Budget: Banks to reap billions from MDAs’ transactions

Deposit Money Banks (DMB) in the country could rake in billions of naira from charges for various services they would offer Federal Government’s Ministries, Departments and Agencies (MDAs) this year.

New Telegraph’s analysis of key MDAs’ budget requests for this year, which were obtained from the 2019 Appropriation Bill submitted to the National Assembly by President Muhammadu Buhari last month, shows that significant sums of money are requested for what is described as “bank charges (other than interest).”

For instance, a review of the budget requests of the Economic and Financial Crimes Commission (EFCC) indicates that the anti-graft agency is seeking N29.79 million to settle bank charges in the 2019 fiscal year.

New Telegraph, January 16, 2019

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