In a recent announcement made by the Federal Government of Nigeria; all Bank accounts that have been dormant over the period of 6 years, will borrow its money to the Federal Government of Nigeria.
This move is in accordance with the Finance Act 2020 recently signed into law by President Muhammadu Buhari. This Trust Fund will serve as a sub-fund for the Federal Government of Nigeria in handling financial crisis in the Country.
From the Financial Act 2020, Bank accounts owned and managed by the Federal Government, State Government or Local Governments or any of their ministries, departments or agencies are exempted.
The Act also made provision for the Dormant Account owners to reclaim their money whenever they need it.
Debt Management Office (DMO) and the office of the Finance Minister and other chairpersons from various private sectors in the country will manage and supervise the mode of operation of the trust fund.
With this move, the Federal Government of Nigeria will no longer borrow money from external sources to remedy the country’s financial crisis.
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