The ministry of finance says the federal government will be using private sector COVID-19 donations to fund a 2020 supplementary budget, TheCable is r
The ministry of finance says the federal government will be using private sector COVID-19 donations to fund a 2020 supplementary budget, TheCable is reporting.
The office of the accountant-general of the federation said “in addition to the main CACOVID Fund Account with CBN,” President Muhammadu Buhari has “approved the opening of five COVID-19 Donor Accounts”.
The accounts, which will be opened with Zenith Bank, Access Bank, Guarantee Trust Bank, UBA; and First Bank, will be subject to “existing TSA arrangement”. The framework “covers all public funds allocated and dedicated to the fight against COVID 19 including the Fiscal Stimulus Package”.
“It also applies to all donations by corporate bodies and individuals to the Federal Government of Nigeria towards the fight against COVID 19 and the mitigation of its social and economic effects on citizens at large including donations under the Private Sector Coalition Against COVID-19 (CACOVID) Fund domiciled at the CBN.”
“Disbursements of all COVID 19 Fund including those being collected directly by CBN and those domiciled with commercial banks shall be through appropriation,” the framework read. The Honourable Minister of Finance, Budget and National Planning may liaise with the National Assembly for emergency passage of a supplementary budget for the utilization of COVID-19 donation based on estimated total collection for the year.
“Funds are to be appropriated directly to participating MDA and spending units like Ministry of Health, Ministry of Humanitarian Affairs, Nigerian Centre for Disease Control, etc rather than to an intermediary agency like the Presidential Task Force (PTF).”
The framework says this process is to “enhance” transparency, which is more likely “when funds are spread to more MDA than when a huge amount is put under the control of a single entity”.
As of April 17, 2020 donations to the private sector Coalition Against COVID-19 (CACOVID) fund domiciled at the CBN was N25.8 billion.
