Banks that fail to deploy Government Integrated Financial Management Information System (GIFMIS) at the point of revenue collection into the Treasury Single Account (TSA) starting from October 1, in accordance with the Central Bank of Nigeria (CBN) directive, risk being sanctioned.
The Office of the Accountant General of the Federation (OAGF) introduced the GIFMIS 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 jointly signed by the Director, Banking and Payment System Department of CBN, ‘Dipo Fatokun and Ahmed Idris, AGF posted on CBN website over the weekend, 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 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.
The circular enjoins Accounting Officers, Directors/Heads (Finance and Accounts), Directors/Heads (Internal Audit) of PSEs and other arms of government to give this information widest circulation, and ensure strict compliance.