CBN directs banks to close all government revenue accounts

The Central Bank of Nigeria (CBN) has directed banks to close all revenue accounts belonging to Ministries, Departments and Agencies (MDAs) of the Federal Government, as mandated under the revenue electronic collection (e-collection) scheme.
This directive , which is going add to the liquidity stress among banks, was issued Thursday in a circular issued to all banks, yesterday, and signed by the Director, Banking and Payments Department of the CBN, Mr. Dipo Fatokun.
Entitled, “Commencement of Federal Government’s independent revenue e-collection scheme under the Treasury Single Account (TSA) Initiative, the circular stated: “Further to our letter dated January 28, 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 collections of ministries, departments and agencies (MDAs) directly into the Federal Government’s Consolidated Revenue Fund (CRF) account at the CBN through the Remita e-collection platform and other electronic payment channels.
“As previously communicated, your bank branches are required to have been set up and sensitised, and your Internet banking platform configured for use by revenue payers, to make transfers to the Federal Government’s e-collection account in your bank, which will be swept by you to the CRF, as previously agreed with the CBN, OAGF and 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 funds to the Consolidated Revenue Fund.”