:this is what it mean to fight corruption... Build instutions that stop corrupt practices... I like this, how ever i pity deposit banks ooo... 7 Likes |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by Nobody: 11:40am On Jan 09, 2015 |
wordcat: Electronic Data Interchange is what the Federal Government is trying to implement in the Revenue sector. With EDI, revenues will go through payment platform with online electronic wallets, and each payor will see how much he has been remitting so far to government and funds will be held by the reserve bank. The addenda of the EDI will have electronic forms to enter details and memo about the funds and everything is stored online on intranet or internet for auditing. Corruption will be zeroed, because the process will no more be manually managed, unlike now, that revenue collectors can collect bits of revenue to lie to government and pocket some change due to cumbersome paper-works. I will say, apart from fertilizer distribution process, this is a major financial management integration system and futuristic policy for Nigeria's revenue growth. This is the best anti-corruption policy and its world class. 24 Likes 6 Shares |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by iiichidodo: 11:40am On Jan 09, 2015 |
NoreenUG:Will you marry me?... 8 Likes |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by JesslordKay(m): 11:41am On Jan 09, 2015 |
GEJ was right when he said his administration is building institution to fight corruption. Though expecting the APC version. 6 Likes |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by Forwetinnah: 11:42am On Jan 09, 2015 |
Governors too should do same.. 4 Likes |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by researchgenes(m): 11:44am On Jan 09, 2015 |
A lot of Banks would start struggling especially Banks with Salary Accounts of FG staff 1 Like |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by Chigold101(m): 11:45am On Jan 09, 2015 |
chronique: So much On point man... We dont need people in jail what we need is to block every holes where our money leaks out from... Institutions and orientation... Thats all 7 Likes |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by NoreenUG(f): 11:45am On Jan 09, 2015 |
iiichidodo: lol |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by KingAdeOluomo1(m): 11:46am On Jan 09, 2015 |
Adesiji77:its time to take my hacking course seriously .......... |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by heroarams(m): 11:50am On Jan 09, 2015 |
They are saving up. Another missing $20 billion (this time revenue) money waiting to happening. |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by 9inches(m): 11:52am On Jan 09, 2015 |
One of the machines to check corruption. Nice one Mr. President. More to come on board soon! May God grant us Love and Goodluck come February 14, ni oruko Jesu.... 7 Likes |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by jeje123(m): 11:53am On Jan 09, 2015 |
kowema:Dormant account balance with union bank is enough if dey like let dem close federation account my vote must be count for GMB come next month. |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by snakie86: 11:53am On Jan 09, 2015 |
wordcat: This is a welcome development cos it means that government has denied MDAs the mandate to collect, warehouse and remit revenues at the end of the month to the Consolidated Revenue Funds (CRF).Revenue accruing directly to the CRF are expected to be paid into the account of the federal government in any commercial bank which is thereafter remitted to the government’s single treasury account, otherwise known as the CRF, within 24 hours. FIRS,NIMASA,NNPC,CUSTOM,FAAN and other agencies that have revenue accounts in commercial banks are expected to remit whatever comes into their account to FG within 24 hours. In a lay mans language.....We all pay taxes (PAYE,WHT,VAT,STAMP DUTY etc) to Government through FIRS. these taxes are processed by Banks, FIRS maintain revenue accounts in all commercial banks which all these taxes goes in on a daily basis...What they do with the money once it hit their revenue accounts in these banks is to wait till end of the month before consolidating all revenue from banks and remit to the CRF. Government is now saying that, once revenue is processed by Banks, it must get to the FG within 24hrs. The advantage of this is that some loopholes for embezzlements will be blocked and there will be transparency in revenue collection. For commercial Banks, it will be a great disadvantage as float being enjoyed by this banks on millions of revenue account wont be there again....it will reduce their income in terms of float on daily balances on this account but this can be cover up a bit with aggressiveness of the amount of revenue they help collected from individuals and corporation on behalf of federal government. I hope my little explanation helps and hope the link below on failures of MDA's in non-remittance of FG revenue will help in understanding the concept of this policy better http://www.thisdaylive.com/articles/disquiet-over-non-remittance-of-fg-s-revenue/139336/ 15 Likes 2 Shares |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by Betboss(m): 11:55am On Jan 09, 2015 |
Nice move mr president.... 3 Likes |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by chemali: 11:56am On Jan 09, 2015 |
Chigold101: The judiciary is an institution. The prison services is an institution. The police is an institution. Efcc is an institution. When people disobey the laws, when the steal, when they are corrupt, these institutions are saddled with getting them. Is he destroying these institutions and building other institutions? Irrespective, this is a good development 3 Likes |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by betterabia: 11:56am On Jan 09, 2015 |
Adminisher: i heard indians and chinese working in nigeria pay their taxes in india and china |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by nellycobs: 11:58am On Jan 09, 2015 |
Do you know who collects the revenue for lagos? wake up bro. Tinubu's company makes all the bulk and gives what they want to Eko. nduchucks: 5 Likes |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by justscorch: 12:01pm On Jan 09, 2015 |
NoreenUG: I don't know what u mean but I just want make dem jail ALL the corrupt politicians jare,dia cup don full.I'm voting Buhari just for that single act |
Re: Close Revenue Accounts With Banks – FG Orders Mdas by londoner: 12:02pm On Jan 09, 2015 |
jingh: Yes, people still have their ways of stealing in every country in the world, but this is a fantastic development. GEJ has the right ideas and is actually ACTING upon them. His hand are the better hands to change Nigeria in the short to medium term future. He is thinking of closing loopholes and reducing corruption at the source and Buhari is only talking about punishment after the fact. Could this be why he has delayed the budget, if he has? This man is no fool. 6 Likes |
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