Lagos state to adopt TSA

Lagos State Governor Akinwunmi Ambode has approved the operation of a single account in the state effective from
September 1. The development, it was learnt, was part of efforts to efficiently improve on the processes of revenue generation and collection as well as ensure proper accountability and transparency in all government accrued revenues.

In a statement issued 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 account system.

The statement said the operation of a Treasury Single Account (TSA) aside providing transpar­ency and accountabil­ity would also encourage taxpayers to request for a single account before making their payments.

The development is in line with the objective of the move by the All Progressives Congress (APC)-led Federal Gov­ernment under President Muhammadu Buhari to ensure that all govern­ment revenue accrues to one consolidated ac­count.

In addition, all the af­fected revenue collecting banks have been mandat­ed to immediately close all 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 statement said.