The Government has put created a framework for the collection, management and reporting of COVID-19 donations.
According to the Minister of Finance, Budget and National Planning Zainab Ahmed, the federal government is developing a comprehensive framework for the transparent management of the contributions which at last count now stands at ₦19.4 billion.
In the interim, President Buhari “has approved the restructuring of the Treasury Single Account (TSA) in order to better mobilize cash donations from the generality of our people and corporate bodies across the nation.”
Going forward, the COVID-19 Donor Accounts, which will form part of the existing TSA arrangement, will be opened with: Zenith Bank; Access Bank; Guaranty Trust Bank; UBA and First Bank.
These accounts, Ahmed said, “will be linked to the main TSA for ease of monitoring and reporting.”
She said: “We 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.”
On support to private sector, the Minister said government is “organising support to the private sector, the CBN has announced infrastructure funds, funds for SMEs so that private sector can access this funds.”
On when April salaries will be paid, she said “salaries are paid traditionally when we do FAAC so immediately FAAC is concluded then it is time to pay salaries. (The Nation)
