Ambode approves single account for all government transactions
Lagos State Governor Akinwunmi Ambode has approved the operation of a Treasury Single Account (TSA) in the state, effective from September 1, 2015.
The move is aimed at improving the processes of revenue generation and collection in the state as well as ensuring proper accountability and transparency in all government accrued revenues.
A statement on Sunday signed by Abimbola Umar, the state accountant general, said the government took the decision to address the challenges previously faced with the operation of multiple account system.
The statement quoted the governor as saying that the operation of a TSA, aside providing transparency and accountability, will also encourage taxpayers 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,” according to the statement.
Consequently, all the affected revenue collecting banks had 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.
“With this development, it is expected that all parastatals, local governments and establishments will commence the operation of the TSA on September 1, 2015,” the governor said.