Sokoto uncovers N1.5bn lying idle in 100 bank accounts

Posted by admin Headlines, Sokoto, State News Monday, January 18th, 2016

Monday, January 18, 2016

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The Sokoto State government says it has uncovered N1.5 billion belonging to it lying idle in 100 dormant accounts in various commercial banks in the country.

The state government attributed the discovery to the implementation of the Treasury Single Account (TSA) system two weeks ago.

The Commissioner for Finance, Alhaji Saidu Umar, said this, on Sunday, in Sokoto while giving an update on the system’s implementation.

In a statement signed by his spokesman, Mr Imam Imam, Governor Aminu 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 Assembly,” Tambuwal was quoted as saying.

-Sunwp_posts