Disbursements of the COVID-19 funds domiciled with the Central Bank of Nigeria (CBN) and commercial banks will be after appropriation
Related NewsAlso, participating Ministries, Departments and Agencies must provide information on all COVID-19 fund transactions requested under the Freedom of Information Act within seven days of receiving the request.
These include about N28 billion under the Private Sector Coalition Against COVID-19 Fund domiciled at the CBN and the five COVID-19 donor TSA sub-accounts domiciled in Zenith Bank, Access Bank, Guarantee Trust Bank, United Bank for Africa and First Bank. Also, funds are to be transferred to TSA Sub-Accounts of spending units based on approved allocations.
To ensure a single window for real-time access to details of transactions, in terms of receipts and payments across all commercial bank accounts, the guidelines stipulate that all accounts be linked with the TSA at CBN. Considering that funds are to be disbursed based on NASS appropriation, the guideline demands that all payments be effected using the Government Integrated Financial Management Information System system for adequate budget management and accounting.
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