System Specs, the company that owns Remita, the e-payment and e-collection software used by the federal government to implement payments into the Treasury Single Account (TSA), has written a letter to President Muhammadu Buhari on the controversy surrounding the 1% processing fee charged on inflow into the TSA. The company in the letter dismissed allegations […]
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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. A circular from the AGF’s office to the The Director, Central Bank of Nigeria, Banking & Payments System Department, on September 14 made this […]
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There were indications that public sector funds component of banks’ deposit base may have started to shrink, raising fears that it will affect the nation’s economy. This is as the overall cash inflow from the system in the month of August, so far, is about N440 billion compared to about N613 billion in the corresponding […]
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President Muhammadu Buhari has ordered all Federal Government Ministries, Departments and agencies to open a Treasury Single Account (TSA) and start paying in all government revenues, incomes and other receipts. According to the directive, this measure is specifically to promote transparency and facilitate compliance with sections 80 and 162 of the 1999 Constitution. A Sunday […]
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