*Creates New TSA, Blocks Access To Former Account
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The Federal Government, through the Ministry of Finance, on Tuesday, directed all Ministries, Departments, and Agencies (MDAs) to remit 100 percent of their internally generated revenue (IGR) to the Sub-Recurrent Account which is a sub-component of the Consolidated Revenue Fund (CRF).
This is to improve revenue generation, fiscal discipline, accountability and transparency in the management of government financial resources and prevent waste and inefficiencies.
Wale Edun, minister of finance and coordinating minister of the economy, issued the directive in a circular he signed, dated December 28, 2023.
Consequently, the circular stated that the Office of the Accountant-General of the Federation shall open new Treasury Single Account (TSA) sub-accounts for all federal agencies/parastatals listed on the schedule of Fiscal Responsibility Act, 2007 and any additions by the Federal Ministry of Finance, except where expressly exempted.
“All Ministries, Departments and Agencies (MDAS) that are fully funded through the annual Federal Government budget (receiving personnel, overhead and capital allocation) and on the schedule of Fiscal Responsibility Act, 2007 and any addition by the Federal Ministry of Finance should remit one hundred percent of their Internally Generated Revenue (IGR) to the Sub-Recurrent Account which is a Sub-component of the Consolidated Revenue Fund (CRF)”, the circular reads.
The circular stated that all partially funded Federal Government agencies/parastatals (receiving capital or overhead allocation from the Federal Government budget) should remit 50 percent of their gross Internally Generated Revenue (IGR), while all statutory revenue like tender fees, contractor’s registration, sales of government assets etc should be remitted one 100 percent to the sub-recurrent account.
According to the circular, all self-funded Federal Government agencies/parastatals (receiving no allocation from the Federal Government budget) should remit 50 percent of their gross Internally Generated Revenue (IGR), including all statutory revenues like tender fees, contractor’s registration, sales of government assets etc to the sub recurrent account.
Furthermore, the circular said the new account opened for agencies/parastatal shall be credited with inflows in the old revenue collecting accounts based on the new policy implementation of 50 percent auto deduction in line with the Finance Act,2020 and Finance Circular, 2021, 50 percent cost to revenue ratio.
The Office of the Accountant General of the Federation (0AGF), subject to the categorisation of agencies shall map and automatically effect direct deduction of 50 percent on gross revenue of Self/partially funded agency/parastatals and 100 percent for fully funded agencies/ parastatals as interim remittance of the amount due to the Consolidated Revenue Fund. This is to improve revenue generation, fiscal discipline, accountability and transparency in the management of government financial resources and prevention of waste and inefficiencies.
“The revenue collection TSA Sub-Accounts currently operated and maintained by Agencies/Parastatals for receiving revenue from the public shall be blocked from access. The accounts shall be under the full control of the Honourable Minister of Finance and Co-ordinating Minister of the Economy and the Accountant-General of the Federation.”
“To strengthen the implementation of the Presidential directives as conveyed via SGF Circular Reference: SGF.50/5.3/C.9/24 dated October 16, 2018 on Approved Revenue Performance Management Framework for Government Owned Enterprises (GOEs), the Revenue & Investment Department and the Treasury Single Account Department of the Office of the Accountant-General of the Federation (0AGF) shall supervise, monitor and carry out a monthly review of both the old and new accounts of the Agencies/parastatals to ensure that only funds approved by the Honourable Minister of Finance and Co-ordinating Minister of the Economy (HMFCME) and the Accountant-General of the Federation (AGF) are credited to the accounts.”
The circular said FMF and the OAGF will recommend appropriate disciplinary actions and sanctions against defaulting accounting officers of agencies/parastatals found violating the contents of the circular, in line with the Fiscal Responsibility Act.
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