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NNPC, others to pay revenue into FG account

by Business News Report

The Federal Government has directed that Nigerian National Petroleum Corporation (NNPC) and other offices funded from the Federation Account be paid into the treasury, a circular said on Tuesday.
The circular, issued by Mr Danladi Kifasi, Head of the Civil Service of the Federation, in Abuja, said other institutions affect by the directed were Ministries, Departments and Agencies and Federal Inland Revenue Service .
It said the directive followed the recent introduction of Treasury Single Account (TSA) for e-collections of all government receipts. The introduction of TSA was to facilitate compliance with sections 80 and 162 of the amended 1999 Constitution. The section states that“ every receipt due to the Federal Government or any of its agencies shall be paid into the TSA maintained in the Central Bank of Nigeria (CBN) except, otherwise expressly approved.”
The circular added that mechanisms had been put in place to ensure strict compliance with the operation of the TSA. “With the introduction of the TSA, all profit oriented public corporations and business enterprises would henceforth pay dividends accruing to them to the TSA. Agencies that were also funded through special accounts shall henceforth have a sub account linked to the TSA to be maintained at the CBN.
“The system would be configured based on approved budget,“ the circular said.

The circular also stated that revenue generated under public private partnership would be deposited in a TSA sub-account to be maintained by the CBN.
It added that the Federal Government`s portion of the collection would be paid into the TSA while the partner’s portion of the revenue would be transferred to the partner’s account.

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