Nigeria government enforces electronic remittance of revenues into treasury account, gives October 1 deadline

The Federal Government of Nigeria has given October 1, 2017 deadline for the nation’s deposit money banks to remit revenues due it from ministries departments and agencies (MDAs) electronically using the Government Integrated Financial Management Information System (GIFMIS) revenue reference numbers via the Remita platform.

In a Central Bank of Nigeria circular singed by Dipo Fatokun, and addressed to all money deposit banks, government noted that the use of the GIFMIS reference numbers is not being adhered to by banks despite an earlier circular to that effect.

It added that non-compliance by banks has made it difficult and impossible for the Office of the Accountant General of the Federation (OAGF) to reconcile revenues collected into the treasury single account (TSA).

Government said as part of its efforts to boost revenue collections, it had mandated the use of electronic means for all its revenue inflows into the TSA to properly classify receipts and ease reconciliation.

“With effect from October 1, 2017 all deposit money banks are to ensure mandatory use of the GIFMIS revenue reference numbers at the point of revenue collection into the TSA,” the circular noted, adding that the GIFMIS revenue reference numbers shall be provided by the respective MDAs to the revenue payer to enable them remit the funds.

However, there was no reference to punitive measures for non-compliance in the circular.

Analysts say full compliance to the directive would not only ease reconciliation but would save deposit money banks the embarrassment of being accused of not remitting funds to the TSA.