FG suspends physical cash payment for revenue transactions

The Federal Government of Nigeria has announced the immediate suspension of physical cash payments for all revenue transactions, directing Ministries, Departments and Agencies, MDAs, to deploy Point of Sale, POS, terminals and other approved electronic payment systems within 45 days.

The directive was contained in four treasury circulars issued by the Office of the Accountant-General of the Federation, OAGF.

According to the Accountant-General of the Federation, Shamseldeen Ogunjimi, all payments to the Federal Government must now be made electronically and processed through channels approved by the Treasury and fully integrated into the Treasury Single Account, TSA.

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