President Muhammadu Buhari has approved five COVID-19 Donor Accounts to be opened.
They form part of the existing arrangement for the Treasury Single Account (TSA) in five commercial banks.
Access Bank, First Bank, Guarantee Trust Bank, United Bank for Africa (UBA), and Zenith Bank are financial institutions.
Henshaw Ogubike, Director of Information, Office of the Federation’s Accountant General, revealed the development in a statement on Tuesday.
He explained that the framework covered all public funds allocated and dedicated to combating COVID-19, including the Fiscal Stimulus Package and all corporate and individual donations.
It also includes donations under the Private Sector Coalition Against COVID-19 (CACOVID) Campaign, domiciled at the Nigerian Central Bank (CBN).
“The TSA Sub-Account shall only be used in commercial banks for the purpose of collecting COVID-19 donations.
No other Federal Government Ministries, Departments, and Agencies (MDA) funds shall be deposited into the accounts or any other commercial bank account on any account.
“All other government accounts shall be maintained at the CBN in compliance with TSA’s Presidential Order, TSA Guidelines, and related remaining Circulars.
All collections into the commercial bank accounts will be moved into the Federal Government’s Sub-Recurrent Account with the CBN.
Failure to sweep all balances within 24 hours would be deemed a violation of the Presidential directive on TSA and would attract sanctions.
Furthermore, the disbursements of all COVID-19 Fund including those being collected directly by CBN and those domiciled with commercial banks shall be through appropriation.
“Funds should be specifically allocated to MDA members and expenditure entities such as the Ministry of Health, the Ministry of Humanitarian Affairs, the Nigeria Center for Disease Control, among others, rather than to umbrella agencies such as the Presidential Task Force (PTF). The PTF’s operating expenses shall be allocated to the PTF Secretariat separately.
Respective spending units and their accounting officers will assume full responsibility for appropriating funds to them and certainly remove the bottlenecks at the PTF, “he said.
The government said this will bind all spending units to the Appropriation Act and provide the greatest measure of credibility and transparency to the management of the donation.