CBN Directs Banks to Commence FG's Treasury Single Account Scheme

Thursday, February 26, 2015 2.03PM/CBN

Further to our letter dated January 28th, 2015, on the commencement of the Federal Government's Independent Revenue e-collection Scheme, this is to remind all banks that, the Federal Government's Independent e-collection Scheme has commenced.

The Federal Government's Independent Revenue e-collection initiative will automate Revenue Collection of Ministries, Departments and Agencies (MDAs) directly into the Federal Government's Consolidated Revenue Fund (CRF) account at the Central Bank of Nigeria (CBN), through the Remita e-collection platform and other electronic payment channels.

As previously communicated, your bank branches are required to have been setup and sensitized, and your internet banking platform configured for use by revenue payers, to make transfers to the Federal Government e-collection account in your bank, which will be slept by you to the CRF, as previously agreed between the CBN, OAGF and the DMBs.

The Office of the Accountant General of the Federation (OAGF) has issued a treasury circular to all MDAs to close existing revenue accounts in DMBs not later than February 28, 2015 and transfer available units to the Consolidated Revenue Funds (CRF).

All Deposit Money Banks (DMBs) are hereby enjoined to ensure full compliance.