Lagos Govt Approves Treasury Single Account For All Transactions
According to the State government, the approval was made as part of efforts to efficiently improve on the processes of revenue generation and collection in the state.
It will also ensure proper accountability and transparency in all government accrued revenues,
According to a statement issued by the Permanent Secretary/Accountant General of the State, Mrs Abimbola Umar, the State Government took the decision to address the challenges previously faced with the operation of the multiple account system.
Governor 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 All Progressives Congress-led federal government, under President Muhammadu Buhari, to ensure that all government revenue accrues to one consolidated account.
“With this development, it is expected that all parastatals, local governments and establishments would commence the operation of the TSA on September 1, 2015,” the Governor said.
In addition, all the affected revenue collecting banks have been mandated 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.