UBA, Four Others To Open Special TSA For Covid-19 Donations.
AMINA HUSSAINI, Abuja
Minister of Finance Budget and National Planning, Zainab Ahmed says the federal government is restructuring the Treasury Single Account (TSA) to accommodate the donations to fight COVID-19 which currently stands at N19.4 billion.
Ahmed said the restructuring will see a new comprehensive framework that will involve depositing the COVID-19 donations in five deposit banks for its transparent management.
The banks to keep the COVID-19 Donor Accounts, which will form part of the existing TSA arrangement are Zenith Bank, Access Bank, Guaranty Trust Bank, UBA and First Bank.
These accounts Zainab Ahmed said “will be linked to the main TSA for ease of monitoring and reporting.
“President Buhari has approved the restructuring of the Treasury Single Account (TSA) in order to better mobilize cash donations from the generality of our people and corporate bodies across the nation.”
Under the new arrangement, the TSA account is now being structured to “create flexibility and build a coalition with financial institutions while maintaining the sanctity of the TSA.”
She said circulars and Ministerial Orders will be issued to ensure that charitable donations by benevolent companies to support the COVID-19 Pandemic efforts are tax-deductible, pursuant to Section 25 of the Companies Income Tax Act.”
The finance minister said the government is also “organising support to the private sector, of which the CBN has announced the infrastructure funds, and the funds for SMEs for the private sector to access”.
She noted that “the Afrexim Bank has announced $3billion funds that is also available for the private sector. The IFC which is branch of the World Bank has also got funds which is for the private sector, the federal government is not in a position because of our fiscal space to give grant to the private sector.
On the payment of April salaries, the finance minister said “salaries are paid traditionally when we do FAAC so salaries will be paid immediately FAAC is concluded”
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