Governor Akinwunmi Ambode of Lagos State has approved the operation of a treasury single account in the State effective from September 1st, to ensure proper accountability and transparency in all Government accrued revenues.
This is actually good news. I’ve always wondered why the government had multiple accounts for their various activities. That’s a real easy way to steal money, I think. Don’t take my word for it because I don’t really know anything.
Sidenote: should it read “treasury single account” or “single treasury account”?
It said that the State Government took the decision to address the challenges previously faced with the operation of the multiple account system.
I bet “challenges” is another word for “corruption”
”Gov. Ambode said the operation of a Treasury Single Account (TSA), aside providing transparency and accountability, will 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-led Federal Government under President Muhammadu Buhari to ensure that all government revenue accrues to one consolidated account,” reads an excerpt from the statement.
The statement said all the affected revenue collecting banks had been mandated to immediately close all the existing multiple revenue accounts domiciled in their banks.
It said it would 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 TSA on Sept. 1, 2015,” the statement affirmed.
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