OrderPaperToday – The Sokoto the state government said it has mopped up the sum of N1.5 billion lying idle in 100 redundant accounts in various commercial banks in the country.

This is barely weeks after the formal introduction of the Treasury Single Accounting (TSA) system in the state.

Commissioner of Finance, Mr. Umar Saidu, who stated this in Sokoto Sunday while giving an update on the implementation of the TSA, said government is determined to trace and close down all dormant and  inactive accounts operated by it.

--Sponsored Content --

He said since the introduction of the system, there has been a massive improvement in the reconciliation of public finance figures between the government and commercial banks.

This, according to him, has reduced risk of errors in reconciliation processes and has enhanced timeliness and quality of the fiscal figures from such accounts.
The commissioner said the introduction of the TSA has now enabled government to regularly monitor public cash balances while at the same time ensuring higher quality cash  analysis from all accounts hitherto operated by the state government and its agencies.

He added that more analysis are being undertaken efficiently and at regular intervals.

He said the full benefit of the new accounting system would be felt when the implementation of the 2016 budget starts. The document is currently undergoing legislative action with state House of Assembly.



Please enter your comment!
Please enter your name here