The Federal Government has mandated the use of electronic means for all its revenue inflows into Treasury Single Account (TSA) as part of efforts to boost revenue collection.
Consequently, the a Central Bank of Nigeria (CBN) has directed deposit money banks to ensure mandatory use of the Government Integrated Financial Management Information System (GIFMIS) revenue reference number at the point of revenue collection into TSA, with effect from October 1, 2017.
This was contained In a circular signed by Dipo Fatokun, director, banking and payments system department, CBN.
In order to properly classify receipts and ease reconciliation, the Office of the
accountant General of the Federation (OAGF) has introduced a GIFMIS revenue reference number for all revenue collected on behalf of MDAs for Federal Government through thevRemita platform into TSA.
“However, we have noticed that the use of the GIFMIS revenue revenue reference number is not being adhered to, thereby making it almost impossible of the OAGF to reconcile revenues collected in the TSA”, Fatokun said in the circular.