Single Account: CBN, NPA, others to remit 25% of revenue

The Federal Government yesterday clarified that the agencies of government not funded through the federal government budget are expected to remit 25% of their gross earnings to the Consolidation Revenue Fund, CRF.

The 25% gross earnings of the Central Bank of Nigeria (CBN), the Nigerian Maritime Administrative and Security 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 NAIJATALKS findings are Security and Exchange Commission (SEC), Corporate Affairs Commission (CAC), Nigerian Port Authority (NPA), Nigerian Communication 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 NAIJATALKS 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 misappropriated by heads of the agencies that had unfettered access to the accounts