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FG sets up account for COVID-19 donations
The Federal Government has created a framework for the collection, management and reporting of COVID-19 donations.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, said that the federal government was developing a comprehensive framework for the transparent management of the contributions to COVID-19, which stood at ₦19.4 billion at last count.
President Buhari approved the restructuring of the Treasury Single Account, TSA, in order to better mobilise cash donations from the generality of the people and corporate bodies across the nation.
The TSA account had been structured to create flexibility and build a coalition with financial institutions while maintaining the sanctity of the TSA.
The COVID-19 Donor Accounts, to form part of the existing TSA arrangement, will be opened with: Zenith Bank; Access Bank; Guaranty Trust Bank; UBA and First Bank.
Ahmed stated that the accounts would be linked to the main TSA for ease of monitoring and reporting.
“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,” she said.
