PS-DBM to return P3-B high-yield investment to Treasury

  • 📰 gmanews
  • ⏱ Reading Time:
  • 38 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 68%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

The PS-DBM has expressed intention to return to state coffers its over P3 billion worth of high-yield investment in government banks, which was flagged by the COA as unauthorized.

In a statement sent by the DBM to members of the media on Tuesday, PS-DBM Executive Director Dennis Santiago said “the amount of P3 billion is intact.”

The same 2012 Joint Circular also states that dormant accounts refer to collections authorized by law to be deposited with an authorized government depository bank and have remained inactive for more than five years. “I am one with the Budget Secretary Amenah Pangandaman in giving PS-DBM a chance. Please allow the new administration to reform and transform the agency and provide efficiency and economy in the acquisition of common-use supplies and equipment, which we intend to focus on as part of our mandate,” Santiago said.

PS-DBM is mandated to procure common-use office supplies, materials, and equipment such as, but not limited to, ballpens, papers, stapler, paper clips, folders, and the like for all government agencies.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Government auditors flag PS-DBM for its P3 billion bank investmentThe Commission on Audit has called the attention of the Department of Budget and Management Procurement Service (PS-DBM) for an unauthorized P3-billion high-yield investment in government banks outside its mandate. READ:
Source: MlaStandard - 🏆 20. / 55 Read more »