The Federal Government said it had successfully moved all the capital accounts of its Ministries, Departments and Agencies to the Central Bank of Nigeria.
The Minister of Finance, Dr. Ngozi Okonjo-Iweala, who confirmed the development in a statement made available on Tuesday, said the move would help the central bank to effectively manage the funds of the government.
She also said the new electronic collection platform, which the government unveiled in January this year for revenue generating agencies, would improve the availability of funds for financing of developmental projects and budgets as well as plug loopholes in government revenue collection and management.
The minister said instead of the agencies operating multiple accounts that were not being used, the new platform would enable the government to manage its account balances effectively.
She said while the capital accounts had been successfully moved to the CBN, efforts were being made to ensure that the recurrent accounts were similarly moved within the shortest time possible.
Okonjo-Iweala said, “With the treasury single account, we have a tool that helps us to see the balances of governments at one time from all government agencies because we are drawing resources into the central bank.
This article is part of an report that originally appeared in the Punch. Check the Punch for the full article
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