Sokoto State Government has discovered N1.5 billion lying idle in 100 dormant accounts in various commercial banks in the country on the implementation of the Treasury Single Account which began a fortnight ago.
Saidu Umar, the state Commissioner for Finance, while giving an update on the system’s implementation on Sunday said the state is determined to track and close down all dormant and inactive accounts being operated
In a statement by his spokesman, Imam Imam, the government has noted marked improvement in its finances .
“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.
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