Ambode orders closure of multiple state govt’s accounts

Single system takes off September 1

Lagos State governor, Akinwunmi Ambode, has ordered immediate closure of multiple state-owned accounts, to pave way for a single account system of the government.

Ambode in a statement yesterday, mandated all the affected revenue collecting banks to immediately close all the existing multiple revenue accounts domiciled in their banks to give room for a single revenue accounting system in line with the Accountability and Transparency Policy of the current administration.

“With this development, it is expected that all parastatals, local governments and establishments will commence the operation of the Treasury Single Account (TSA) on September 1, 2015,” the statement read in part.

The statement signed by the Permanent Secretary/Accountant General of the State, Abimbola Umar, said the directive was part of efforts to “efficiently improve on the processes of revenue generation and collection in the state and ensure proper accountability and transparency in all government accrued revenues.”

The decision will also address the challenges previously faced with the operation of the multiple account system.

Ambode said the operation of a Treasury Single Account (TSA) aside providing transparency and accountability would also encourage tax payers to request for a single account before making their payments.

The development is in line with the objective of the move by the All Progressives Congress (APC) led federal government under President Muhammadu Buhari to ensure that all government revenue accrues to one consolidated account.