Sunday, January 17, 2016 6:16 pm
Governor Aminu Tambuwal of the northwestern Nigerian state of Sokoto said his government has uncovered hidden state treasure in bank accounts, thanks to the introduction of the Treasury Single Account.
Tambuwal’s finance commissioner, Alhaji Saidu Umar said huge cash of N1.5 billion belonging to the government was lying idle in 100 dormant accounts in various commercial banks in the country.
In a statement signed by Tambuwal’s spokesman, Mr Imam Imam, Tambuwal said “government is determined to trace and close down all dormant and inactive accounts operated by it.
“Since the introduction of the TSA, there has been a massive improvement in the reconciliation of public finance figures between the government and commercial banks.
“This has reduced risk of errors in reconciliation processes and enhanced timeliness and quality of the fiscal figures from such accounts’’.
The governor was also quoted as saying that introduction of the TSA had enabled government to regularly monitor public cash balances.
It is “at the same time, ensuring higher quality cash analysis from all accounts hitherto operated by the state government and its agencies.
“More analysis is being undertaken efficiently and at regular intervals. 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 action with the state House of Assembly,’’ Tambuwal was quoted as saying.
Meanwhile, the governor has approved the posting and redeployment of new Permanent Secretaries and Directors-General in the state’s civil service.
Imam said another statement that 23 permanent secretaries were redeployed, while 11 director-general were deployed to various Departments and Agencies in the state.