The aim is to achieve a single treasury account in attempt to manage government’s funds more effectively.
It is also believed that the move will stop the practice of government borrowing its idle funds at commercial banks to finance its budget at an interest.
Finance Minister Seth Terkper revealed this at his presentation of the 2016 supplementary budget last week.
Work is currently going on to streamline the remain+ing 1,640 at the BoG and those at the commercial banks.
This, he said, “Will prevent these funds remaining dormant or idle, while government borrows sometimes its own funds to finance the budget”.
“This is also to pool and manage all government accounts in all banks—that constitute the consolidated and, where relevant, other public funds—into one account”, Mr Terkper said.