The Federal Government has commenced an independent revenue e-collection scheme under the Treasury Single Account initiative.
With this, all revenue collections of Ministries, Departments and Agencies (MDAs), which used to be deposited in banks, will now be sent directly to the Consolidated Revenue Fund at the Central Bank of Nigeria through electronic payment channels.
The CBN said this on Thursday in a circular signed by its Director, Banking and Payments System Department, Mr. Dipo Fatokun.
The circular, which was sent to all Deposit Money Banks, stated, “Further to our letter dated 28th January, 2015, on the commencement of the Federal Government’s independent revenue e-collection scheme, this is to remind all banks that, the Federal Government’s independent revenue e-collection scheme has commenced.”
“The independent revenue e-collection initiative will automate revenue collections of Ministries, Departments and Agencies directly into the Federal Government’s Consolidated Revenue Fund account at the Central Bank of Nigeria, through the Remit e-collection platform and other electronic payment channels.”
The CBN noted that the Office of the Accountant General of the Federation had issued a treasury circular to all MDAs to close existing revenue accounts in DMBs not later than February 28, 2015 and transfer available funds to the Consolidated Revenue Fund.
“As previously communicated, your bank branches are required to have been set up and sensitised, and your Internet banking platform configured for use by revenue payers, to make transfers to the Federal Government e-collection account in your bank, which will be swept by you to the CRF, as previously agreed between the CBN, OAGF and the DMBs.
“All deposit money banks are hereby enjoined to ensure full compliance.”
