See What FG Will Do With Funds Donated For Coronavirus Fight

The federal government plans on using the donated funds made by private sector players towards the fight of the coronavirus pandemic to fund the 2020 supplementary budget, a drafted framework for the proposal quoted Zainab Ahmed, Nigeria’s minister of finance had said .

This is as falling oil prices and low demand due to the pandemic has caused a strain in the government finances, limiting it to fulfil its fiscal obligations drafted in the budget.

According to the new framework, the minister plans to liaise with the national assembly for the passage of the 2020 supplementary budget so the donated funds which have been under the supervision of CACOVID and held by the CBN, can be utilised.

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“Disbursements of all coronavirus Fund including those being collected directly by the Central Bank and those domiciled with commercial banks shall be through appropriation,” the framework read.

“The Honourable Minister of Finance, Budget and National Planning may liaise with the National Assembly for emergency passage of a supplementary budget for the utilization of coronavirus donation based on estimated total collection for the year.

“Funds are to be appropriated directly to participating MDA and spending units like Ministry of Health, Ministry of Humanitarian Affairs, Nigerian Centre for Disease Control, etc rather than to an intermediary agency like the Presidential Task Force (PTF).”

“The Honourable Minister of Finance, Budget and National Planning may liaise with the National Assembly for emergency passage of a supplementary budget for the utilization of coronavirus donation based on estimated total collection for the year.”

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As of April 17, 2020 donations to the private sector Coalition Against coronavirus (CACOVID) fund domiciled at the CBN was N25.8 billion

To effect the process, President Muhammadu Buhari has “approved the opening of five coronavirus Donor Accounts”.

The accounts, which will be opened with Zenith Bank, Access Bank, Guarantee Trust Bank, UBA; and First Bank, will be subject to “existing TSA arrangement”.

The framework “covers all public funds allocated and dedicated to the fight against coronavirus including the Fiscal Stimulus Package”.

“It also applies to all donations by corporate bodies and individuals to the Federal Government of Nigeria towards the fight against coronavirus and the mitigation of its social and economic effects on citizens at large including donations under the Private Sector Coalition Against coronavirus (CACOVID) Fund domiciled at the CBN.”

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The framework says this process is to “enhance” transparency, which is more likely “when funds are spread to more MDA than when a huge amount is put under the control of a single entity”.

The ministry of finance says this move is to ensure transparency in the utilisation of the coronavirus funds, in line with the yearnings of the citizenry.

“All the requirements of the Financial Transparency Policy of the Federal Government shall be complied with. All collections into the Commercial bank accounts are to be swept into FGN Sub-Recurrent Account with the CBN.

“Failure to sweep all balances within 24 hours shall be deemed a violation of the Presidential directive on TSA which shall attract sanctions.

The framework said “it is mandatory for all participating MDA to provide information on all COVID-19 Fund transactions to any member of the public – individual or corporate – under the Freedom of Information Act (FOI) within 7 days of receiving the request.

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“Failure to publish timely reports of COVID-19 activities in the prescribed format and at the stipulated intervals or to respond to FOI requests will constitute early warning signs of mismanagement and shall be deemed as contravention of this Guideline.”