FG mandates MDAs to remit 5% contractors’ retention fees to CBN

The Federal Government through the Office of the Accountant General of the Federation has mandated all FG-owned Ministries, Departments, and Agencies to remit five percent retention fees deducted from contractors’ payments at the Central Bank of Nigeria. A memo signed by the Accountant General of the Federation, OluwaToyin Madein, tagged OAGF/CAD/026/Vol.V/896 said the move became