According to the latest information , the Federal Government successfully moved all the capital accounts of its Ministries, Departments and Agencies to the Central Bank of Nigeria.
The Minister of Finance, Ngozi Okonjo-Iweala confirmed the development in a statement and stated that the move would help the central bank to effectively manage the funds of the government.
She also said the new electronic collection platform, which the government unveiled in January this year for revenue generating agencies, would improve the availability of funds for financing of developmental projects and budgets as well as plug loopholes in government revenue collection and management.
The minister announced that instead of the agencies operating multiple accounts that were not being used, the new platform would enable the government to manage its account balances effectively.
She said while the capital accounts had been successfully moved to the CBN, efforts were being made to ensure that the recurrent accounts were similarly moved within the shortest time possible.
Okonjo-Iweala said:“With the treasury single account, we have a tool that helps us to see the balances of governments at one time from all government agencies because we are drawing resources into the central bank.Instead of agencies with multiple accounts everywhere, which are not being used, and on the other hand you go borrowing, we will have an overview and it will help us to manage our balances much better.There is no too much of a choice; everybody has to comply. We don’t want to look as overbearing; so, we are discussing with the agencies and the banks. We have already got all the capital accounts into the central bank and gradually we are getting the recurrent accounts. It also helps the central bank to manage liquidity.”
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