FG exempts NNPC, PHCN, BoI, FMBN, 10 others from TSA | Welcome to Linda Ikeji's Blog

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Tuesday, 22 September 2015

FG exempts NNPC, PHCN, BoI, FMBN, 10 others from TSA

The Office of the Accountant-General of the Federation has exempted 13 Ministries, Department and Agencies (MDAs) from the Treasury Single Account (TSA). In a circular released yesterday September 21st, the accountant general said they were exempted because they are entities classified as profit oriented government businesses, pay dividends to the Federal Government.

The exempted MDAs are the Nigeria National Petroleum Corporation (NNPC), Power Holding Company of Nigeria, Bank of Industry (BoI), Nigeria Railway Corporation, Federal Mortgage Bank of Nigeria, Bank of Agriculture, Niger Delta Power Holding Company/National Integrated Power Project, National Communication Satellite Limited, Galaxy Backbone Limited, Ajaokuta Steel Company Limited, Urban Development Bank, Nigerian Export-Import Bank NEXIM) and Transcorp Hilton Hotel.

A circular entitled, “Approval to Exempt Some MDAs In line With the e-Collection Mop-Up Exercise,” from the AGF’s office to The Director, Central Bank of Nigeria (CBN), Banking and Payments System Department, referenced FD/LP2015/C/ADC/20/1/ /DF dated September 14, 2015 and signed by M. K, Dikwa, for the AGF, Federal Ministry of Finance, Funds Department, Abuja, reads in part: “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 they 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: 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.

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. 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.”.

37 comments:

#lordSandra said...

Okay

Unknown said...

Okay

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ary said...

And these are the guys who need it more!

Blog It With Olivia said...

Ok, nothing spoil









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Gentletee said...

If they want to exempt certainly not NNPC.

Unknown said...

Hmm!
Dully noted.

Tony said...

What a load of rubbish!

AC£S said...

Noted

Anonymous said...

Absolute NONSENSE!!! Buhari is a Mistake. Dead brain president

Anonymous said...

Exactly. Cos I thought the TSA thing was enforced because of irregularities in the payments made by the oil industry.
PMB I'm losing faith in you

jericho brown said...

buhari should know what he is doing single treasure account as he wants is having adverse effects on the masses banks are sacking people like joke, while he had not created job for the people. ideally since buhari thinks that money of the FG is leaking why not only make the nnpc proceeds in single accounts or better still verify and monitor those accounts, and allow the banks be. zenith, diamond and fcmb are sacking more coming like GTbank. god help us.

jericho brown said...

buhari should know what he is doing single treasure account as he wants is having adverse effects on the masses banks are sacking people like joke, while he had not created job for the people. ideally since buhari thinks that money of the FG is leaking why not only make the nnpc proceeds in single accounts or better still verify and monitor those accounts, and allow the banks be. zenith, diamond and fcmb are sacking more coming like GTbank. god help us.

jericho brown said...

buhari should know what he is doing single treasure account as he wants is having adverse effects on the masses banks are sacking people like joke, while he had not created job for the people. ideally since buhari thinks that money of the FG is leaking why not only make the nnpc proceeds in single accounts or better still verify and monitor those accounts, and allow the banks be. zenith, diamond and fcmb are sacking more coming like GTbank. god help us.

SUPERVISOR said...

OKAY. BUT THESE AGENCIES SHOULD HAVE ONLY ONE ACCOUNT FROM WHICH THEY PAY TO THE FEDERATION ACCOUNT.

NaijaDeltaBabe said...

Hmmmmmm

Anonymous said...

And The Fraud BEGINS .....

Anonymous said...

Buhari is up to something....obviously not something good!

Anonymous said...

Hmmm, I smell a rat

Anonymous said...

Linda, who told you this was released yesterday?

Unknown said...

So long as it a way forward, it is welcome. Linda take note!

Unknown said...

So long as it a way forward, it is welcome. Linda take note!

Anonymous said...

Most people here are not sound , comment to the gutters and don't seek for information before commenting . I wish you well. You need to be well informed to make comment . If it is not your area or discipline or you are not a rational person ,please keep shut , if you do otherwise , you only expose your ignorance and may need to attend GES class if you are a university graduate .Lol!

Anonymous said...

My thoughts exactly!!!

Unknown said...

Anty linda dis ur grammer don dey too much oo! i beg try to dey break am small small. i love you.

Unknown said...

policy somersault....

Unknown said...

Are u telling us by federal government using multiple acct would create job ,and wish has no side effects ?

Tefe said...

haha haha hahaha, they haven't even started and they are already confused.

Unknown said...

Adams Oshiomole should take note

Unknown said...

Hummmmmmmmmm....okay noted.











#TeamBlessed#

Unknown said...

Hummmmmmmmmm....okay noted.











#TeamBlessed#

Oskirin said...

wetin ds coys dey do 4 dere? i mean phcn,niger delta power holding company n transcorp? shebi dem don privatise dem? pls some1 shd educate me more coz me i no undastand d meaning of privatisation again.if so, NICON insurance shd also b dere.

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Unknown said...

Wat are they talking about? This 10 organizations are not the only profit oriented govt business so wats the criteria for selection?
The annoying thing is that govt is sweeping revenues into TSA, Up till now, the president has not come up with guidelines or modalities on how govt agencies are expected to access their funds. Most of them cant even run their business anymore let alone pay salaries and this definitely has a ripple effect on the economy.

Organizations are seriously laying off staff and shutting down businesses. I support the president on fighting corruption but the economy shouldn't be on standstill because of that.

Unknown said...

Govt policies should be made from research based info not on exuberance of the leader! Let's stop go forward n backward policies of present adminstr!

Unknown said...

So unfortunate that Nigeria have always have mediocres as leaders. This is the most confused administration in our history.

Anonymous said...

NNPC should have not been exempted because that is the highest home of corruption.

Unknown said...

APC is becoming PDP,I know it will be same platform just changing the surface!!!!. Nigerian politicans never leave NNPC,PHCN and adding new More.... I smell Bush Rats!!!!

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