By Luka Binniyat

 

The Kaduna State Government on Thursday announced its decision to commence implementation of consolidated single account, otherwise known as the Treasury Single Account (TSA) framework from 1 September 2015. A statement signed, Nasir-el-RufaiWednesday, in Kaduna by Samuel Aruwan, spokesman of Governor Nasir El Rufai of Kaduna state on behalf of the governor read that all banks holding monies of Kaduna state government should close them and return the balances to the new TSA which had been opened at the Central Bank of Nigeria, CBN.

While reading the statement, Aruwan said, “Kaduna State Government will henceforth commence implementation of the Treasury Single Account (TSA) framework by 1 September 2015.

As part of the process of attaining this goal, all banks that maintain the accounts for Kaduna state government have been put on notice to close them and remit the balances to the Central Bank of Nigeria which will host the state’s TSA.”

He further stated that “Malam Nasir El-Rufai, gave the directives at a meeting with the officials of all the banks hosting the state government’s many revenue and expenditure accounts,’’ amongst which the Kaduna State Branch Controller of CBN was equally in attendance.

According to the report, El-Rufai explained that after the establishment of the TSA, the state government would open some specified sub-accounts with the CBN and the commercial banks.

In their response, the banks present at the meeting assured the governor that within five working days of receiving the formal instructions from the state government, that they would close the accounts and remit the balances to the TSA.

While thanking the banks for their continued support and understanding, the governor assured them that a future session would be organized to explain to the banks how the new TSA and the sub-accounts would work.

The statement concluded that “Selected revenue-holding accounts will be excluded from the directive while the government will publish needed Treasury Circulars and other instructions to give effect to the decisions.”

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