Kaduna State Adopts Treasury Single Account

News

...Asks Banks To Close Government Accounts

The Kaduna State Government on Thursday announced its decision to commence implementation of the Treasury Single Account (TSA) framework by 1st September 2015.

The announcement was made on Thursday in a statement issued by Samuel Aruwan the special assistant, media and publicity to the state governor.

Aruwan said that as part of the process of attaining this goal, all banks that maintain the accounts of the government have been put on notice to close them and remit the balances to the Central Bank of Nigeria (CBN) which will host the state’s TSA.

According to Aruwan, the state governor, Malam Nasir El-Rufai, gave the directives at a meeting with officials of all the banks hosting the state government’s many revenue and expenditure accounts.

The meeting was also attended by the Kaduna State Branch Controller of the CBN. Malam 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 organized to explain to the banks how the new TSA and the sub-accounts will work.

The statement also disclosed that selected revenue-holding accounts will be excluded from this directive. The government will publish needed Treasury Circulars and other instructions to give effect to these decisions.