The Central Bank of Nigeria has announced the commencement of the Federal Government’s independent electronic revenue collection scheme throughout the country.
The new scheme, under the treasury single account initiative, is aimed at deploying the automated e-collection platform and other electronic payment channels to handle revenue collection business for ministries, departments and agencies.
The new system would also facilitate the payment of all government funds into the Federal Government’s consolidated revenue fund account at the CBN.
The Director, Banking & Payments Systems Department of the CBN, Dipo Fatokun, reminded all banks in the country to ensure that all Federal Government revenues collected on behalf of the MDAs were transferred promptly to the CRF through the new platforms.
Under the new arrangement, all branches of deposit money banks are required to set up and sensitize their workers on the operation of the internet banking platform configured to make easy transfers by revenue payers to the Federal Government.
On transfers into the Federal Government’s e-Collection account in the CBN, he said banks would be expected to transfer funds to the CRF in line with the agreement between them, the CBN and Office of Accountant General of the Federation.
Mr. Fatokun said the OAGF has issued a treasury circular to all MDAs to close existing revenue accounts in deposit money banks not later than today, Friday, February 28, 2015.
All available funds in such accounts are to be transferred to the Consolidated Revenue Funds immediately.