MDAs, Banks Stash FG’s N58Bn

Ministry of Finance has accused some ministries, departments and agencies (MDAs) of the federal government of colluding with some banks to withhold about N58 billion they generated and has threatened to close bank accounts of the affected MDAs from Monday.

According to the ministry, the MDAs have refused to remit the monies to the Consolidated Revenue Fund (CRF) of the federal government which they are obliged by law to do.

A statement by Dr. Ngozi Okonj-Iweala, coordinating minister for the economy and minister of Finance, warned that from Monday, June 17, the Office of the Accountant General of the Federation, in exercise of its powers under the extant laws and rules, will close such accounts in all banks.

Iweala said that this process of systematic closure the ministry said will continue until all monies that should be in the Consolidated Revenue Fund are retrieved.

The minister condemned the unwholesome practice that has persisted despite the efforts to encourage the agencies and the affected banks to do the right thing.

She said “Rather than comply, the agencies and banks, through their lawyers have engaged in all manner of legal subterfuges to ensure that monies which are due to the Federal Government are not remitted.

“The objective of this conspiracy against the national interest is clear: to keep government monies indefinitely in accounts earning interest for individuals at the expense of the Federal Government and the Nigerian people.

“This is totally unacceptable and the Federal Ministry of Finance is determined that this practice must end forthwith” she added.