Demand will guide releases of COVID-19 funds

Nduka Chiejina, Abuja

RELEASE of COVID-19 donations will be guided by exigencies of demand, the Federal Government said on Tuesday in a statement from the Office of the Accountant-General of the Federation (OAGF).

According to the statement, the OAGF will release proceeds of the donations which stood at N21.5 billion as at last night to the Presidential Task Force on COVID-19 Control.

It reads: “In line with the Federal Government’s financial regulations, the funds will be released by the Office of the Accountant-General of the Federation (OAGF) to the Presidential Task Force on Control of COVID-19 according to the exigency of demand.”

The OAGF has released the details of the bank accounts into which interested Nigerians and corporate bodies can make their donations.

They are: Zenith Bank Account Number – 1017231692; Access Bank Account Number – 1385400542; GTBank Account Number – 0574639933; First Bank of Nigeria Account Number – 2035403735; United Bank for Africa Account Number – 1022761737.

President Muhammadu Buhari approved the restructuring of the Treasury Single Account (TSA) in order to mobilise cash donations from the people and corporate bodies across the nation.

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Finance Minister Zainab Ahmed said: “The restructured TSA will, create flexibility and build a coalition with financial institutions while maintaining the sanctity of the TSA.”

Going forward, the COVID-19 Donor Accounts, will form part of the existing TSA arrangement, she said.

On her twitter account on Tuesday, the minister said #COVID-19 donor accounts, “which will form part of existing TSA arrangement, have been opened with @ZenithBank @myaccessbank @gtbank @UBAGroup @FirstBankngr. Others will be included in this initiative as need arises.”

The accounts, she noted, have been linked to the TSA for ease of monitoring and reporting.

Federal Government she pointed out “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, in line with Section 25 of the Companies Income Tax Act.”