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CBN wants states to operate TSA
Apparently disturbed by the financial mess that has turned some states to ‘beggars’ before the Federal Government, the Central Bank of Nigeria (CBN) has advised the states to adopt the single account system, which will ensure proper accountability and transparency in government’s accrued revenues.
The Federal Government will start full implementation of the Treasury Single Account (TSA) on September 15.
Head, Client Services at the CBN, Kure Abubakar, who gave the advice in Abuja on Wednesday said if the states could follow the footstep of the Federal Government, they could get “maximum benefits”.
He spoke at a two- day workshop on the Fiscal Responsibility Act, with the theme “Understanding Treasury Single Account” organized for government revenue generating Ministries, Departments and Agencies (MDAs).
Read also: Heads to roll as Buhari issues deadline for TSA
Meanwhile two states; Lagos and Akwa Ibom have already directed their revenue agencies to operate the TSA.
Lagos State was to commence operation of the single account system by September 1 as it has been approved by the state governor, Akinwunmi Ambode while Akwa Ibom State Executive Council approved its own in August with the understanding that it would go into effect immediately.
It would be recalled many state recently found themselves in serious financial difficulties that they had to cry out to the Federal Government for bail out.
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