In a recent development, the Federal Ministry of Finance has issued a directive to all Ministries, Departments, and Agencies (MDAs) in Nigeria. The directive, signed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, mandates MDAs to remit 100% of their internally generated revenue (IGR) to the New Treasury Account.

The circular, dated December 28, 2023, instructs the Office of the Accountant-General of the Federation to establish new Treasury Single Account (TSA) sub-accounts for federal agencies and parastatals, following the schedule of the Fiscal Responsibility Act, 2007.

For fully funded MDAs, the circular dictates the remittance of 100% of their IGR to the Sub-Recurrent Account. Partially funded agencies are required to remit 50% of their gross IGR, while all statutory revenues, including tender fees and sales of government assets, must be remitted 100% to the sub-recurrent account.

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