Single account: CBN, NPA, others to remit 25 per cent of revenue

Related stories

MTN’s Dabengwa Tier III Cloud Data Centre: A New Era for West African Tech and AI

By Sonny Iroche West Africa’s Largest Tier III Data Centre...

Ganduje: Why are they resigning?

By Bola Bolawole turnpot@gmail.com 0807 552 5533 (Published in my TREASURES...

OPEC Reports a Global Oil Production Decline in 2024

Global crude oil production declined by 1% last year,...

IMF Warns FG to Overhaul 2025 Budget to Prevent Economic Meltdown

By Abiola Olawale The International Monetary Fund (IMF) has issued...

cbn logoThe Federal Government yesterday clarified that the agencies of government not funded through the federal government budget are expected to remit only 25 percent of their gross earnings to the Consolidated Revenue Fund, CRF.

The 25 percent gross earnings of the Central Bank of Nigeria (CBN), the Nigerian Maritime Administration and Safety Agency (NIMASA) among others, are to be deposited in a sub-account linked to the Treasury Single Account (TSA) to be maintained at the CBN.

Also affected, according to Vanguard findings are Security and Exchange Commission (SEC), Corporate Affairs Commission (CAC), Nigerian Port Authority (NPA), Nigerian Communications Commission (NCC), Federal Airport Authority of Nigeria (FAAN), Nigerian Civil Aviation Authority (NCAA), Nigeria Deposit Insurance Corporation (NDIC), and National Sports Commission (NSC).

According to the circular obtained by Vanguard in Abuja, the system will be configured to allow access to funds by these agencies, based on approved budget.

The situation before the presidential directive was such that it was difficult to know how much the agencies were generating which made it easy for the funds to be misppropriated by heads of the agencies who had unfettered access to the accounts.

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
2027: Abure, Usman Clash Over Peter Obi’s Rising Profile in ADC CoalitionMTN’s Dabengwa Tier III Cloud Data Centre: A New Era for West African Tech and AIGanduje: Why are they resigning?OPEC Reports a Global Oil Production Decline in 2024IMF Warns FG to Overhaul 2025 Budget to Prevent Economic Meltdown2027: Peter Obi Vows, Says ADC Coalition 'll prioritize Nigerians’ WelfareTragedy! Liverpool Star Diogo Jota Dies in Car Crash in SpainFamily Announces Burial Date of Ex-Kwara Governor, Cornelius AdebayoSex Scandal: Baltasar Engonga, Ex-Equatorial Guinea Anti-Corruption Boss Bags 18 YearsFormer AGF Abubakar Malami Dumps APC, Joins ADCIt’s Another Big Brother Season Of DistractionsYou must marry me and my children, By Funke Egbemode[VIDEO] Drama as Burglar is Caught in Overnight Heist at FCMB Branch in Imo2027: Why Peter Obi Proposed a Single-Tenure to Atiku, David Mark, Others -Obidient Movt RevealsOkpebholo vs Asue Ighodalo: Anxieties as Supreme Court Reserves Judgment on Edo Governorship Election Case
X whatsapp