Governor Akinwunmi Ambode of Lagos State has approved the operation of a single account in the state effective September 1, 2015.
According to a statement by the Permanent Secretary/Accountant General of the state, Mrs Abimbola Umar, the state government took the decision to address the challenges previously faced with the operation of the multiple accounts system.
Governor Ambode said the operation of a Treasury Single Account (TSA), aside providing transparency and accountability, would also encourage tax payers to request for a single account before making payments.
The development is in line with the objective of the move by the All Progressives Congress, APC, led Federal Government headed by President Muhammadu Buhari to ensure that all government revenues are kept in one consolidated account.
In addition, all the affected revenue collecting banks have 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.
