President Muhammadu Buhari has approved the opening of five COVID-19 donor accounts, which form part of existing TSA arrangement in five commercial banks.
The Treasury Single Account is being operated by the Federal Government.
Henshaw Ogubike, Director Information and Press, Office of the Accountant-General of the Federation, made this known in a statement in Abuja on Tuesday.
Ogubike disclosed that the approved banks were Zenith Bank, Access Bank, Guarantee Trust Bank, UBA and First Bank.
He explained that the framework covered all public funds allocated and dedicated to the fight against COVID-19, including the Fiscal Stimulus Package as well as all donations by corporate bodies and individuals to the Federal Government towards the fight against Coronavirus and the mitigation of its social and economic effects on citizens.
He said this directive also included donations under the Private Sector Coalition Against COVID-19 (CACOVID) Fund domiciled at the Central Bank of Nigeria (CBN).
The News Agency of Nigeria reports that the Nigeria Private Sector Coalition Against COVID-19 (CACOVID), as of April 23, realised about N27,160bn.
The statement partly reads, “In accordance with citizens' expectations, the government is committed to managing these funds with the highest sense of transparency and integrity.
“This framework is therefore designed to articulate the measures put in place by the government for the transparent and accountable management of COVID-19 donor funds as an expression of its commitment towards bridging the trust gap.
“The TSA Sub Account in commercial banks are to be used to receive COVID-19 donations only. On no account shall any other fund of Federal Government Ministries, Departments and Agencies be deposited into the accounts or any other account in commercial banks.
"All other government accounts are to be maintained at the CBN in line with the Presidential directive on TSA, the TSA guidelines and related extant circulars.”