Wale Edun, Minister of Finance and Coordinating Minister of the Economy, has directed that all Ministries, Departments, and Agencies (MDAs) return 100% of their internally generated income (IGR) to the sub-recurrent account.
The sub-recurrent account is a component of the Consolidated Revenue Fund (CRF), and its purpose is to improve revenue production, fiscal discipline, and transparency in government expenditure.
In a circular dated December 28, 2023, and signed by Edun, he directed “The Office of the Accountant-General of the Federation (OAGF) to create a new Treasury Single Account (TSA) sub-accounts for all federal agencies and parastatals listed in the schedule of the Fiscal Responsibility Act, 2007, and any additions by the Federal Ministry of Finance, with few exceptions”.
Edun said the sub-recurrent account will be credited with inflows from old revenue-collecting accounts based on the new policy’s implementation, with a 50 per cent auto deduction in line with the Finance Act, 2020, and Finance Circular, 2021.
According to the finance minister, all MDAs fully funded by the federal government budget must remit “100 per cent of their internally generated revenue to the Sub-Recurrent Account, while all statutory revenues, such as tender fees and sales of government assets, should be remitted 100 per cent to the sub-recurrent account”.
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