Kaduna (Nigeria) – Governor Nasir El-Rufai of Kaduna State, northwest Nigeria has on Thursday directed all banks maintaining state government accounts to close them and remit all balances to Central Bank of Nigeria (CBN).
This is part of plans by his administration to commence implementation of Treasury Single Account (TSA) framework by 1 September 2015.
A statement by Special Assistanct to the Governor on Media and Publicity, Samuel Aruwan says Governor El-Rufai gave the directive at a meeting with officials of all the banks hosting the state government’s revenue and expenditure accounts. The meeting was also attended by the Kaduna State Branch Controller of the CBN.
“El-Rufai explained that after the establishment of the TSA, the state government will open specified sub-accounts with the CBN and the commercial banks.
“The banks present assured the governor that within five working days of receiving the formal instructions from the state government, they will close the accounts and remit the balances to the TSA.
“While thanking the banks for their continued support, the governor assured them that a future session will be organised to explain to the banks how the new TSA and the sub-accounts will work.
The statement also says “selected revenue-holding accounts will be excluded from this directive. The government will publish needed Treasury Circulars and other instructions to give effect to the-se decisions.”
Treasury Single Account is a model used by governments to establish centralized control over their revenue through effective cash management. It enhances accountability and enables government to know how much is accruing to it on a daily basis.
It is effective at the federal level. In January 2015, the Federal Government directed all its Ministries, Departments and Agencies to adopt the TSA.
The idea of TSA was mooted by the Central Bank of Nigeria in November 2013. The CBN had warned that delay in returning government accounts to the apex bank was adding to the high cost of government debt as a result of inadequate cash flow management.
This is commendable, should also be emulate by other States Government.
This is a wellcoming idea in handling the public treasures and for easy accountability,moreover the separated former system was only introduced by the looters of public properties to achieve their selfish intrests.May Almighty continue to guide our governor.
MAY GOD ALMIGHTY BE WITH HIM, KEEP, GUIDE & PROTECT HIM ALWAYS IJMN!
A right decision at the right time.This is for the benefit of our dear state. Allah yayi maka jagora
May God guide u sir.
Good step Mai rusau
Good policy
May God continue to guide him i am proud of him
Jesus is Lord
Jesus is not lord rather slave of God as you are. Hope you understand??
@Muh’d B. Aliyu I don’t really know wat u mean by saying Lord Jesus is d slave of God. pls mind ur words in order nt 2 offend oda’s religion or believe as u can’t take such. dis is politics we ‘re talking about n pls n pls mind ur words as we all believe dat 1 day we shall give account of all.
Good
Fantastic
A pragmatic leader at work!
A solid step towards implementation of single account, which would eventually lead to the financial autonomy of all local governments of Kaduna state. Verily, “Ours (APC) is not Like Theirs (DPD)”
Glo and Bala, I dont think you percieve the Governor is out to amend. Iust be patient for a while and it will be very clear to you that the saod Banks were and are being conived with to cheat you and I ignorantly. God be a guide yo this ameable Governor of change
That is the change for you.
Well I am not sure Suleiman Abdulahi Ppa but since the govt said all govt accounts, then I think it might include local govt accounts too. It will however not affect staff loans at all.
Allah shi kyauta.
Pls i want expact to clearify this did it include all account incliding local govt? What was the fate of banks the give loans to civil servant?
With the improved provisioning of PSG funds , this is a nightmare for bankers.
#howdotheyfinancetheassets#