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COVID-19: Treasury Single Account to undergo restructuring for cash mobilization

COVID-19: Treasury Single Account to undergo restructuring for cash mobilization

The President, Major General Muhammad Buhari (Rtd) has given an interim approval for the restructuring of the Treasury Single Account in order to better mobilize cash donations from the people and corporate bodies across the nation. This was revealed by the Honorable Minister for finance, Zainab Ahmed recently.

The restructuring, according to her, will help to create flexibility and build a coalition with financial institutions while maintaining the sanctity of the TSA. The PUNCH reports

She said going forward, the COVID-19 Donor Accounts, which would form part of the existing TSA arrangement, would be opened with five banks.

The banks are Zenith Bank, Access Bank, Guaranty Trust Bank, United Bank for Africa and First Bank.

These accounts, she noted, would be linked to the main TSA for ease of monitoring and reporting.

“I will be issuing circulars and ministerial orders to ensure that charitable donations by benevolent companies to support our COVID-19 pandemic efforts are tax deductible, pursuant to Section 25 of the Companies Income Tax Act Amendment of 2020 Appropriation Act,” she added.

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