Nigeria To Close Accounts Of Agencies That Fail To Remit Income To Treasury

The Ministry of
Finance has
announced that
from Monday, 17 June, the Office
of the Accountant General of the
Federation will close the accounts
of agencies that have refused to
remit monies to the Consolidated
Revenue Fund (CRF) of the federal
government in all banks.
The Ministry in a statement signed by
the Coordinating Minister for the
Economy and Minister of Finance,
Ngozi Okonjo-Iweala, stated that
about N58 billion has been identified
in such accounts, which the agencies
are alleged to keeping in connivance
with banks with the aim of
accumulating interest.
"It has come to the attention of the
Federal Ministry of Finance that some
federal government agencies that
generate independent revenue, in
collusion with some banks, have
refused to remit monies to the
Consolidated Revenue Fund (CRF) of
the federal government which they
are obliged by law to do."
"We have identified about N58 billion
of such monies which rightfully
belongs in the CRF" the statement
read.
The Ministry claimed that "this
unwholesome practice has persisted
despite the efforts of the Office of
the Accountant General of the
Federation (OAGF) to encourage the
agencies and the affected banks to
do the right thing."
"Rather than comply, the agencies
and banks, through their lawyers
have engaged in all manner of legal
subterfuges to ensure that monies
which are due to the Federal
Government are not remitted."
"The objective of this conspiracy
against the national interest is clear:
to keep government monies
indefinitely in accounts earning
interest for individuals at the
expense of the Federal Government
and the Nigerian people."
"This is totally unacceptable and the
Federal Ministry of Finance is
determined that this practice must
end forthwith."
"Starting Monday, June 17, 2013, the
Office of the Accountant General of
the Federation, in exercise of its
powers under the extant laws and
rules, will close the accounts of
agencies involved in this practice in
all banks."
"This process of systematic closure
will continue until all monies that
should be in the Consolidated
Revenue Fund are retrieved" the
statement warned.