President Muhammadu Buhari has re-considered his earlier position on the Treasury Single Account, TSA, where he had ordered all Ministries, Departments and Agencies to comply by September, 15th 2015.
DAILY POST gathered on Monday that the Office of the Accountant-General of the Federal Republic of Nigeria has granted an exemption to thirteen MDAs in line with the e-collection and mop up exercise by the federal government.
Entities exempted are profit oriented government business entities that pay dividends to the Federal Government of Nigeria.
They are Nigeria National Petroleum Corporation, Power Holding Company of Nigeria, Bank of Industry, Nigeria Railway Corporation, Federal Mortgage Bank of Nigeria, Bank of Agriculture and Niger Delta Power Holding Company/National Integrated Power Project.
Others are National Communication Satellite Limited, Galaxy Backbone Ltd, Ajaokuta Steel Company Ltd, Urban Development Bank, Nigerian Export – Import Bank and Transcorp Hilton Hotel.
The exemption from the AGF’s office to the The Director, Central Bank of Nigeria, Banking & Payments System Department, referenced FD/LP2015/C/ADC/20/1/ /DF and signed by M K Dikwa, mni, further reads:
“Approval is hereby granted to your bank to exempt the Accounts of thirteen (13) MDAs (Category 6) 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 there are declared.
“Please note that in line with the Presidential approval, the following as it relates to Nigeria National Petroleum Corporation NNPC as listed above (S/No.9) under Category 4 should also apply:
i. That NAPIMS remains classified as an MDA that is funded from the Federation Account under Category 4 of the Circular, being the NNPC Business Unit responsible for the management of the Federation’s investment in the upstream activities and funded from direct proceeds of oil and gas revenue.
ii. That NNPC will continue to preserve the status with respect to NAPIMS Operations Account as well as Escrow Account for Third Party Financing in view of the Joint Venture (JV) Cash funding currently being experienced.
iii. That all other NNPC’s commercial/Business Entities as re-classified as ‘Profit-Oriented Public Corporations/Business Enterprises’ under Category 6 of the Circular which requires that only dividends from these entities be paid into the TSA.”
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