E-Collection

www.ohimaiconsulting,com E-Collection is electronic collection of government revenue. E-Collection through Treasury Single Account received new development since inception. Some of the improvement to e-collection are in line with Central Bank of Nigeria (CBN) circular of 10th December, 2020. NEW DEVELOPMENT OF TSA IMPLEMENTATION IN NIGERIA New TSA cost of collections for payer and Ministries, Department and Agencies (MDAs). The charges are grouped into two. (A). Transaction charges borne by the payer. i) If the payment are received through Point of Sales (POS), it will attracts N150 plus 0.50 per cent of the amount being paid subject to a maximum of N1, 000 per transaction. ii). If payment are received through other channelled it attracts N150 exclusive of Value Added Tax (VAT) (B). Transaction charges borne by the MDAs. (i) They provide the platform for collection. (ii) They will process all data about the payment and the payer. (iii) They transmit the data and replicate them (iv) Fund sweeping.  For this, stakeholder below are to receive from Payment Solution Service Providers (PSSPs) or Deposit Money Banks (DMBs) fund sweeping. This depends on who is playing the collection role for the MDAs. NIBBS is to receives 10% while Office of the Accountant General of the Federation (OAGF) to receives 2.5%. 2. New TSA sharing formula for collection cost received among the various stakeholders as follows: PSSPs——————————-43% Collecting Banks——————33% CBN———————————11% NIBBS——————————-10.5% OAGF——————————–2.5% 3. The government link the revenue generating agencies to TSA portal through (PSSPS). PSSPs are companies appointed by government to collect TSA payments from ministries departments and agencies (MDAs). At at today, payer has to initiate payment from the receiving...

Treasury Single Account

ohimaiconsulting.com Treasury Single Account (TSA): This is defined as a unified structure of government bank accounts for MDA’s. TSA is a single account in the custody of the Central Bank of Nigeria (CBN).TSA is a bank account or a set of linked accounts through which the government transacts all its receipts and payments. Treasury Single Account is a concluding phase of the E-collection scheme. The Federal Government of Nigeria commenced the implementation of e-collection component of TSA in January 2015. The first Treasury Circular on e-Collection was issued on the 19th of March 2015. E-collection automates and streamline revenues and other monies payable to MDAs as well as other Institutions and Parastatal directly into the Consolidated Revenue Fund (CRF) or designated accounts of each MDA at CBN using the CBN Payment Gateway. This is one of the good initiative of federal government of Nigeria that has help to bring about transparency and accountability. This initiative has given Nigeria government control over the management of fund in the hand of Ministries, Department and Agencies (MDAs). OBJECTIVES OF FGN E-COLLECTION Ensure total compliance with the relevant provisions of the 1999 Constitution of the Federal Republic of Nigeria (FRN) (Section 162 & 80).Collect and remit all revenues due to the Federation Account and Federal Government Consolidated Revenue Fund.Block all leakages in government revenue generation, collection and remittance.Enthrone a new regime of transparency and accountability in the management of government receipts.Improve on availability of funds for development programs and projects.Align with the CBN Cashless policy.Ease the burden of revenue payers. BENEFITS OF TSA Government have oversight of all revenue and other monies collected...
The Benefits of ICAN Certificate

The Benefits of ICAN Certificate

Sample ICAN Certificate The benefits of ICAN certificate to all area of our lives are enormous. ICAN, whose membership comprises of accountants, auditors, and accounting technicians, was established in 1965 by Act of Parliament No. 15 of 1st September 1965 (the ICAN Act) (icanig.org). Since then, it has improved the lives of its members and the nation in general. Being a member of ICAN make you become a professional in accountancy. Opportunities will be available to you when you become a full member of ICAN. A lot of information will be available to you to create wealth.  In the public sector, apart from increase morale and a sense of achievement, we look at two things that are the benefits of ICAN certificate. If you gain employment with an ICAN certificate or you have the certificate when already in the employment cadre of the Federal Government of Nigeria. Entry-level with ICAN certificate  This means the moment you are qualified as a chartered accountant before gaining employment in the public sector, you have a chance to start in Grade Level 10.  ICAN members with certificate will still be considered for employment in the public sector in line with the provision of the existing scheme of service even without them having a first degree. It is only ICAN and other related qualifications prescribed in the scheme of service considered for civil service appointment without a first degree.  The entry point for every ICAN member is GL 10. Advancement of ICAN qualified members  Advancement means moving an officer up from one rank to a higher one within his class or cadre. It is not the...
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