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

Hamilton Nwosa
Writer
new-diplomat default image
new-diplomat default image

Ad

Ranked: Gas Prices Around the World in 2025

Key Takeaways Fuel prices in Hong Kong rank as the highest globally, at $3.07 per liter in 2025. Several European cities rank among the world’s most expensive for gasoline, driven by energy supply shocks. Riyadh, Saudi Arabia has seen the fastest price increase since 2020 across 69 cities analyzed, with fuel costs up nearly 49%.…

Oil Prices Edge Higher After Steep Two-Day Selloff

Oil prices recovered slightly in early Asian trading on Wednesday after two straight sessions of steep declines, as traders weighed the prospect of a larger OPEC+ output increase against signs of tighter U.S. crude inventories. At the time of writing, Brent futures for December delivery had climbed to $66.17 while WTI was trading at $62.50, up 0.21% on the…

Details as Nigerian Immigration Begins Clampdown on Foreigners with Expired Visas

By Abiola Olawale The Nigeria Immigration Service (NIS) has announced its decision to kick off a sweeping nationwide crackdown on foreign nationals overstaying their visas or breaching entry conditions. The NIS said the enforcement action began immediately following the expiration of a generous amnesty program on September 30, 2025. The New Diplomat reports that the…

Ad

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.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp