President Muhammadu Buhari has ordered that five COVID-19 Donor Accounts should be opened with five commerical banks in Nigeria.
The institutions include Access Bank, First Bank Guarantee Trust Bank, UBA and Zenith Bank which have an arrangement with the government’s Treasury Single Account (TSA).
This was disclosed on Tuesday by Henshaw Ogubike, Director of Information, Office of the Accountant General of the Federation.
“The TSA Sub-Account in commercial banks are to be used for the purposes of receiving COVID-19 donations only. On no account shall any other fund of Federal Government Ministries, Departments and Agencies (MDA) be deposited into the accounts or any other account in commercial banks. All other government accounts are to be maintained at the CBN in line with the Presidential directive on TSA, the TSA Guidelines and related extant Circulars.
“And all accounts with commercial banks are to be linked with the TSA at CBN to provide a single consolidated view of aggregate government cash balances. This will provide a single window for real time access to details of receipts and payments across all commercial bank accounts. In the absence of a ready tool to accomplish this requirement, the current CBN Payment gateway may be deployed,” the statement read.
The donations into commerical banks will be moved into the Federal Government’s Sub-Recurrent Account with CBN.
Sanction will be given for a failure to move all balance as it will be a violation of the Presidential policy on TSA.
“Funds are to be appropriated directly to participating MDA and spending units like the Ministry of Health, Ministry of Humanitarian Affairs, Nigeria Centre for Disease Control, among others rather than to an intermediary agency like the Presidential Task Force (PTF). Administrative cost of the PTF shall be appropriated separately to the PTF Secretariat. Respective spending units and their Accounting Officers would take full responsibility for funds appropriated to them and likely bottlenecks at the PTF are eliminated,” he said.