The Central Bank of Nigeria (CBN) has directed all Deposit Money Banks (DMBs) in the country to ensure that they use the Government Integrated Financial Management Information System (GIFMIS) at the point of revenue collection into the Treasury Single Account (TSA) with effect from October 1 2017.
The Office of the Accountant General of the Federation (OAGF) introduced the GIFMIS reference reference number in May this year as part of efforts to strengthen revenue collection and accounting by Ministries, Departments and Agencies (MDAs). In a circular posted on its website yesterday, the Apex Bank stated that the directive became necessary following its observation that DMBs were not implementing the GIFMIS.
The CBN stated: “As part of its efforts to boost revenue collections, the Federal Government of Nigeria mandated the use of electronic means for all its revenue inflows into the Treasury Single Account (TSA). In order to properly classify receipts and ease reconciliation, the Office of the Accountant General of the Federation (OAGF) has now introduced a GIFMIS revenue reference number for all revenue collected on behalf of MDAs for Federal Government through the Remita platform into the TSA.
However, we have noticed that the use of the GIFMIS revenue reference number is not being adhered to thereby making it almost impossible for the OAGF to reconcile revenues collected to the TSA.” The Apex Bank explained that the GIFMIS Revenue Reference Number (RRN) will be provided by the respective MDAs to the revenue payer to enable them remit the funds
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