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

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new-diplomat default image

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.

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