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Nairaland Forum / Nairaland / General / Politics / President Stops Multiple Account By NNPC, CBN And Others (318 Views)
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President Stops Multiple Account By NNPC, CBN And Others by oluwatomisin93(m): 6:31am On Aug 10, 2015 |
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.” |
Re: President Stops Multiple Account By NNPC, CBN And Others by Larynx(m): 6:39am On Aug 10, 2015 |
Why multiple account in the first place.... If not for corruption..... Thank God for Sai Baba.... Ride on sir.... God s ur strength..... |
Re: President Stops Multiple Account By NNPC, CBN And Others by buzquet(m): 6:48am On Aug 10, 2015 |
baba go slow but steady! 40km/p---------> 60km/p---------> 80km/p. The change motor on the roll. God bless our president |
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