FG RELEASES FRAMEWORK FOR COVID-19 FUNDS MANAGEMENT

 In Investor News

Ministries, Departments and Agencies of the Federal Government that contravene guidelines established for the management of the COVID -19 funds are to be sanctioned. Principal officials of such MDAs will also be exposed and sanctioned, according to a framework for the management of the funds released by the Office of the Accountant-General of the Federation on Tuesday the 5th of May, 2020.

The framework said, “Participating MDAs are reminded that the COVID-19 Fund is a public fund in the truest sense of it. “The public is invested in ensuring that the funds are utilised in the most transparent and prudent manner. “For this reason, any participating MDA that contravenes this guideline may be sanctioned from continued participation in the programme. “Also, the names of the MDA and its principal officers shall be made public as additional measure of transparency.” The statement released by the OAGF disclosed that as of April 17, 2020, donations to the Private Sector Coalition Against COVID-19 Fund domiciled at the CBN was N25.8bn.

It added that, in addition to the main CACOVID Fund Account with the CBN, the President, Major General Muhammadu Buhari, (retd.) had approved the opening of five COVID-19 donor accounts which form part of the existing TSA arrangement in Zenith Bank, Access Bank, Guarantee Trust Bank, UBA and First Bank. The statement explained that the framework covered all public funds allocated and dedicated to the fight against COVID-19 including the fiscal stimulus package.

https://punchng.com/fg-releases-framework-for-covid-19-funds-management/

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