FG Exempts NNPC and 12 Other Agencies from Treasury Single Account Exercise
The Federal Government has exempted 13 government agencies from the current Treasury Single Account,TSA exercise that entails the mop up of all government funds from commercial banks.
A circular exempting the agencies was sent to Central Bank of Nigeria (CBN) from the Office of the Accountant-General of the Federation (OAGF).
The exempted agencies of government are “profit oriented government business entities that pay dividends to the Federal Government of Nigeria.”
The circular addressed to the Director, Banking and Payments System Department of the CBN, with FD/LP2015/C/ADC/20/1/ /DF as reference number was dated September 14 this year. It was signed by M K Dikwa, for the Accountant-General of the Federation, Federal Ministry of Finance, Funds Department, Abuja, FCT.
The exempted agencies are: Nigeria National Petroleum Corporation (NNPC), Power Holding Company of Nigeria (PHCN), Bank of Industry (BoI), Nigeria Railway Corporation, Federal Mortgage Bank of Nigeria, Bank of Agriculture, Niger Delta Power Holding Company/National Integrated Power Project, National Communication Satellite Limited, Galaxy Backbone Ltd and Ajaokuta Steel Company Ltd.
Others are Urban Development Bank, Nigerian Export – Import Bank and Transcorp Hilton Hotel.
The circular titled: Approval to Exempt Some MDAs in Line with the e-Collection Mop Up Exercise, read: “Approval is hereby granted to your bank (CBN) to exempt the Accounts of 13 MDAs (category six) as listed below the mop-up in line with the e-Collection Circular No. HCFSF/428/S.1/120 dated 7th August 2015 as these are profit-oriented government business entities that are to pay their dividends into the Treasury Single Accounts whenever they are declared.”
