TSA: Sokoto govt finds N1.5bn in 100 idle accounts

The Sokoto State Government said Sunday that it has discovered a total sum of N1.5 billion in 100 redundant accounts in various commercial banks just two weeks after the formal introduction of the Treasury Single Account, TSA, in the state.
The disclosure was made by the state Commissioner for Finance, Alhaji Umar Saidu, in Sokoto while giving an update on the system’s implementation.
Saidu said the government was determined to trace and close down all dormant and inactive accounts operated by it.
He said since the introduction of the TSA, there had been massive improvement in the reconciliation of public finance figures between the government and commercial banks.
This, according to him, had reduced risk of errors in reconciliation processes and has enhanced timeliness and quality of the fiscal figures from such accounts.
He revealed that the introduction of the TSA had 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 process at the state House of Assembly.
Meanwhile, Governor Aminu Waziri Tambuwal of Sokoto State Sunday approved the posting and redeployment of new permanent secretaries and directors-general in the state civil service.
A statement issued by his spokesman, Malam Imam Imam, showed that 23 Permanent Secretaries were redeployed while 11 directors-general were also transferred to various departments and agencies in the state. – The News.