FG approves restructuring of TSA to mobilize funds in fighting Covid-19

President Muhammadu Buhari has approved the restructuring of the Treasury Single Account (TSA) to mop of funds in fighting the Coronavirus pandemic.

Minister of Finance, Budget and National, Zainab Ahmed made the disclosure while addressing journalists on Fiscal stimulus measures in response to COVID 19 pandemic and oil price fiscal shock.

She said the move was to mobilize cash donations from philanthropists and well-meaning Nigerians.

“The restructuring of the TSA is to better mobilize cash donations from the general public and corporate bodies across the nation, create flexibility and build a coalition with financial institutions while manufacturing the sanctity of TSA.

“Going forward, the COVID-19 donor accounts which will form part of the existing TSA arrangements shall be opened with Zenith bank, Access bank, Guarantee Trust Bank, UBA and The first bank,” she said.

Speaking further, Ahmed stated that the accounts opened will be linked to the main Treasury Single Account for ease of monitoring and reporting.

She also stated that her office will be issuing circulars and ministerial orders to ensure that donations to support the fight against the virus is tax deductible in line with section 25 of the Companies Income Tax Act.