• Saturday, July 20, 2024
businessday logo

BusinessDay

FG commences electronic revenue collection, gives MDAs February 28 to comply

businessday-icon

As declining oil prices continues to take toll on the nation’s income, the Federal Government on Tuesday announced that it has introduced an electronic collection platform for revenue collecting ministries, departments and agencies, which will hopefully ensure timely and may be accurate remittance going forward.

The Federal Government is currently facing a real battle of getting revenue collecting agencies to remit accurately and timely what they generate on its behalf into the federation account.

With the new platform, all receipts by MDAs will now be made directly to the consolidated revenue fund at the Central Bank of Nigeria (CBN) through electronic channels, through a process called the e-collection.

Jonah Otunla, the accountant general of the federation, announced this at a sensitisation workshop on e-collection held in Abuja on Tuesday.

The new initiative commenced since January 1, and comes under the on-going cash management reforms of Federal Government, Otunla said.

Consequently, all MDAs have been directed to close all existing revenue and other collections accounts in commercial banks not later than February 28, 2015 and transfer all available balances to the CRF.